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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hotel Chocolat Group Plc | LSE:HOTC | London | Ordinary Share | GB00BYZC3B04 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 374.00 | 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
TIDMHOTC
RNS Number : 0652R
Hotel Chocolat Group PLC
26 February 2019
26 February 2019
Hotel Chocolat Group plc
("Hotel Chocolat", the "Company" or the "Group")
Interim Results
Hotel Chocolat Group plc, a premium British chocolatier and omni-channel retailer, today announces its interim results for the 26 weeks ended 30 December 2018.
Financial highlights:
-- Revenue up 13% to GBP80.7m (H1 FY18: GBP71.7m) -- Underlying EBITDA up 10% to GBP17.3m (H1 FY18: GBP15.8m)1 -- Excluding new US & Japan start-ups, profit before tax up 11% to GBP14.4m (H1 FY18: GBP12.9m) -- Reported profit before tax up 7% to GBP13.8m (H1 FY18: GBP12.9m) -- Profit after tax up 7% to GBP10.8m (H1 FY18: GBP10.1m) -- Cash flows from operating activities up 18% to GBP29.5m (H1 FY18: GBP24.9m) -- Strong balance sheet with net cash at period end of GBP21.8m (H1 FY18: GBP18.3m) -- Earnings per share up 7% to 9.6p (H1 FY18: 9.0p) -- Interim dividend of 0.6p per share (H1 FY18: 0.6p)
Operational highlights:
-- Strong sales growth across retail, digital & wholesale channels -- Successful Christmas ranges delivered growth -- 14 new stores opened in UK & Eire, contributing 4% to Group sales growth -- New VIP Me loyalty card attracted 0.5m active customers -- Velvetiser in-home Hot Chocolat maker launched and exceeded initial expectations six-fold -- Digital growth through own website and new third-party wholesale to digital retailers -- Encouraging launches of first stores in New York, and in Tokyo (with Joint Venture partner)
(1) Underlying EBITDA in H1 FY19 excludes GBP0.4m of share-based charges (H1 FY18: GBP0.4m).
Angus Thirlwell, Co-founder and Chief Executive Officer of Hotel Chocolat, said:
"This has been another period of progress for Hotel Chocolat with strong growth in sales, profits and cash generation. The critical Christmas period was again successful, supported by the launch of our new and innovative Velvetiser Hot Chocolate maker and by a deepening relationship with our customers via the new VIP Me scheme. Both developments will also support our plans for the key spring seasons of Mother's Day and Easter.
"Growth in the UK continued to deliver improvements in profitability which have enabled us to invest in the launch of two new start-ups in New York and Tokyo, both of which are showing encouraging early signs, in terms of customer response and the initial store sales performance.
"I would like to thank everyone in the Hotel Chocolat team for their dedication in delivering another successful Christmas.
"Recent trading, including the Valentine's period, is in line with the Board's expectations and we continue to make good progress against our key strategic objectives of opening more stores, improving our digital capability and increasing our production capacity whilst testing and learning in two large new territories."
For further information:
Hotel Chocolat Group plc c/o Citigate + 44 (0) 20 7638 9571 Angus Thirlwell, Co-founder and Chief Executive Officer Peter Harris, Co-founder and Development Director Matt Pritchard, Chief Financial Officer Citigate Dewe Rogerson - Financial PR + 44 (0) 20 7638 9571 Angharad Couch Ellen Wilton Elizabeth Kittle Liberum Capital Limited - Nominated Advisor and Broker + 44 (0) 20 3100 2222 Clayton Bush James Greenwood Trystan Cullen
Notes to Editors:
Hotel Chocolat is a premium British chocolatier with a strong and distinctive brand. The business was founded in 1993 by Angus Thirlwell and Peter Harris and has traded under the Hotel Chocolat brand since 2003. The Group sells its products online and through a network of stores in the UK and abroad. The Group has a cocoa plantation and eco-hotel in Saint Lucia, offering complete cocoa immersion thorough tree-to-bar experiences and wellness treatments. The Group also has a flagship restaurant and cocoa roastery in London's Borough Market: Rabot 1745. The Group was admitted to trading on AIM in 2016.
