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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| The Fulham Shore Plc | LSE:FUL | London | Ordinary Share | GB00B9F8VG44 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.05 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMFUL
RNS Number : 4341Z
Fulham Shore PLC (The)
15 December 2017
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
The Fulham Shore PLC
Unaudited interim results for the six months ended 24 September 2017
Chairman's statement
Introduction
I am pleased to announce the unaudited interim results for the six months ended 24 September 2017 for The Fulham Shore PLC ("Fulham Shore" or the "Group"). It has been another busy six months for the Group, during which we have continued to make progress in delivering our growth strategy and we have produced a resilient set of financial results despite a challenging market backdrop.
Revenue grew to GBP27.5m from GBP19.5m for the same period last year while Headline EBITDA* increased to GBP4.5m (2016: GBP3.8m). Profit for the period was GBP0.6m (2016: GBP0.5m).
Strategic progress
The Group's growth has been driven primarily by new restaurant openings. During the six months ended 24 September 2017, the Group opened three The Real Greek restaurants, seven Franco Manca pizzerias in the UK and one Franco Manca franchise pizzeria in Salina, Italy. In line with the Group's expansion strategy, these openings included a number of locations outside London, including Bournemouth and Reading.
In September 2017, the Group announced in its AGM statement and trading update that it had taken the decision to simplify operations and focus on the Group's core brands by selling its business and property at D'Arblay Street, Soho. Discussions have commenced with suitable parties and as such we have, in the results, impaired the asset by some GBP0.3m and reflected the property as held for sale and a discontinued operation in the interim results.
We have continued to invest in our teams and infrastructure to support our long-term growth plans. During the six months ended 24 September 2017, and as previously indicated, we commenced investing in the central team of The Real Greek as this business begins its national expansion. We also continued to invest in the team we have in place to support the continued expansion of Franco Manca.
Cash flow
During the period ended 24 September 2017, the Group had lower net cash inflow from operating activities of GBP3.3m (2016: GBP6.4m) due primarily to the Group benefiting last year from an increase in trade and other payables. During the same period the Group invested GBP7.0m (2016: GBP6.0m), the majority of which was in new restaurant openings. Included in investing activities is a minority equity investment of GBP200,000 by Franco Manca in Made of Dough, a new pizza concept, as part of Franco Manca's pursuit of best in class pizza operations.
Overall there was a net cash inflow for the period of GBP0.8m (2016: GBP1.1m). At the beginning of the current financial year, the Group increased its facilities with HSBC Bank PLC from GBP6.5m to GBP15m. Net debt as at 24 September 2017 was GBP9.7m (2016: GBP3.0m).
Dividends
No dividend is being proposed by the Board. It remains the Board's policy that, subject to the availability of distributable reserves, dividends will be paid to shareholders when the Directors believe it is appropriate and prudent to do so.
Current trading and outlook
Since 24 September 2017 the Group has opened one The Real Greek restaurant in Bristol and two Franco Manca pizzerias in Kings Cross (London) and Bristol. This takes the number of restaurants operated today by the Group to a total of 58 in the UK, made up of 16 The Real Greek, 41 Franco Manca and one Bukowski Grill. We expect to open a further one or two new restaurants by the end of the current financial year to 25 March 2018.
Some of our planned openings this year have been delayed by as much as six months as we seek better deals from landlords thus protracting lease negotiations. These delays have had the beneficial side-effect of improving our cash position and lessening our peak borrowings. We will keep under review our opening programme for the rest of the current and following financial years. We intend that our new restaurants will be selected to give us an average return on capital at the higher end of the scale previously recorded. We will achieve this with more rigorous site selection and increased contributions from landlords thereby lowering our costs, in cash terms, for new sites while at the same time negotiating rents off the lower levels which are increasingly evident. We also intend to commit to sites which follow our returns requirement rather than to sign up purely to fill a formulaic pipeline.
