We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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:0987T FishWorks plc 25 April 2008 FISHWORKS PLC ("FishWorks" or the "Company") Interim Results For the six months ended 31 January 2008 The Board of FishWorks plc, the specialist seafood restaurant group, announces its interim results for the six months ended 31 January 2008. Chairman and Chief Executive's Statement "The first half of this financial year has been a period of challenge and change for FishWorks. There has been an intense focus on customer service, execution and delivery. This has encompassed menu repositioning, staffing structure, training and development and systems investment to create a robust sustainable model. These actions are now bearing fruit. We are delighted that our new format, 98 seat flagship restaurant in Swallow Street, London, has opened on time and on budget. Within its first four weeks of trading, it has become our busiest site in restaurant sales and also scored very highly in customer satisfaction feedback. Improvement in execution has meant that some of our sites have recorded double digit growth compared to the same period last year. Even including non performing sites, we have restored like for like growth to FishWorks, in what has been a challenging time for the restaurant sector more generally. We are committed to cutting costs, reducing waste and improving margins throughout the estate, taking whatever action is necessary to return all sites to profitability. We are also looking at the possibility of selling non core assets to reduce debt and provide capital for expansion. Business Facts Total sales growth for the period of 1.4% excluding new openings FishWorks (restaurants) sales growth of 2.7% Mature estate growth of 9.1% comparing January 08 with January 07 Margin reduced to 61.7% from 62.7% for the same period against a wholesale food price rise of 7.4% Provision of £1.49m to cover disposal of leases Current liabilities down to £2.1m, from £3.0m in July 07 and £4.8m in January 07 Outlook We believe that the above results, although harder to win and longer to gain than we intended, have now laid a solid platform for growth and margin improvement. The successful Swallow Street model has allowed us access to a number of previously unavailable prestige sites, to roll out similar restaurants in the future. The Board believes, while trading losses have continued into 2008, that the group will deliver positive EBITDA for the last quarter of this financial year." For further information please contact: FishWorks plc Paul Goodale, CEO 020 7355 0379 Stephen Easthope, Finance Director Cenkos Securities plc 020 7397 8900 Nick Wells FISHWORKS PLC INTERIM REPORT CONSOLIDATED INCOME STATEMENT Unaudited Unaudited Unaudited Restated Restated 6 months to 6 months to 31 Year to January 2007 Note 31 January 2008 31 July 2007 £ £ £ Turnover 5,225,205 5,152,311 10,708,834 Cost of sales (2,002,111) (1,920,497) (3,721,158) ------------------- ------------------- ------------------- Gross profit 3,223,094 3,231,814 6,987,676 Other operating expenses (4,194,766) (3,812,398) (7,538,379) Exceptional operating expenses - - (558,319) ------------------- ------------------- ------------------- Operating loss (971,672) (580,584) (1,109,022) Disposal of fixed assets (1,498,920) - - Net finance costs (125,377) (143,159) (301,023) ------------------- ------------------- ------------------- Loss before tax (2,595,969) (723,743) (1,410,045) Tax expense - - (305,000) ------------------- ------------------- ------------------- Loss for the period attributed to the equity shareholders of the parent company £(2,595,969) £(723,743) £(1,715,045) ========== ========== ========== Basic and diluted loss per share 2 (3.08)p (2.23)p (3.74)p ====== ====== ====== FISHWORKS PLC INTERIM REPORT CONSOLIDATED BALANCE SHEET Unaudited Unaudited Unaudited Restated Restated 31 January 2008 31 January 2007 31 July 2007 £ £ £ ASSETS Non-current assets Property, plant and equipment 4,814,723 6,483,878 6,101,556 Intangible assets 1,205,726 1,179,480 1,205,726 Deferred tax asset - 305,000 - ------------------- ------------------- ------------------- 6,020,449 7,968,358 7,307,282 ------------------- ------------------- ------------------- Current assets Inventories 306,907 302,918 288,410 