Chief Executive's statement (inclusive of financial review)
RESULTS
Hot Features
Premium
Period ended Period ended
30 December 2018 31 December 2017
GBP000 GBP000
------------------------------------------------- ------------------ ------------------
Revenue 80,719 71,709
Gross profit 53,097 49,107
Operating expenses (35,767) (33,316)
-------------------------------------------------- ------------------ ------------------
Underlying EBITDA 17,330 15,791
Share-based payments (408) (367)
-------------------------------------------------- ------------------ ------------------
EBITDA 16,922 15,425
Depreciation & amortisation (2,793) (2,207)
Loss on disposal of property, plant & equipment (24) (9)
Operating profit 14,104 13,209
Finance income 5 16
Finance expense (179) (296)
Share of joint venture results (84) 7
-------------------------------------------------- ------------------ ------------------
Profit before tax 13,847 12,936
Tax expense (3,045) (2,821)
-------------------------------------------------- ------------------ ------------------
Profit for the period 10,802 10,115
Earnings per share - Basic 9.6p 9.0p
Earnings per share - Diluted 9.5p 8.9p
Dividend per share 0.6p 0.6p
CHIEF EXECUTIVE'S STATEMENT
I am pleased to report continued progress for the Hotel Chocolat brand during the 26 weeks to 30 December 2018. Revenue for the period increased by 13% and underlying EBITDA increased by 10%. Hotel Chocolat delivered growth across all its channels, benefitting from strong new products, successful marketing and loyalty campaigns, and the continued growth of digital wholesale partners. The business remains focused on four key pillars of its growth strategy:
1) Open stores
We opened 14 new stores in the UK and Eire during the period. Our established stores continue to generate attractive returns, and the new stores opened over the last 3 years are achieving their payback targets suggesting that further attractive opportunities remain, which we will continue to evaluate on a site-by-site basis.
There has been much media attention regarding the future of physical retail. Whilst macro-economic trends have undoubtedly created headwinds, we obviously continually evaluate the performance of our stores. We remain confident that further new openings can deliver attractive financial returns and improve customers' ease of access to our brand. All of our stores trading for longer than 12 months are profitable, and the latest vintage of openings are delivering comparable EBITDA per site to that of the earliest stores.
The Board have modelled 3 scenarios, based on various growth rates and cost inflation for our physical estate:
1) A continuation of the FY18 growth rates for sales and for overhead costs would mean that store estate profitability would rise in future years.
2) A more pessimistic scenario, reflecting a drop to negative sales growth, and with externally driven cost inflation at rates in excess of FY18, would still mean that the retail estate would continue to generate significant EBITDA profit in 5 years' time. (Our average lease length is 5 years).
3) As a Board we are focusing all of our energies on delivering a third, and better, scenario which has the scope to generate a material increase in EBITDA, by:
-- Increasing the rate of sales growth, driven by product
innovation, gaining a deeper relationship with our customers
via the recently launched VIP ME rewards card, and empowering
our store teams to deliver an even better experience
for our guests.
-- Mitigating cost pressures using a combination of better
buying, further innovation in our processes, and perpetual
focus on working smarter whilst never compromising on
product quality or service experience.
2) Increase capacity and capture efficiencies from the vertically integrated supply chain
Our manufacturing operations again delivered improved efficiency and benefitted gross margin rate. However, these gains were offset by our sales growth being partly driven by lower margin but less capital-intensive wholesale accounts and from the new Velvetiser Hot Chocolat maker which is manufactured by a third party at a dilutive margin rate. A full explanation of margin rate is included in the financial review below. The lower margins on the new sales channels are mitigated by lower overheads attaching to these sales.
3) New digital proposition to grow customer base and improve gifting proposition
Digital revenues, comprising website, subscriptions and digital wholesale partners grew by 22%, or by 29% if expressed at retail prices.
-- The website delivered a 25% year-on-year growth driven
by an increase in traffic and from sales of the Velvetiser.