As indicated in September 2017, the summer should have been one of the busiest periods of our financial year and the weak trading across the dining out market that we also experienced has impacted this year's overall performance. Some of our pre-2017 restaurants, particularly in the London suburbs, are still experiencing revenue below the equivalent period a year earlier with increased volatility and some expected cannibalisation from our new restaurants in nearby locations. However, revenue from these restaurants have seen slight improvements from the poor summer period of July to September.
Although we believe our half year figures to 24 September 2017 were satisfactory, our full year Headline EBITDA* to 25 March 2018 will depend on how our suburban estate performs in the second half of the year and also on the timing and performance of new openings.
The slowdown in the UK retail and restaurant sector has been noted by many commentators, and is, we believe, the result principally of rising inflation, poor consumer confidence and a weakening economy. These factors, together with a number of rising costs, means that our pre-2017 estate, while profitable, is contributing less, on an average site by site basis, than last year. We will respond to the economic climate in the next 24 months as we find it, as we believe these factors will continue to affect the restaurant sector in the coming years, limiting our visibility for the second half and beyond.
Despite this challenging backdrop I am confident that Fulham Shore is well placed; we have an experienced management team, who have navigated through several industry cycles, two strong brands that are renowned for their great quality, ambience and value, and a good site portfolio. We believe that our brands have significant customer appeal which is underpinned by the food quality and value of their offerings. As a result, and despite the challenging backdrop, we are confident that the Group will continue to grow over the coming years.
David Page
Chairman
15 December 2017
* Definition of Headline EBITDA can be found in note 3 to the unaudited interim financial information.
Contacts:
The Fulham Shore plc www.fulhamshore.com David Page Tel: 07836 346 934 Allenby Capital Limited Nick Naylor / Jeremy Porter Tel: 020 3328 5656 / James Reeve Hudson Sandler - Financial fulhamshore@hudsonsandler.com PR Telephone: 020 7796 Alex Brennan / Lucy Wollam 4133
Notes for editors
Information on The Fulham Shore plc
Fulham Shore was incorporated in March 2012. The Directors believed that there were attractive investment opportunities within the restaurant sector in the UK and that, given their collective experience in the restaurant sector, they could take advantage of the opportunities which existed.
The ordinary shares of the Company were admitted to trading on AIM in October 2014 in order to capitalise on such opportunities and to give the company employees, customers and public the ability to share in the enterprise.
Today, Fulham Shore owns and operates "The Real Greek" (www.therealgreek.com) and "Franco Manca" (www.francomanca.co.uk) restaurants.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has grown steadily, now offering modern Greek cuisine in 16 restaurants across London and Southern England.
The company is an ambassador of Greek food and Greek hospitality in the UK. The Real Greek food centres on the delicious, healthy diet of the Eastern Mediterranean, staying true to the Greek ethos of food, family and friends. Dishes are created using premium ingredients sourced from Greece and Cyprus whenever possible, and developed by Tonia Buxton, the face of Greek food in the UK.
The Real Greek's menu and atmosphere retain the spirit of eating in Greece, encouraging diners to take their time eating amongst friends and family, be it a relaxed dinner, family get-together, or a fully catered party.
Franco Manca
Franco Manca opened its first restaurant in 2008 and now has 41 restaurants, primarily in London, but with recent openings in Bournemouth, Reading, Oxford and Bristol. Other locations outside London are in the opening pipeline for the next 12 months. Franco Manca also has a franchised pizzeria on the island of Salina in Italy.
Franco Manca's pizza is made from slow-rising sourdough and is baked in an oven that produces heat of about 500degc (930degF). The slow levitation and blast cooking process lock in the flour's natural aroma and moisture, giving a soft and easily digestible crust. Where possible, locally sourced and organic ingredients are used. Pizza prices start from GBP4.95.
