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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
FishWorks | LSE:FSH | London | Ordinary Share | GB0009588533 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 1371J FishWorks plc 28 November 2008 FishWorks plc - Un-Audited Final Results Preliminary unaudited results for the year ended 31 July 2008 The Board of FishWorks plc ("The Company"), the specialist seafood restaurant group, announces its unaudited preliminary results for the year ended 31 July 2008. Financial highlights · Turnover of continuing operations up 6.0% to £9.7m (2007 £9.2m) · Like for like sales up 5.1%. · Gross Profit of continuing operations at £5.7m (2007: £5.9m) · Impairment of under-performing sites at £3.4m · Loss for the period before tax on continuing operations of £5.5m (2007 £1.6 m loss). Operational highlights · Successful opening of new format restaurant in Swallow Street, London · Disposal of underperforming sites impaired at 07/08 interims results · Sale of wholly owned subsidiary, Channel Fisheries, for up to full book value. · Board strenghened with appointment of full-time finance Director. · Implementation of comprehensive stock control and payroll control systems Commenting on the results, Gary Ashworth, Chairman said: "The year has seen the comprehensive overhaul of the FishWorks business. Significant cost savings have been achieved centrally, whilst operational controls within restaurants are now delivering improvements in margin whilst also dropping payroll costs. Service standards have been improved thanks to intense focus from management on a series of key service measures. The new format concept delivered in Swallow Street has demonstrated the future potential for the brand. Our bank remains supportive and we have successfully negotiated a rescheduling of our borrowings over a longer period of time enabling us to reduce the monthly interest payments. Like many others we remain cautious regarding the UK financial outlook but although current market conditions are extremely tough the Board believes they will also present good opportunities in the coming months, as commercial terms improve on potential acquisitions of additional units." Chief Executive's Statement Un-Audited Results The un-audited results for Fishworks plc for the year ended 31 July 2008 show a loss attributable to shareholders of £5.45m. This compares with a loss of £1.7m for the corresponding year ended 31 July 2007. Turnover of continuing operations in the year to 31July 2008 was £9.7m, compared to £9.2m for the year ended 31 July 2007 which includes part year for the new opening and part year for leases that have been disposed of. The un-audited loss for the year represents a loss of 5.55 pence per ordinary share compared to a loss of 3.74 pence per ordinary share for the year ended 30 July 2007. Un-audited consolidated net assets as at 31 July 2008 amounted to £534,128. The business experienced a year of significant change as the new management team overhauled operations. I, along with Finance Director Stephen Easthope, drove this progrmme of change. The institutional placing in November 2007 provided the means to test a new format concept in Swallow Street, London. This has been both a critical and a commercial success and will be the model for future development. The viability work completed in 2007 resulted in the subsequent disposal of a three under-performing sites within the Group. During the period, the Company also disposed of the specialist fish supplier Channel Fisheries. Following the disposal of the three underperforming sites and the opening of the new format site at Swallow Street, the Group now operates 10 outlets. The Company has carried out an annual impairment review of the carrying values of plant, property and equipment, taking into account the current trading performance and anticipated future cashflows from individual cash generating units in accordance with IAS 36 Impairment of Assets. As a result, an impairment charge of £3.4m has been taken to write them down to what is deemed to be their recoverable amount on disposal. The board would like to extend its thanks to the entire staff of Fishworks and appreciation for their continued support during this transition period. Outlook The current turmoil in the global economy makes forecasting very difficult at present. Uncertainty in the market and a lack of visibility means that the focus has been on ensuring consistent delivery of product, keeping retail prices competitive and closely controlling all costs and margins within the business. Against a backdrop of cost-price inflation considerable focus has been placed on margin control and supplier negotiations and the Directors anticipate that this will impact results positively for the coming year. Payroll control continues to be an area of focus, again against a backdrop of increases to minimum wage. Bulk purchasing of utilities is also being pursued to mitigate the forecast increases of the coming period. The deterioration in the UK economy has been well documented over the past twelve