-- Subscription sales declined by 25% due to the pause of
new customer acquisition pending development of new subscription
models for hot chocolat consumables.
4) Cautious 'test, learn, grow' approach to new international markets
In late November the Group opened its first joint venture store in Tokyo, shortly followed by its first pilot store in New York, and; the Board believes that both markets offer significant potential for future growth. A modest number of store openings in each market will be used to test the consumer response, the supply chain economics, and to build a business case for potential roll-out. Initial consumer response in both markets has been encouraging; the brand appears to resonate with consumers, the breadth of range is proving popular with local tastes, and pricing has been received as fair and reasonable. Whilst it is too soon to meaningfully conclude on the store economics, the new sites are performing in line with expectations and based on the first 10 weeks of trading both stores would rank as top quartile within the UK estate.
In July 2018 the Group transferred its two Danish stores to a local partner under a franchise development agreement covering the Nordic Region. The partner has opened two further stores in the period.
FINANCIAL REVIEW
Revenue
Group revenue increased by 13% to GBP80.7m. 14 new stores were opened in the UK & Eire during the period contributing 4% to the Group's year-on-year growth. Retail, digital and wholesale all delivered sales growth.
Profit Before Tax
Reported Profit before Tax increased by 7% to GBP13.8m. This profit includes losses of GBP0.5m relating to the launch in the USA and GBP0.1m relating to the Group's 20% interest in the new Japanese joint venture. Excluding the impact of the two international start-ups, Group profit before tax increased by 11% to GBP14.4m.
Gross margin
Gross margin declined by 270 basis points from 68.5% to 65.8%, primarily due to the following four impacts:
-- The Velvetiser is manufactured by a third party resulting
in a lower gross margin, but also lower incremental overhead.
The mix impact of Velvetiser sales reduced group margin
by 100 basis points.
-- The New VIP Me loyalty scheme offers customer benefits
including some additional discounts, the impact of signup
incentive rewards reduced gross margin by 100 basis points.
-- Growth of sales from lower margin wholesale accounts
reduced gross margin by 30 basis points. These accounts
attract minimal incremental overhead.
-- Further factory efficiencies improved gross margin by
50 basis points, which mitigated 40 basis points of adverse
impact from Foreign Exchange due to the decline of sterling
in 2016 (foreign exchange purchases are hedged up to
18 months in advance). The adverse exchange impact will
not continue in H2 and we continue to see opportunities
to further improve factory efficiency.
Operating expense
Operating expenses grew by 7%, which was significantly slower than the rate of sales growth, as a result operating expenses as a percent of sales reduced from 46.5% to 44.3%. Inflationary cost increases were partly mitigated by the impact of growing sales from wholesale and the Velvetiser, each of which generate lower incremental overheads than other sales.
Underlying EBITDA
Underlying EBITDA increased 10% to GBP17.3m. Excluding the impact of the launches in the USA and Japan, underlying EBITDA increased 13% to GBP17.8m.
Share based payments
Share-based payment expense of GBP0.4m (H1 FY18: GBP0.4m) related to the share-based Long-Term Incentive Plan and an all-employee Save As You Earn plan.
Foreign currency
The business manufactures the majority of its products in the UK, however it does purchase some premium ingredients in foreign currencies, predominantly Euros. The Group hedges its forecast Euro purchases up to 18 months ahead. The decline in Sterling in 2016 meant that some purchases in H1 FY19 were at lower rates which adversely impacted gross margin and EBITDA by 40 basis points. This adverse impact will reduce in H2.
Finance income and expense
Finance expense of GBP0.2m reflects GBP0.1m of interest on a working capital overdraft, and GBP0.1m of realised interest on foreign exchange hedges.
Earnings per share
Earnings per share in the period were 9.6p, a 7% increase on H1 FY18: 9.0p.
Dividend
At the time of the IPO the Directors stated an intention to implement a progressive dividend policy to reflect the expectation of future cash flow. The Board proposes an interim dividend of 0.6p per share which will be paid on 17(th) April 2019 to shareholders on the register on 8(th) March 2019. Mindful of the potential growth opportunities in the USA and Japan, the Board will continue to review the rate of growth in any dividend relative to the potential opportunities for re-investment in service of profitability and growth.