Winner of the R200 Best Value Restaurant Operator- Over 20 Sites Award 2017
Winner of the CGA Peach Hero and Icon Awards Best Concept award 2016
"Franco Manca is quite possibly the best pizza restaurant to ever exist in London." - Metro (2016)
The Fulham Shore PLC
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 24 September 2017
Hot Features
Premium
Six months Six months Year
ended ended ended
24 September 25 September 26 March
2017 2016 2017
Notes Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 27,533 19,546 40,441
Cost of sales (15,760) (10,650) (22,553)
Gross profit 11,773 8,896 17,888
Administrative expenses (8,991) (6,324) (12,989)
Headline operating profit 2,782 2,572 4,899
Share based payments (345) (297) (631)
Pre-opening costs (819) (855) (1,914)
Amortisation of brand (411) (411) (821)
Exceptional costs -
cost of acquisition - (26) (26)
Operating profit 1,207 983 1,507
Finance income - 1 1
Finance costs (112) (52) (135)
Profit before taxation 1,095 932 1,373
Income tax expense 4 (25) (276) (164)
Profit for the period
from continuing operations 1,070 656 1,209
Loss for the period
from discontinued operations 9 (475) (130) (240)
Profit for the period 595 526 969
Profit for the period
attributable to:
Owners of the company 580 510 947
Non-controlling interests 15 16 22
595 526 969
Earnings per share
Continuing and discontinued
operations:
Basic 5 0.1p 0.1p 0.2p
Diluted 5 0.1p 0.1p 0.2p
Continuing operations:
Basic 5 0.2p 0.1p 0.2p
Diluted 5 0.2p 0.1p 0.2p
Headline Basic 5 0.4p 0.4p 0.7p
Headline Diluted 5 0.4p 0.4p 0.7p
There were no other comprehensive income items.
The Fulham Shore PLC
Unaudited Consolidated Balance Sheet
as at 24 September 2017
As at As at As at
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 26,952 27,507 27,374
Property, plant and
equipment 31,424 21,598 27,306
Investments 6 200 - -
Trade and other receivables 1,071 974 947
Deferred tax assets 1,419 1,192 1,406
61,066 51,271 57,033
Current assets
Inventories 1,341 837 1,052
Trade and other receivables 3,169 2,497 2,602
Cash and cash equivalents 7 1,374 748 271
Assets classified as
held for sale 9 213 - -
6,097 4,082 3,925
Total assets 67,163 55,353 60,958
Current liabilities
Trade and other payables (13,677) (10,827) (13,332)
Income tax payables (917) (1,030) (533)
Borrowings (513) - (180)
(15,107) (11,857) (14,045)
Net current liabilities (9,010) (7,775) (10,120)
Non-current liabilities
Borrowings (10,550) (3,710) (6,000)
Deferred tax liabilities (2,161) (1,954) (2,265)
(12,711) (5,664) (8,265)
Total liabilities (27,818) (17,521) (22,310)
Net assets 39,345 37,832 38,648
Equity
Share capital 5,714 5,703 5,714
Share premium account 6,889 6,878 6,889
Merger relief reserve 30,459 30,459 30,459
Reverse acquisition
reserve (9,469) (9,469) (9,469)
Retained earnings 5,645 4,175 4,963
Total equity attributable
to owners of the company 39,238 37,746 38,556
Non-controlling interest 107 86 92
Total equity 39,345 37,832 38,648
The Fulham Shore PLC
Unaudited Consolidated Statement of Changes in Equity
for the six months ended 24 September 2017
Six months ended 24 September 2017
Attributable to owners of the Company
Reverse Equity Non-
Merger Acq-uisition Share- Control-ling
Share Share Relief Reserve Retained holders ' Interests Total
capital premium Reserve GBP'000 earnings Funds GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 26 March
2017 5,714 6,889 30,459 (9,469) 4,963 38,556 92 38,648
Profit for the
period - - - - 580 580 15 595
Total
comprehensive
income for
the period - - - - 580 580 15 595
Transactions with owners
Share based
payments - - - - 345 345 - 345
Deferred tax
on share
based
payments - - - - (243) (243) - (243)
Total
transactions
with owners - - - - 102 102 - 102
At 24
September
2017 5,714 6,889 30,459 (9,469) 5,645 39,238 107 39,345
Six months ended 25 September 2016
Attributable to owners of the Company
Reverse Equity Non-
Merger Acq-uisition Share- Control-ling
Share Share Relief Reserve Retained holders ' Interests Total