months. There are a number of key economic factors which are adversely affecting consumer-facing businesses. Whilst the Company is not immune from these factors we are seeing some good opportunities which we anticipate will enable us to cautiously grow and expand our business. In conclusion, your board is pleased with the progress made by the Company under the new management and believes that all appropriate actions are being taken to move the business forward in what are unprecedented and challenging times. __________________________________ GARY ASHWORTH CHAIRMAN PAUL GOODALE CHIEF EXECUTIVE Tel 07909 912800 Tel 020 7355 0366 / 07740 841048 FishWorks plc FISHWORKS PLC PRELIMINARY REPORT CONSOLIDATED INCOME STATEMENT Un-audited to 31 July 2008 Year to exc. results of 31 July 2007 business held exc. results of Note Un-audited for sale business held Year to £ for sale 31 July 08 Year to £ Group 31 July £ 2007 £ Turnover 11,170,817 9,670,307 10,708,834 9,182,012 Cost of sales (4,254,065) (3,894,630) (3,721,158) (3,283,587) ------------------- ------------------- ------------------- ------------------- Gross profit 6,916,752 5,775,677 6,987,676 5,898,425 Other operating expenses (8,744,505) (7,696,976) (7,538,379) (6,656,086) Impairment of plant, property (3,395,255) (3,395,255) (558,319) (558,319) and equipment ------------------- ------------------- ------------------- ------------------- Operating loss (5,223,008) (5,316,554) (1,109,022) (1,315,980) Net finance costs (226,967) (301,179) ------------------- ------------------- Loss before tax (5,543,521) (1,617,159) Tax expense - (305,000) ------------------- ------------------- Loss for the year from continuing operations (5,543,521) (1,922,159) Operating profit of business 88,416 207,114 held for sale ------------------- ------------------- Loss for the year attributed £(5,455,105) £(1,715,045) to the equity shareholders of the parent company ========= ========= ========== ========== Basic and diluted loss per 2 (5.55)p (3.74)p share ========== ========== FISHWORKS PLC PRELIMINARY REPORT CONSOLIDATED BALANCE SHEET Un-audited Year to 31 July 2008 Year to 31 July 2007 £ £ ASSETS Non-current assets Property, plant and equipment 3,002,519 6,101,556 Intangible assets 63,655 1,205,726 ------------------- ------------------- 3,066,174 7,307,282 ------------------- ------------------- Current assets Inventories 218,799 288,410 Trade and other receivables 847,327 1,092,690 Cash and cash equivalents - 157,339 Assets of business held for sale 1,724,650 ------------------- ------------------- 2,790,776 1,538,439 ------------------- ------------------- Total assets £5,856,950 £8,845,721 ========= ========= EQUITY Capital and reserves attributable to the Company's equity shareholders Called up share capital 1,126,383 742,883 Share premium account 9,093,008 7,339,465 Merger reserve 58,000 58,000 Retained earnings (9,743,263) (4,240,298) ------------------- ------------------- Total equity 534,128 3,900,050 ------------------- ------------------- LIABILITIES Non-current liabilities Borrowings 1,101,898 1,776,936 Obligations under finance leases 20,788 95,004 ------------------- ------------------- 1,122,686 1,871,940 ------------------- ------------------- Current liabilities Borrowings 1,346,248 1,433,846 Obligations under finance leases 87,991 161,642 Trade and other payables 2,080,335 1,478,243 Liabilities of business held for 685,562 - sale ------------------- ------------------- 4,200,136 3,073,731 ------------------- ------------------- Total liabilities 5,322,822 4,945,671 ------------------- ------------------- Total equity and liabilities £5,856,950 £8,845,721 ========= ========= FISHWORKS PLC PRELIMINARY REPORT CONSOLIDATED CASH FLOW STATEMENT Un-audited Year to 31 July 2008 Year to 31 July 2007 £ £ Cash flows from operating activities Loss before tax (5,455,105) (1,410,045) Adjustments for: Net finance charges 232,097 301,023 Depreciation and amortisation 437,037 426,788 Increase in inventories 14,035 (61,644) Increase in trade and other (55,657) (312,327) receivables Increase in trade and other 972,902 (760,290) payables Impairment of non current 3,395,255 440,445 assets Share based payments 75,696 - Other movements in intangible - (13,206) assets ------------------- ------------------- Net cash used in operating (383,740) (1,389,256) activities ------------------- ------------------- Cash flows from investing activities Finance income - 3,837 Purchase of property, plant & (914,533) (1,188,906) equipment Purchase of intangible assets - (12,980) ------------------- ------------------- Net cash used in investing (914,533) (1,198,049) activities ------------------- ------------------- Cash flows from financing activities Issue of ordinary shares (net 2,137,043 2,252,589 of costs) Finance costs (232,097) (250,115) (Repayments)/drawdown of bank loans and other loans (650,492) 526,829 Capital element of finance leases and rental (258,451) (288,698) payments ------------------- ------------------- Net cash generated from 996,003 2,240,605 financing activities ------------------- ------------------- Net