Cash flow and closing cash position
Net cash inflow from operating activities was GBP29.5m (H1 FY18: GBP24.9m) an increase of 18 percent.
Net cash (being cash minus borrowings) at the end of the period was GBP21.8m (H1 FY18: GBP18.3m). The Group has access to an overdraft facility with Lloyds Bank plc to fund seasonal working capital requirements if required.
Major capital projects in the period included new shops, upgrades to the manufacturing facility in Huntingdon, and the development of a new visitor attraction in Saint Lucia.
OUTLOOK
Since the end of the period, trading has continued to be in line with the Board's expectations. The performance of the new stores is encouraging and there is a pipeline of similar potential locations. The Velvetiser and the VIP ME loyalty card scheme both performed well during their initial launch period and will offer significant potential for the future.
In delivering these results in a context of macro-economic uncertainty, the business has demonstrated creativity, resilience and adaptability. Continued delivery against the 4-point strategy will deliver top-line growth and improve profitability in the UK, enabling the Group to invest cautiously in tests in the USA and Japan. A strong differentiated brand which offers great products and customer service and that is priced as an affordable luxury, gives the Board confidence in the Group's continued progress.
Angus Thirlwell, Co-founder and Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 December 2018
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
Notes GBP GBP
------------------------------------------------------------- -------- ------------------ ------------------
Revenue 80,719,280 71,708,557
Cost of sales (27,622,221) (22,601,129)
------------------ ------------------
53,097,059 49,107,428
Administrative expenses (38,993,208) (35,898,903)
------------------ ------------------
2 14,103,851 13,208,525
Finance income 3 5,332 15,919
Finance expenses 3 (178,901) (296,028)
Share of joint venture results (83,617) 7,332
------------------ ------------------
Profit before tax 13,846,665 12,935,748
Tax expense (3,044,820) (2,820,791)
------------------ ------------------
Profit for the period 10,801,845 10,114,957
Other comprehensive income:
Derivative financial instruments 281,743 (121,114)
Deferred tax charge on derivative financial instruments (26,181) 11,505
Currency translation differences arising from consolidation 383,683 (361,829)
------------------ ------------------
Total comprehensive income for the period 11,441,090 9,643,519
------------------ ------------------
Earnings per share - Basic 4 9.6p 9.0p
Earnings per share - Diluted 4 9.5p 8.9p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 December 2018
Unaudited Unaudited Audited
As at As at As at
30 December 2018 31 December 2017 1 July
GBP GBP 2018
Notes GBP
------------------------------------------- -------- ------------------ ------------------ -------------
ASSETS
Non-current assets
Intangible assets 2,729,264 2,547,958 2,788,152
Property, plant and equipment 5 39,081,643 34,677,619 36,408,775
Investment in joint ventures 31,975 7,332 35,501
Loan to joint venture 705,909 - -
Derivative financial assets 108,875 8,564 68,721
Other receivables and prepayments 9,371 17,851 1,643
Deferred tax asset 318,895 381,825 623,961
42,985,932 37,641,149 39,926,753
Current assets
Derivative financial assets 206,447 73,724 14,925
Inventories 9,435,849 9,034,330 12,555,517
Trade and other receivables 9,548,902 6,494,705 7,486,894
Cash and cash equivalents 21,879,026 24,994,989 235,936
------------------ ------------------ -------------
41,070,224 40,597,748 20,293,272
Total assets 84,056,156 78,238,897 60,220,025
LIABILITIES
Current liabilities
Trade and other payables 6 27,145,789 25,808,949 15,545,845
Corporation tax payable 3,016,364 2,818,241 1,328,673
Derivative financial liabilities - 52,491 54,691
Borrowings 117,677 3,482,482 201,732
30,279,830 32,162,163 17,130,941
Non-current liabilities
Other payables and accruals 6 2,861,683 2,546,523 2,581,044
Borrowings - 3,191,677 16,811
Provisions 935,975 825,852 879,808
3,797,658 6,564,052 3,477,663
Total liabilities 34,077,488 38,726,215 20,608,604
NET ASSETS 49,978,668 39,512,682 39,611,421
EQUITY
Share capital 112,838 112,838 112,838
Share premium 11,750,056 11,749,487 11,749,487
Retained earnings 33,909,034 25,160,751 24,348,409
Translation reserve 1,264,243 687,392 880,560
Merger reserve 223,251 223,251 223,251
Capital redemption reserve 6,301 6,301 6,301
Other reserves 2,712,945 1,572,662 2,290,575
------------------ ------------------ -------------
Total equity attributable to shareholders 49,978,668 39,512,682 39,611,421
------------------ ------------------ -------------
CONSOLIDATED STATEMENT OF CASH FLOW
For the period ended 30 December 2018
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
Notes GBP GBP
------------------------------------------------------------------ -------- ------------------ ------------------
Profit before tax for the period 13,846,665 12,935,748
Adjusted by:
Depreciation of property, plant and equipment 5 2,482,075 1,952,705
Amortisation of intangible assets 311,363 253,983
Loss of joint ventures 83,617
Net interest expense 173,569 280,109
Share-based payments 408,194 366,538
Loss on disposal of property, plant and equipment and intangible
assets 24,253 9,417
------------------ ------------------
Operating cash flows before movements in working capital 17,329,736 15,798,500
Decrease/(increase) in inventories 3,119,669 755,985
Decrease/(Increase) in trade and other receivables (2,071,379) (484,352)
Increase in trade and other payables and provisions 12,645,018 10,064,095
------------------ ------------------
Cash inflow generated from operations 31,023,044 26,134,228
Interest received 708 84
Income tax paid (1,319,577) (1,116,051)
Interest paid on:
* finance leases and hire purchase loans - (1,192)
* derivative financial instruments (99,828) (82,542)
* bank loans and overdraft (61,272) (777)
------------------ ------------------
Cash flows from operating activities 29,543,075 24,933,750
------------------ ------------------
Purchase of property, plant and equipment (5,632,011) (6,136,967)
9,500
Proceeds from disposal of property, plant and equipment -
Investment in joint venture (7,200) -
Loan to joint venture (778,800) -
Purchase of intangible assets (241,427) (257,524)
Cash flows used in investing activities (6,649,938) (6,394,491)
------------------ ------------------
Proceeds on issue of shares 569 -
Buy back of Chocolate bonds - (110,500)
Capital element of hire purchase and finance leases repaid (100,866) (136,328)
Dividends paid (1,241,220) (1,805,405)
Cash flows used in financing activities (1,341,517) (2,052,233)
------------------ ------------------
Net change in cash and cash equivalents 21,551,620 16,487,026
Cash and cash equivalents at beginning of period 235,936 8,470,178
Foreign currency movements 91,470 37,785
Cash and cash equivalents at end of period 21,879,026 24,994,989
------------------ ------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 30 December 2018
Capital
Share Share Retained Translation Merger redemption Other
capital Premium earnings reserve reserve reserve reserves Total
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- --------- ----------- ------------ ------------- --------- ----------- ---------- ------------
As at 2 July
2017 112,838 11,749,487 16,851,199 1,049,221 223,251 6,301 1,170,588 31,162,885
Share-based
payments - - - - - - 366,538 366,538
Deferred tax
charge on
share-based
payments - - - - - - 145,145 145,145
Profit for the
period - - 10,114,957 - - - - 10,114,957
Dividends paid - - (1,805,405) - - - - (1,805,405)
Other
comprehensive
income:
Derivative
financial
instruments - - - - - - (121,114) (121,114)
Deferred tax
charge on
derivative
financial
instruments - - - - - - 11,505 11,505
Currency
translation
differences
arising from
consolidation - - - (361,829) - - - (361,829)
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
Equity as at
31 December
2017 112,838 11,749,487 25,160,751 687,392 223,251 6,301 1,572,662 39,512,682
Share-based
payments - - - - - - 360,047 360,047
Deferred tax
charge on
share-based
payments - - - - - - 333,697 333,697
Loss for the
period - - (812,342) - - - - (812,342)
Other
comprehensive
income:
Derivative
financial
instruments - - - - - - 15,113 15,113
Deferred tax
credit on
derivative
financial
instruments - - - - - - 9,056 9,056
Currency
translation
differences
arising from
consolidation - - - 193,168 - - - 193,168
Equity as at 1
July 2018 112,838 11,749,487 24,348,409 880,560 223,251 6,301 2,290,575 39,611,421
Equity as at 1
July 2018 112,838 11,749,487 24,348,409 880,560 223,251 6,301 2,290,575 39,611,421
Issue of share
capital - 569 - - - - - 569
Share-based
payments - - - - - - 408,194 408,194
Deferred tax
charge on
share-based
payments - - - - - - (241,386) (241,386)
Profit for the