capital premium Reserve GBP'000 earnings Funds GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 27 March 2016 5,692 6,866 30,459 (9,469) 3,078 36,626 70 36,696
Profit for the
period - - - - 510 510 16 526
Total comprehensive
income for the
period - - - - 510 510 16 526
Transactions with owners
Ordinary shares
issued (net of
expenses) 11 12 - - - 23 - 23
Share based
payments - - - - 297 297 - 297
Deferred tax on
share based
payments - - - - 290 290 - 290
Total transactions
with owners 11 12 - - 587 610 - 610
At 25 September
2016 5,703 6,878 30,459 (9,469) 4,175 37,746 86 37,832
Year ended 26 March 2017
Attributable to owners of the Company
Reverse Equity Non-
Merger Acq- Share- Control-
Share Share Relief uisition Retained holders ling Total
Capital Premium Reserve Reserve Earnings ' Interests Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Funds GBP'000 GBP'000
GBP'000
At 27 March
2016 5,692 6,866 30,459 (9,469) 3,078 36,626 70 36,696
Profit for
the period - - - - 947 947 22 969
Total comprehensive
income - - - - 947 947 22 969
Transactions
with owners
Ordinary
shares issued
(net of
expenses) 22 23 - - - 45 - 45
Share based
payments - - - - 631 631 - 631
Deferred
tax on share
based payments - - - - 307 307 - 307
Total transactions
with owners 22 23 - - 938 983 - 983
At 26 March
2017 5,714 6,889 30,459 (9,469) 4,963 38,556 92 38,648
The Fulham Shore PLC
Unaudited Consolidated Cash Flow Statement
for the six months ended 24 September 2017
Six months Six months Year
ended ended ended
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Net cash from operating
activities 8 3,327 6,391 10,273
Investing activities
Acquisition of property,
plant and equipment (6,791) (5,664) (12,358)
Acquisition of intangible
assets (4) - (76)
Acquisition of investments 6 (200)
Cash flow from acquisition
of subsidiaries - (376) (376)
Net cash flow used in
investing activities (6,995) (6,040) (12,810)
Financing activities
Proceeds from issuance
of new ordinary shares
(net of expenses) - 23 45
Capital received from
bank borrowings 4,550 800 3,090
Interest received - 1 1
Interest paid (112) (54) (135)
Net cash from financing
activities 4,438 770 3,001
Net increase in cash
and cash equivalents 770 1,121 464
Cash and cash equivalents
at beginning of the period 91 (373) (373)
Cash and cash equivalents
at end of period 7 861 748 91
The Fulham Shore PLC
Notes to the Unaudited Interim Financial Information
for the six months ended 24 September 2017
1. General information
The Fulham Shore PLC is a public limited company incorporated and domiciled in England and Wales. The address of the registered office is 1(st) Floor, 50-51 Berwick Street, London, W1F 8SJ, United Kingdom. Copies of this Interim Statement may be obtained from the above address or the investor section of the Group's website at http://www.fulhamshore.com.
2. Basis of preparation
The unaudited interim financial information for the six months ended 24 September 2017 has been prepared under the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 26 March 2017, and those to be applied for the year ending 25 March 2018.
The unaudited interim financial information was approved and authorised for issue by the Board on 15 December 2017.
The unaudited interim financial information for the six months ended 24 September 2017 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 26 March 2017. Statutory accounts for the period ended 26 March 2017 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement either under section 498(2)-(3) of the Companies Act 2006.
The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (GBP'000) except when otherwise indicated.
3. Segment information
For management purposes, the Group was organised into two operating divisions during the 6 months ended 24 September 2017. These divisions, The Real Greek and Franco Manca, are the basis on which the Group reports its primary segment information. All other segments include the Fulham Shore head office.