decrease in cash and cash (302,270) (346,700) equivalents Cash and cash equivalents at (657,114) (310,414) beginning of period ------------------- ------------------- Cash and cash equivalents at £(959,384) £(657,114) end of period ========= ========= FISHWORKS PLC NOTES TO THE UN-AUDITED PRELIMINARY REPORT 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As explained below the group will be presenting its financial statements in accordance with IFRS for the first time in the 31 July 2008 full year financial statements. Set out below are the accounting policies that differ from the full financial statements prepared at 31 July 2007 that management expect to apply in the 31 July 2008 IFRS-compliant full year financial statements. This Report has neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board (a) Basis of preparation These un-audited Preliminary consolidated financial statements are for the year ended 31 July 2008. These Preliminary financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective or issued and early adopted as at the time of preparing these statements (November 2008). Fishworks plc's consolidated financial statements were prepared in accordance with UK Generally Accepted Accounting Practices (UK GAAP) until 31 July 2007. UK GAAP differs in some areas from IFRS. In preparing the consolidated Preliminary financial statements, management has amended certain accounting methods applied in the UK GAAP financial statements to comply with IFRS. The comparative figures were restated to reflect these adjustments and also the removal of intra-group trading. Reconciliations and descriptions of the effect of the transition from UK GAAP to IFRS on the Group's equity and its net income and cash flows are provided in Note 4. These consolidated Preliminary financial statements have been prepared under the historical cost convention. These consolidated Preliminary financial statements are prepared on a going concern basis. The directors are in advanced negotiations with their bankers and expect negotiations to be concluded successfully. The information set out in this Preliminary report for the twelve months ended 31 July 2008 does not comprise statutory accounts within the meaning of section 240 of The Companies Act 1985. The Preliminary report was approved by the directors on 24 November 2008. The statutory accounts for the year ended 31 July 2007 have been delivered to the Registrar of Companies. The auditors have yet to report on the statutory accounts for the year ended 31 July 2008. Accordingly the financial information in this preliminary announcement is un-audited. The audit report on the statutory accounts for the year ended 31 July 2007 was unqualified and did not contain statements under the Companies Act 1985, section 237 (2) and (3). (b) Taxation The tax expense represents the sum of the current tax expense and deferred tax expense. The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated by using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. (c) Goodwill UK GAAP required goodwill to be amortised over its expected useful economic life. Under IFRS, goodwill is no longer amortised but held at carrying value on the balance sheet and tested annually for impairment. (d) Employee share options The Group has applied the requirements of IFRS 2 Share-based Payment. In accordance with the transitional provisions, IFRS 2 has been applied to all grants of equity instruments after 7 November 2002 that were unvested as of 1 August 2006. The Group issues equity-settled share-based payment transactions to certain employees. Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of shares that will eventually vest. Fair value is measured by use of a Black -Scholes model. The expected life used in the model has been adjusted, based on management's best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations. FISHWORKS PLC NOTES TO THE UN-AUDITED PRELIMINARY REPORT (Continued) 2. LOSS PER SHARE Un-audited IFRS Restated Year to Year to 31st July 2008 31 July 2007 Loss for the period £(5,455,105) £(1,715,045) ========== ========== Weighted average number of shares in 98,283,243 45,901,366 issue ========== ========== Restated Year to Year to 31 July 2008 31 July 2007 Basic and diluted Basic and diluted (5.55)p (3.74)p ====== ====== 3. TRANSITION TO IFRS The Group's financial statements for the year ending 31 July 2008 will be the first annual financial statements that comply with IFRS. These Preliminary financial statements have been prepared as described in Note 1. The Group has applied IFRS 1 in preparing these consolidated Preliminary financial statements. Fishworks plc's transition date to IFRS is 1 August 2006. The Group prepared its opening IFRS balance sheet at that date. The reporting date of these Preliminary consolidated financial statements is 31 July 2008. The Group's IFRS adoption date is 1 August 2007. 4. EXPLANATION OF THE EFFECT OF THE TRANSITION TO IFRS The following explains the material adjustments on the transition to IFRS. Goodwill UK GAAP required goodwill to be amortised over its expected useful economic life. Under IFRS, goodwill is no longer amortised but held at carrying value on the balance sheet and tested annually for impairment. Deferred tax Deferred tax assets are now required to be shown as non-current assets. FISHWORKS PLC NOTES TO THE UN-AUDITED PRELIMINARY REPORT 4(a). RECONCILIATION OF NET INCOME FOR THE PERIOD ENDED 31 JULY 2007 UK GAAP Adjustments IFRS £ £ £ Turnover 10,708,834 - 10,708,834 Cost of sales (3,721,158) - (3,721,158) ------------------- ------------------- ------------------- Gross profit 6,987,676 - 6,987,676 Other operating expenses (7,586,239) 47,860 (7,538,379) Exceptional operating expenses (558,319) - (558,319) ------------------- ------------------- ------------------- Operating profit (1,156,882) 47,860 (1,109,022) Net finance costs (301,023) - (301,023) ------------------- ------------------- ------------------- Loss before tax (1,457,905) 47,860 (1,410,045) Tax expense (305,000) - (305,000) ------------------- ------------------- ------------------- Loss for the period attributed to the equity shareholders of £(1,762,905) £47,860 £(1,715,045) the parent company ========= ========= ========= FISHWORKS PLC NOTES TO THE PRELIMINARY REPORT 4(b). RECONCILIATION OF EQUITY AT 31 JULY 2007 UK GAAP Adjustments IFRS £ £ £ ASSETS Non-current assets Property, plant and equipment 6,101,556 - 6,101,556 Intangible assets 1,157,866 47,860 1,205,726 ------------------- ------------------- ------------------- 7,259,422 47,860 7,307,282 ------------------- ------------------- ------------------- Current assets Inventories 288,410 - 288,410 Trade and other receivables 1,092,690 - 1,092,690 Cash and cash equivalents 157,339 - 157,339 ------------------- ------------------- ------------------- 1,538,439 - 1,538,439 ------------------- ------------------- ------------------- Total assets £8,797,861 £47,860 £8,845,721 ========= ========= ========= EQUITY Capital and reserves attributable to the Company's equity shareholders Called up share capital 742,883 - 742,883 Share premium account 7,339,465 - 7,339,465 Merger reserve 58,000 - 58,000 Retained earnings (4,288,158) 47,860 (4,240,298) ------------------- ------------------- ------------------- Total equity 3,852,190 47,860 3,900,050 ------------------- ------------------- ------------------- LIABILITIES Non-current liabilities Borrowings 1,776,936 - 1,776,936 Obligations under finance 95,004 - 95,004 leases ------------------- ------------------- ------------------- 1,871,940 - 1,871,940 ------------------- ------------------- ------------------- Current liabilities Borrowings 1,433,846 - 1,433,846 Obligations under finance 161,642 - 161,642 leases Trade and other payables 1,478,243 - 1,478,243 ------------------- ------------------- ------------------- 3,073,731 - 3,073,731 ------------------- ------------------- ------------------- Total liabilities 4,945,671 - 4,945,671 ------------------- ------------------- ------------------- Total equity and liabilities £8,797,861 £47,860 £8,845,721 ========= ========= ========= FISHWORKS PLC NOTES TO THE PRELIMINARY REPORT 4(c). RECONCILIATION OF CASH FLOWS FOR THE PERIOD ENDED 31 JULY 2007 UK GAAP Adjustments IFRS £ £ £ Cash flows from operating activities Loss before tax (1,457,905) 47,860 (1,410,045) Adjustments for: Net finance charges 301,023 - 301,023 Depreciation and amortisation 474,648 (47,860) 426,788 Increase in inventories (61,644) - (61,644) Increase in trade and other (312,327) - (312,327) receivables Increase in trade and other (760,290) - (760,290) payables Impairment of fixed assets 440,445 - 440,445 Other movements in intangible (13,206) - (13,206) assets ------------------- ------------------- ------------------- Net cash used in operating (1,389,256) - (1,389,256) activities ------------------- ------------------- ------------------- Cash flows from investing activities Interest received 3,837 - 3,837 Purchase of tangible fixed (1,188,906) - (1,188,906) assets Purchase of intangible assets (12,980) - (12,980) ------------------- ------------------- ------------------- Net cash used in investing (1,198,049) - (1,198,049) activities ------------------- ------------------- ------------------- Cash flows from financing activities Issue of ordinary shares (net 2,252,589 - 2,252,589 of costs) Interest paid (250,115) - (250,115) Repayments bank and other 526,829 - 526,829 loans Capital element of finance leases and rental (288,698) - (288,698) payments ------------------- ------------------- ------------------- Net cash used in financing 2,240,605 - 2,240,605 activities ------------------- ------------------- ------------------- Net decrease in cash and cash (346,700) - (346,700) equivalents Cash and cash equivalents at (310,414) - (310,414) beginning of period ------------------- ------------------- ------------------- Cash and cash equivalents at £(657,114) - £(657,114) end of period ========= ========= ========= This information is provided by RNS The company news service from the London Stock Exchange END FR BCBDBUDDGGIR
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