period - - 10,801,845 - - - - 10,801,845
Dividends paid (1,241,220) (1,241,220)
Other
comprehensive
income:
Derivative
financial
instruments - - - - - - 281,743 281,743
Deferred tax
charge on
derivative
financial
instruments - - - - - - (26,181) (26,181)
Currency
translation
differences
arising from
consolidation - - - 383,683 - - - 383,683
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
Equity as at
30 December
2018 112,838 11,750,056 33,909,034 1,264,243 223,251 6,301 2,712,945 49,978,668
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
NOTES TO THE INTERIM FINANCIAL INFORMATION
1. Basis of preparation
The consolidated interim financial information has been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs), as adopted by the European Union.
The accounts have been prepared in accordance with accounting policies that are consistent with the Group's Annual Report and Accounts for the period ended 1 July 2018 and that are expected to be applied in the Group's Annual Report and Accounts for the period ended 30 June 2019. There are new or revised standards that apply to the period beginning 2 July 2018 but they do not have a material effect on the financial information for the period ended 30 December 2018.
The comparative financial information for the period ended 1 July 2018 in this interim report does not constitute statutory accounts for that period under 435 of the Companies Act 2006.
Statutory accounts for the period ended 1 July 2018 have been delivered to the Registrar of Companies.
The auditors' report on the accounts for 1 July 2018 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
2. Profit from operations
Profit from operations is arrived at after charging:
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
GBP GBP
------------------------------------------------------------------------- ------------------ ------------------
Staff cost 17,629,785 15,957,108
Depreciation of property, plant and equipment 2,482,075 1,952,705
Amortisation of intangible assets 311,363 253,983
Loss on disposal of property, plant and equipment and intangible assets 24,253 9,417
Operating leases:
* Property 5,831,625 5,435,700
* Plant and equipment 129,264 94,391
Exchange differences 34,702 85,702
Bad debt expense 20,035 20,037
------------------ ------------------
3. Finance income and expenses
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
GBP GBP
--------------------------------------------------------- ------------------ ------------------
Interest on bank deposits 708 84
Unrealised interest on derivative financial instruments 4,624 15,835
Finance income 5,332 15,919
------------------ ------------------
Interest on bank borrowings 78,134 57,410
Realised interest on derivative financial liabilities 99,828 82,542
Finance leases and hire purchase contracts 939 1,192
Finance charges on Chocolate bonds - 154,884
------------------ ------------------
Finance expenses 178,901 296,028
------------------ ------------------
4. Earnings per share
Profit for the period used in the calculation of the basic and diluted earnings per share:
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
GBP GBP
--------------------------------- ------------------ ------------------
Profit after tax for the period 10,801,845 10,114,957
------------------ ------------------
The weighted average number of shares for the purposes of diluted earnings per share reconciles to the weighted average number of shares used in the calculation of basic earnings per share as follows:
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
------------------------------------------------------------------------- ------------------ ------------------
Weighted average number of shares in issue used in the calculation of
earnings per share (number)
- Basic 112,838,213 112,837,828
Share-based payments - Hotel Chocolat Group plc Save As You Earn Plan 340,202 214,728
Weighted average number of shares in issue used in the calculation of
earnings per share (number)
- Diluted 113,178,415 113,052,556
Earnings per share (pence) - Basic 9.6 9.0
Earnings per share (pence) - Diluted 9.5 8.9
------------------ ------------------
As at 30 December 2018, the total number of potentially dilutive shares issued under the Hotel Chocolat Group plc Long-Term Incentive Plan was 3,657,000 (31 December 2017: 3,667,000). Due to the nature of the options granted under this scheme, they are considered contingently issuable shares and therefore have no dilutive effect.