For the six months ended 24 September 2017 (Unaudited)
The Real Franco All other
Greek Manca Segments Total
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 9,596 17,937 - 27,533
Headline EBITDA 1,840 3,008 (348) 4,500
Depreciation and
amortisation (422) (1,280) (16) (1,718)
Headline operating
profit/(loss) 1,418 1,728 (364) 2,782
Operating profit/(loss) 1,059 599 (451) 1,207
Finance costs - - (112) (112)
Segment profit/(loss)
before taxation 1,059 599 (563) 1,095
Income tax expense (25)
Profit for the
period from continuing
operations 1,070
Assets 10,306 52,633 4,011 66,950
Assets held for
sale - - 213 213
Liabilities (5,176) (10,412) (12,230) (27,818)
Net assets 5,130 42,221 (8,006) 39,345
Capital expenditure 2,072 4,295 20 6,387
For the six months ended 25 September 2016 (Unaudited)
The Real Franco All other
Greek Manca Segments Total
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 6,951 12,595 - 19,546
Headline EBITDA 1,464 2,627 (284) 3,807
Depreciation and
amortisation (274) (955) (6) (1,235)
Headline operating
profit/(loss) 1,190 1,672 (290) 2,572
Operating profit/(loss) 964 409 (390) 983
Finance income 1 - - 1
Finance costs - - (52) (52)
Segment profit/(loss)
before taxation 965 409 (442) 932
Income tax expense (276)
Profit for the
period from continuing
operations 656
Assets 7,307 44,788 3,258 55,353
Liabilities (3,784) (9,000) (4,737) (17,521)
Net assets 3,523 35,788 (1,479) 37,832
Capital expenditure 513 5,277 121 5,911
For the year ended 26 March 2017 (Audited)
The Real Franco All other
Greek Manca Segments Total
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 13,675 26,766 - 40,441
Headline EBITDA 2,284 5,415 (425) 7,274
Depreciation and
amortisation (649) (1,707) (19) (2,375)
Headline operating
profit/(loss) 1,635 3,708 (444) 4,899
Operating profit/(loss) 1,049 1,100 (612) 1,507
Finance income 1 - - 1
Finance costs - (1) (134) (135)
Segment profit/(loss)
before taxation 1,050 1,099 (775) 1,373
Income tax expense (164)
Profit for the
year from continuing
operations 1,209
Assets 7,979 48,914 4,065 60,958
Liabilities (4,073) (10,872) (7,365) (22,310)
Net assets 3,906 38,042 (3,300) 38,648
Capital expenditure 2,185 10,716 246 13,147
Headline EBITDA is defined as EBITDA before amortisation of brand, impairment of property, plant and equipment, impairment of goodwill and intangible assets, onerous lease costs, restructuring costs, costs of reverse acquisition, cost of acquisition, share based payments, loss on disposal of property, plant and equipment and pre-opening costs.
Six months Six months Year
ended ended ended
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating profit from
continuing activities 1,207 983 1,507
Share based payments 345 297 631
Pre-opening costs 819 855 1,914
Amortisation of brand 411 411 821
Exceptional costs -
cost of acquisition - 26 26
Depreciation and amortisation 1,718 1,235 2,375
Headline EBITDA 4,500 3,807 7,274
4. Income Tax Expense
Six months Six months Year
ended ended ended
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Based on the result
for the period:
UK Corporation tax at
19% (2016: 20%) 384 385 463
Adjustment in respect
of prior periods - - (302)
Total current tax 384 385 161
Deferred taxation:
Origination and reversal
of temporary differences (359) (109) 3
Total deferred tax (359) (109) 3
Total taxation charge 25 276 164
5. Earnings per share
Six months Six months Year
ended ended ended
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the purpose
of basic and diluted
earnings per share: 580 510 947
Add back loss for the
purposes of basic and
diluted earnings per
share (discontinued
operations): 475 130 240
Profit for the purposes
of basic and diluted
earnings per share (continuing
operations): 1,055 640 1,187
Share based payments 345 297 631
Deferred tax on share
based payments (255) (50) (236)
Pre-opening costs 819 855 1,915
Loss on disposal of - 1 -
property, plant and
equipment
Amortisation of brand 411 411 821
Deferred tax on amortisation
of brand (68) (68) (137)
Exceptional costs -
acquisition costs - 26 26
Headline profit for
the period for the purposes
of Headline basic and
diluted earnings per
share 2,307 2,112 4,207