Trade and other receivables 869,903 1,166,099 1,092,690 Cash and cash equivalents - 6,741 157,339 ------------------- ------------------- ------------------- 1,176,810 1,475,758 1,538,439 ------------------- ------------------- ------------------- Total assets £7,197,259 £9,444,116 £8,845,721 ========= ========= ========= EQUITY Capital and reserves attributable to the Company's equity shareholders Called up share capital 1,126,383 326,216 742,883 Share premium account 9,116,407 5,503,543 7,339,465 Merger reserve 58,000 58,000 58,000 Retained earnings (6,733,509) (3,248,996) (4,240,298) ------------------- ------------------- ------------------- Total equity 3,567,281 2,638,763 3,900,050 ------------------- ------------------- ------------------- LIABILITIES Non-current liabilities Borrowings 1,381,200 1,793,084 1,776,936 Obligations under finance leases 100,059 167,589 95,004 ------------------- ------------------- ------------------- 1,481,259 1,960,673 1,871,940 ------------------- ------------------- ------------------- Current liabilities Borrowings 831,061 1,694,110 1,433,846 Obligations under finance leases 200,892 166,004 161,642 Trade and other payables 1,116,766 2,984,566 1,478,243 ------------------- ------------------- ------------------- 2,148,719 4,844,680 3,073,731 ------------------- ------------------- ------------------- Total liabilities 3,629,978 6,805,353 4,945,671 ------------------- ------------------- ------------------- Total equity and liabilities £7,197,259 £9,444,116 £8,845,721 ========= ========= ========= FISHWORKS PLC INTERIM REPORT CONSOLIDATED CASH FLOW STATEMENT Unaudited Unaudited Unaudited Restated Restated 6 months to 6 months to 31 Year to January 2007 31 January 2008 31 July 2007 £ £ £ Cash flows from operating activities Loss before tax (2,595,969) (723,743) (1,410,045) Adjustments for: Net finance charges 125,377 143,159 301,023 Depreciation and amortisation 236,887 207,782 426,788 Increase in inventories (18,497) (76,152) (61,644) Decrease/(increase) in trade and other 222,787 (385,736) (312,327) receivables (Decrease)/increase in trade and other (361,477) 716,093 (760,290) payables Impairment of non current assets 1,498,920 - 440,445 Share based payments 102,758 - - Other movements in intangible assets - - (13,206) ------------------- ------------------- ------------------- Net cash used in operating activities (789,214) (118,597) (1,389,256) ------------------- ------------------- ------------------- Cash flows from investing activities Finance income - - 3,837 Purchase of tangible non current assets (373,104) (1,009,082) (1,188,906) Purchase of intangible assets - - (12,980) ------------------- ------------------- ------------------- Net cash used in investing activities (373,104) (1,009,082) (1,198,049) ------------------- ------------------- ------------------- Cash flows from financing activities Issue of ordinary shares (net of costs) 2,160,442 - 2,252,589 Finance costs (125,377) (143,159) (250,115) (Repayments)/drawdown of bank loans and other loans (329,867) 747,687 526,829 Capital element of finance leases and rental payments (31,565) (59,701) (288,698) ------------------- ------------------- ------------------- Net cash used in financing activities 1,673,633 544,827 2,240,605 ------------------- ------------------- ------------------- Net decrease in cash and cash equivalents 511,315 (582,852) (346,700) Cash and cash equivalents at beginning of (657,114) (310,414) (310,414) period ------------------- ------------------- ------------------- Cash and cash equivalents at end of period £(145,799) £(893,266) £(657,114) ========= ========= ========= FISHWORKS PLC NOTES TO THE UNAUDITED INTERIM 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 unaudited interim consolidated financial statements are for the six months ended 31 January 2008. These interim 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 (April 2008) Fishworks plc's consolidated financial statements were prepared in accordance with UK Generally Accepted Accounting Principles (UK GAAP) until 31 July 2007. UK GAAP differs in some areas from IFRS. In preparing the consolidated interim 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 interim financial statements have been prepared under the historical cost convention. The information set out in this interim report for the six months ended 31 January 2008 does not comprise statutory accounts within the meaning of section 240 of The Companies Act 1985. The interim report was approved by the directors on xx April 2008. (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. FISHWORKS PLC NOTES TO THE UNAUDITED INTERIM REPORT (continued) (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 binomial 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. 