5. Property, plant and equipment
Furniture &
fittings,
Equipment,
Computer software
Freehold property Leasehold & hardware Plant & machinery
GBP property GBP GBP Total
GBP GBP
--------------------
26 weeks ended 31
December 2017
Cost:
As at 2 July 2017 12,588,855 734,999 28,418,804 16,319,351 58,062,009
Additions 321,661 - 3,999,331 1,271,020 5,592,012
Disposals - - (9,417) - (9,417)
Translation
differences (345,612) - (6,002) - (351,614)
As at 31 December
2017 12,564,904 734,999 32,402,716 17,590,371 63,292,990
------------------- ------------------- ------------------- ------------------- ------------
Accumulated
depreciation:
As at 2 July 2017 567,231 733,256 15,796,562 9,567,378 26,664,427
Depreciation charge 79,898 475 1,312,304 560,028 1,952,705
Disposal - - - - -
Translation
differences (6,710) - 4,949 - (1,761)
As at 31 December
2017 640,419 733,731 17,113,815 10,127,406 28,615,371
------------------- ------------------- ------------------- ------------------- ------------
Net book value
------------------- ------------------- ------------------- ------------------- ------------
As at 31 December
2017 11,924,485 1,268 15,288,901 7,462,965 34,677,619
------------------- ------------------- ------------------- ------------------- ------------
26 weeks ended 30
December 2018
Cost:
As at 1 July 2018 12,837,367 734,999 34,890,442 18,895,928 67,358,736
Additions 388,316 - 3,761,655 607,334 4,757,305
Disposals - - (2,701,232) (15,000) (2,716,232)
Translation
differences 410,550 - 42,132 - 452,682
As at 30 December
2018 13,636,233 734,999 35,992,997 19,488,262 69,852,491
------------------- ------------------- ------------------- ------------------- ------------
Accumulated
depreciation:
As at 1 July 2018 724,685 734,206 18,752,462 10,738,608 30,949,961
Depreciation charge 97,867 475 1,714,166 669,567 2,482,075
Disposal - - (2,682,480) (1,625) (2,684,105)
Translation
differences 9,304 - 13,613 - 22,917
------------------- ------------------- ------------------- ------------------- ------------
As at 30 December
2018 831,856 734,681 17,797,761 11,406,550 30,770,848
------------------- ------------------- ------------------- ------------------- ------------
Net book value
------------------- ------------------- ------------------- ------------------- ------------
As at 30 December
2018 12,804,377 318 18,195,236 8,081,712 39,081,643
------------------- ------------------- ------------------- ------------------- ------------
As at 30 December 2018, the net book value of freehold property includes land of GBP2,941,238 (31 December 2017: GBP2,767,923), which is not depreciated.
Included above are assets held under finance leases and hire purchase agreements. As at 30 December 2018, the net book value of such assets within plant & machinery is GBP nil (31 December 2017: GBP269,690) and within computer software & hardware is GBP335,067 (31 December 2017: GBP456,106).
6. Trade and other payables
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
GBP GBP
--------------------- ------------------ ------------------
Current
Trade payables 4,091,494 4,554,352
Other payables 3,933,504 2,855,517
Other taxes payable 8,317,253 7,625,446
Accruals 10,803,538 10,773,634
------------------ ------------------
27,145,789 25,808,949
------------------ ------------------
Non-current
Other payables 2,861,683 2,546,523
------------------ ------------------
2,861,683 2,546,523
------------------ ------------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR DELFLKLFXBBF
(END) Dow Jones Newswires
February 26, 2019 02:00 ET (07:00 GMT)
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