Six months Six months Year
ended ended ended
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
No. '000 No. '000 No. '000
Weighted average number
of ordinary shares in
issue for the purposes
of basic earnings per
share 571,385 569,468 570,371
Effect of dilutive potential
ordinary shares:
- Share options 29,467 30,668 30,855
Weighted average number
of shares for the purpose
of diluted earnings
per share 600,852 600,136 601,226
Six months Six months Year
ended ended ended
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
Earnings per share:
Basic
From continuing operations 0.2p 0.1p 0.2p
From discontinued operations (0.1p) - -
Total basic earnings
per share 0.1p 0.1p 0.2p
Diluted
From continuing operations 0.2p 0.1p 0.2p
From discontinued operations (0.1p) - -
Total diluted earnings
per share 0.1p 0.1p 0.2p
Headline basic 0.4p 0.4p 0.7p
Headline diluted 0.4p 0.4p 0.7p
6. Investments
As at As at As at
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Unlisted equity securities
Cost and net book value
Opening position - - -
Investment addition 200 - -
Closing position 200 - -
Unlisted equity investments are recorded at fair value where appropriate.
7. Cash and cash equivalents
As at As at As at
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash at bank and in
hand 1,374 748 271
Cash and cash equivalents
as presented
in the balance sheet 1,374 748 271
Bank overdraft (513) - (180)
861 748 91
Bank balances comprise cash held by the Group on a short term basis with maturity of three months or less. The carrying amount of these assets approximates their fair value.
8. Reconciliation of net cash flows from operating activities
Six months Six months Year
ended ended ended
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 595 526 969
Adjustments:
Income tax expense 29 277 175
Finance income - (1) (1)
Finance costs 112 53 135
Depreciation and amortisation 2,169 1,673 3,269
Loss on disposal of
property, plant and
equipment - 1 2
Share based payments
expense 345 297 631
Impairment of property, 312 - -
plant and equipment
Provision against inventory 19 - -
Cost of acquisition - 26 26
Operating cash flows
before movement in working
capital 3,581 2,852 5,206
Increase in inventories (308) (150) (365)
Increase in trade and
other receivables (690) (1,090) (1,166)
Increase in trade and
other payables 748 4,765 6,866
Cash generated from
operations 3,331 6,377 10,541
Income taxes (paid)/received (4) 14 (268)
Net cash from operating
activities 3,327 6,391 10,273
9. Discontinued operations
During the period, the Group committed to the disposal of the property and business of the Bukowski franchise at D'Arblay Street, Soho, London within the next 12 months. A search is underway for a buyer. An impairment loss was recognised on reclassification of the property, plant and equipment as held for sale.
Six months Six months Year
ended ended ended
24 September 25 September 26 March
2017 2016 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 342 351 833
Expenses (501) (479) (1,062)
Operating profit (159) (128) (229)
Net finance costs - (1) -
Loss before taxation (159) (129) (229)
Income taxation expense (4) (1) (11)
(163) (130) (240)
Impairment (312) - -
Loss from discontinued
operations (475) (130) (240)
Cash flows from discontinued
operations included
in the consolidated
cash flow statement
are as follows:
Net cash used in operating
activities (114) (136) (163)
Net cash used in investing
activities (18) (110) (114)
Net cash used in financing - (1) -
activities
(132) (247) (277)
Property, plant and 213 - -
equipment held for sale
The impairment charge above relates to the impairment of the property, plant and equipment for the D'Arblay Street restaurant business. The Group expect the fair value (estimated based on the recent market prices of similar properties in similar locations and initial offers from potential buyers) less costs to be approximately GBP213,000. There are no liabilities expected to be held for sale.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKQDBCBDDDBD
(END) Dow Jones Newswires
December 15, 2017 02:00 ET (07:00 GMT)
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