2. LOSS PER SHARE The calculation of the loss per share is based on the following profit/(loss) and number of shares: 6 months to 6 months to 31 Year to January 2007 31 January 2008 31 July 2007 Loss for the period £(2,595,969) £(723,743) £(1,715,045) ========== ========== ========== Weighted average number of shares 84,292,646 32,476,973 45,901,366 ========== ========== ========== Restated Restated 6 months to 6 months to 31 Year to January 2007 31 January 2008 31 July 2007 Basic and diluted Basic and diluted Basic and diluted (3.08)p (2.23)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 interim financial statements have been prepared as described in Note 1. The Group has applied IFRS 1 in preparing these consolidated interim financial statements. Fishworks plc's transition date is 1 August 2006. The Group prepared its opening IFRS balance sheet at that date. The reporting date of these interim consolidated financial statements is 31 January 2008. The Group's IFRS adoption date is 1 August 2007. FISHWORKS PLC NOTES TO THE UNAUDITED INTERIM REPORT 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. 4(a). RECONCILIATION OF NET INCOME FOR THE SIX MONTHS ENDED 31 JANUARY 2007 Unaudited Unaudited Unaudited Restated Adjustments IFRS UK GAAP £ £ £ Turnover 5,193,579 - 5,193,579 Cost of sales (1,961,765) - (1,961,765) ------------------- ------------------- ------------------- Gross profit 3,231,814 - 3,231,814 Other operating expenses (3,829,462) 17,064 (3,812,398) ------------------- ------------------- ------------------- OPERATING LOSS (597,648) 17,064 (580,584) Net finance costs (143,159) - (143,159) ------------------- ------------------- ------------------- Loss before tax (740,807) 17,064 (723,743) Tax expense - - - ------------------- ------------------- ------------------- Loss for the period attributed to the equity shareholders of the parent company £(740,807) £17,064 £(723,743) ========= ========= ========= FISHWORKS PLC NOTES TO THE UNAUDITED INTERIM REPORT 4(b). RECONCILIATION OF EQUITY AT 31 JANUARY 2007 Unaudited Unaudited Unaudited UK GAAP Adjustments IFRS £ £ £ ASSETS Non-current assets Property, plant and equipment 6,483,878 - 6,483,878 Intangible assets 1,162,416 17,064 1,179,480 Deferred tax asset - 305,000 305,000 ------------------- ------------------- ------------------- 7,646,294 322,064 7,968,358 ------------------- ------------------- ------------------- Current assets Inventories 302,918 - 302,918 Trade and other receivables 1,471,099 (305,000) 1,166,099 Cash and cash equivalents 6,741 - 6,741 ------------------- ------------------- ------------------- 1,780,758 (305,000) 1,475,758 ------------------- ------------------- ------------------- Total assets £9,427,052 £17,064 £9,444,116 ========= ========= ========= EQUITY Capital and reserves attributable to the Company's equity shareholders Called up share capital 326,216 - 326,216 Share premium account 5,503,543 - 5,503,543 Merger reserve 58,000 - 58,000 Retained earnings (3,266,060) 17,064 (3,248,996) ------------------- ------------------- ------------------- Total equity 2,621,699 17,064 2,638,763 ------------------- ------------------- ------------------- LIABILITIES Non-current liabilities Borrowings 1,793,084 - 1,793,084 Obligations under finance leases 167,589 - 167,589 ------------------- ------------------- ------------------- 1,960,673 - 1,960,673 ------------------- ------------------- ------------------- Current liabilities Borrowings 1,694,110 - 1,694,110 Obligations under finance leases 166,004 - 166,004 Trade and other payables 2,984,566 - 2,984,566 ------------------- ------------------- ------------------- 4,844,680 - 4,844,680 ------------------- ------------------- ------------------- Total liabilities 6,805,353 - 6,805,353 ------------------- ------------------- ------------------- Total equity and liabilities £9,427,052 £17,064 £9,444,116 ========= ========= ========= FISHWORKS PLC NOTES TO THE UNAUDITED INTERIM REPORT 4(c). RECONCILIATION OF NET INCOME FOR THE PERIOD ENDED 31 JULY 2007 Unaudited Unaudited Unaudited 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 the parent company £(1,762,905) £47,860 £(1,715,045) ========= ========= ========= FISHWORKS PLC NOTES TO THE UNAUDITED INTERIM REPORT 4(d). RECONCILIATION OF EQUITY AT 31 JULY 2007 Unaudited Unaudited Unaudited 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 leases 95,004 - 95,004 ------------------- ------------------- ------------------- 1,871,940 - 1,871,940 ------------------- ------------------- ------------------- Current liabilities Borrowings 1,433,846 - 1,433,846 Obligations under finance leases 161,642 - 161,642 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 UNAUDITED INTERIM REPORT 4(e). RECONCILIATION OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 JANUARY 2007 Unuaudited Unaudited Unaudited UK GAAP Adjustments IFRS £ £ £ Cash flows from operating activities Loss before tax (740,807) 17,064 (723,743) Adjustments for: Finance charges 143,159 - 143,159 Depreciation and amortisation 224,846 (17,064) 207,782 Decrease in inventories (76,152) - (76,152) Increase in trade and other receivables (385,736) - (385,736) Increase in trade and other payables 716,093 - 716,093 ------------------- ------------------- ------------------- Net cash used in operating activities (118,597) - (118,597) ------------------- ------------------- ------------------- Cash flows from investing activities Purchase of tangible assets (1,009,082) - (1,009,082) ------------------- ------------------- ------------------- Net cash used in investing activities (1,009,082) - (1,009,082) ------------------- ------------------- ------------------- Cash flows from financing activities Interest paid (143,159) - (143,159) Drawdown of bank and other loans 747,687 - 747,687 Capital element of finance leases and rental (59,701) - (59,701) payments ------------------- ------------------- ------------------- Net cash used in financing activities 544,827 - 544,827 ------------------- ------------------- ------------------- Net decrease in cash and cash equivalents (582,852) - (582,852) Cash and cash equivalents at beginning of (310,414) - (310,414) period ------------------- ------------------- ------------------- Cash and cash equivalents at end of period £(893,266) - £(893,266) ========= ========= ========= FISHWORKS PLC NOTES TO THE UNAUDITED INTERIM REPORT 4(f). RECONCILIATION OF CASH FLOWS FOR THE PERIOD ENDED 31 JULY 2007 Unaudited Unaudited Unaudited 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 receivables (312,327) - (312,327) Increase in trade and other payables (760,290) - (760,290) Impairment of fixed assets 440,445 - 440,445 Other movements in intangible assets (13,206) - (13,206) ------------------- ------------------- ------------------- Net cash used in operating activities (1,389,256) - (1,389,256) ------------------- ------------------- ------------------- Cash flows from investing activities Interest received 3,837 - 3,837 Purchase of tangible fixed assets (1,188,906) - (1,188,906) Purchase of intangible assets (12,980) - (12,980) ------------------- ------------------- ------------------- Net cash used in investing activities (1,198,049) - (1,198,049) ------------------- ------------------- ------------------- Cash flows from financing activities Issue of ordinary shares (net of costs) 2,252,589 - 2,252,589 Interest paid (250,115) - (250,115) Repayments bank and other loans 526,829 - 526,829 Capital element of finance leases and rental (288,698) - (288,698) payments ------------------- ------------------- ------------------- Net cash used in financing activities 2,240,605 - 2,240,605 ------------------- ------------------- ------------------- Net decrease in cash and cash equivalents (346,700) - (346,700) Cash and cash equivalents at beginning of (310,414) - (310,414) period ------------------- ------------------- ------------------- Cash and cash equivalents at end of period £(657,114) - £(657,114) ========= ========= ========= This information is provided by RNS The company news service from the London Stock Exchange END IR PUURPCUPRGRC
1 Year FishWorks Chart |
1 Month FishWorks Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions