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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Individual Rest | LSE:IRC | London | Ordinary Share | GB00B1J2C967 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMIRC RNS Number : 7375Z Individual Restaurant Company PLC 28 September 2009 Individual Restaurant Company plc ("IRC" or "the Group") Interim results (unaudited) for the Six Months ended 28 June 2009 Individual Restaurant Company plc ("IRC" or "the Group"), a leading operator of 33 restaurants throughout the UK which trade under the Piccolino (22) and Restaurant Bar & Grill (11) brands, today announces interim results for the six months ended 28 June 2009. * Trading in line with management expectations * Revenues increased by 5% to GBP25.2m (2008: GBP24.0m) * Achieved cost savings in the period of GBP1.4m which will equate to a full year saving of at least the targeted GBP2.0m * Group EBITDA of GBP1.3m (2008: 1.6m) * Successful renegotiation of GBP18.5m banking facility; * Banking headroom of GBP2.1m available at the half year with GBP2.1m (net) fundraising completed after the balance sheet date * Successful equity fundraising has been further supported by Lloyds Banking Group who have cancelled GBP1m of loan amortisation that was originally due in December 2009 * Interest covered six times by EBITDA * Banking covenants passed comfortably Steven Walker, Chief Executive said: "Whilst the consumer outlook remains challenging, both Piccolino and Restaurant Bar & Grill continue to deliver a robust performance and trading is in line with management expectations. We continue to deliver upon our core customer values, whilst keeping an ongoing focus on cost control. In addition, we have taken positive steps to reduce the Group's indebtedness and provide additional headroom going forward. We remain confident of the prospects for the Group over the medium to long term and are well placed for the upturn in the consumer environment when it occurs." 28 September 2009 Enquiries: +---------------------------------------+---------------------------------------+ | Individual Restaurant Company Plc | | +---------------------------------------+---------------------------------------+ | Steven Walker, Chief Executive | 020 7457 2020 (today) | +---------------------------------------+---------------------------------------+ | Vernon Lord, Finance Director | 0161 839 5511 (thereafter) | +---------------------------------------+---------------------------------------+ | | | +---------------------------------------+---------------------------------------+ | Altium | | +---------------------------------------+---------------------------------------+ | Mike Fletcher | 0161 831 9133 | +---------------------------------------+---------------------------------------+ | David Foreman | | +---------------------------------------+---------------------------------------+ | | | +---------------------------------------+---------------------------------------+ | College Hill | 020 7457 2020 | +---------------------------------------+---------------------------------------+ | Justine Warren | | +---------------------------------------+---------------------------------------+ | Matthew Smallwood | | +---------------------------------------+---------------------------------------+ Chairman's Statement Introduction Individual Restaurant Company plc ("IRC" or "the Group"), a leading restaurant operator with 33 premium casual dining restaurants throughout the UK which trade under the Piccolino (22) and Restaurant Bar & Grill (11) brands, announces its unaudited interim results for the six months ended 28 June 2009. The Group is pleased to announce overall trading is in line with our expectations and that the equity fundraising of GBP2.6m, completed post the balance sheet date, has reduced net indebtedness and provided additional headroom for the business going forward. Results As previously reported the Group recognised trading conditions would be more challenging in 2009 than 2008 with this being felt most acutely in the first half of the year. In the six months ended 28 June 2009 revenues increased by GBP1.2m (5%) to GBP25.2m (2008: GBP24.0m). Restaurant EBITDA decreased across the Group by GBP0.5m (12%) to GBP3.3m (2008: GBP3.8m*). This was partially offset by GBP0.2m of central cost savings. Central costs for the period were GBP1.9m (2008: GBP2.1m). EBITDA for the period was GBP1.3m (2008: GBP1.6m). In recognition that the economic environment was likely to remain challenging in 2009 the Group implemented a cost saving programme to deliver GBP2.0m of savings in the full year to December 2009. Progress on this front has been very pleasing. In the first half of 2009 total savings have been GBP1.4m which will equate to a full year saving of at least the targeted GBP2.0m. Savings have been derived from like for like payroll (GBP0.9m, 11%), like for like site overheads (GBP0.3m, 9%) and central costs (GBP0.2m, 9%). The gross margin for the period remained in line with 2008 at 73.5%. As previously reported, the Group has taken a strategic decision to refrain from entering the mass discounting market which has been widely practised across the restaurant sector. Tactical promotions have been implemented and at the same time the Group has been successful in maintaining margins, as well as preserving the brand value of the Group's premium casual dining concepts. The Board is confident this remains the correct, long term strategy and will benefit the Group in the future. Depreciation in the period was GBP1.5m (2008: GBP1.3m). Actual capital expenditure is always much lower than the depreciation charge and in the period maintenance capital expenditure on the estate was GBP0.5m. The operating loss before exceptional costs in the period was GBP0.2m (2008: profit GBP0.4m). Finance costs incurred in the period were GBP0.2m (2008: GBP0.5m). This reduction was due to the significant reduction in base rate that occurred in Q4 2008 and Q1 2009. Finance costs in the period were six times covered by EBITDA. In line with the renegotiated banking agreement, finance costs in the second half will be based upon LIBOR plus 3.5%. The operating loss was GBP0.6m compared to a profit of GBP0.3m in 2008. However the 2009 loss is stated after exceptional costs of GBP0.4m. These costs are made up predominantly from the issue of new shares that was completed early in the second half of 2009. Cash flow and Balance Sheet At 28 June 2009, net debt was GBP16.4m with GBP2.1m of headroom available under the Group's banking facility. In the period, new banking facility terms were negotiated up to a maximum borrowing of GBP18.5 million to January 2012 including more appropriate covenant tests and test levels. Previously it was a rolling facility which was due for repayment three months after each drawdown. Post the balance sheet date, utilising authorities conferred at this year's Annual General Meeting, the Group successfully completed a GBP2.6m fundraising. The proceeds of the fundraising have been used to reduce the Group's net indebtedness. This will lower the year-end net debt to EBITDA ratio and creates further headroom in covenants. Banking covenants are tested every half year on the below basis: * Net Debt : EBITDA * EBITDA : Senior Interest * Cash Flow available for Debt Service : Debt Service All tests for the period to 28 June 2009 were very comfortably met. Following the successful equity fundraising, the Group has been in discussions with its banking partner and has negotiated the cancellation of the planned facility amortisation of GBP1m scheduled for December 2009. This reduction in the planned amortisation of the banking facility is a positive step for the Group and will allow the Group to return to estate growth when the timing is right. Roll Out of Piccolino and Restaurant Bar & Grill Brands The Board firmly believes that both the Piccolino and Bar & Grill brands are robust and benefit from attractive, long-term business models with significant roll out potential. Whilst the quantum and timing of openings will still be determined by trading performance and the available headroom in our banking facilities, the Group is well positioned to take advantage of the first signs of returning consumer confidence. The Group has a healthy site pipeline which will be developed at the appropriate time but this is unlikely to be in the current financial year. Current Trading and Outlook Post the balance sheet date the loss making Piccolino site in Wandsworth has become a training and development centre for the Piccolino brand which we believe will add significant benefit over the next few years. The asset had already been written down to zero value in the 2008 accounts. The Group will provide GBP0.1m for costs associated with the change of use at this location in the second half of 2009. Traditionally the Group's earnings have been heavily weighted towards the second half of the year and 2009 will be no exception with trading conditions expected to remain challenging. Cost inflation is expected to have a full year impact in 2009 of GBP0.5m (HY2 GBP0.4m).Trading comparables for 2009 against 2008 are expected to be less challenging in the second half than in the first due to the extent to which the second half of 2008 had already been impacted by the economic downturn. Trading continues in line with our expectations with the overall out-turn for the year as heavily reliant on Christmas trading as has been the case in previous years. The Board believes performance in the first half of 2009 was a creditable performance. The Board remains confident in both the Group's brands and business models and the medium and long term prospects for the Group are strong. Robert Breare Chairman 27 September 2009 *Restaurant EBITDA for 2008 is shown after GBP0.2m of pre-opening costs Consolidated Income Statement +---------------------------------------+------+-------------+-------------+------------+ | | | 6 months | 6 months | 12 months | +---------------------------------------+------+-------------+-------------+------------+ | | | ended | ended | ended | +---------------------------------------+------+-------------+-------------+------------+ | | | 28 June | 29 June | 31 | | | | 2009 | 2008 | December | | | | | | 2008 | +---------------------------------------+------+-------------+-------------+------------+ | |Note | (unaudited) | (unaudited) | (audited) | +---------------------------------------+------+-------------+-------------+------------+ | | | GBP'000 | GBP'000 | GBP'000 | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Revenue | 4 | 25,146 | 23,995 | 52,472 | +---------------------------------------+------+-------------+-------------+------------+ | Cost of sales | | (6,665) | (6,377) | (13,328) | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Gross profit | | 18,481 | 17,618 | 39,144 | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Other operating expenses | | (18,700) | (17,225) | (36,424) | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Operating (loss) / profit before | | (219) | 393 | 2,720 | | exceptional costs | | | | | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Reversal of impairment for | | - | - | 996 | | non-current assets | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Impairment of non-current assets | | - | - | (996) | +---------------------------------------+------+-------------+-------------+------------+ | Increase in provision for onerous | | - | - | (500) | | leases | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Share based payment charge | | (54) | (54) | (108) | +---------------------------------------+------+-------------+-------------+------------+ | Costs associated with share offer | | (346) | - | - | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Operating (loss)/profit | 4 | (619) | 339 | 2,112 | +---------------------------------------+------+-------------+-------------+------------+ | Finance income | | - | 33 | - | +---------------------------------------+------+-------------+-------------+------------+ | Finance cost | | (219) | (455) | (957) | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | (Loss)/profit before taxation | | (838) | (83) | 1,155 | +---------------------------------------+------+-------------+-------------+------------+ | Income tax | 6 | - | 229 | (639) | +---------------------------------------+------+-------------+-------------+------------+ | (Loss)/profit from continuing | | (838) | 146 | 516 | | operations | | | | | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | (Loss)/profit attributable to equity | | | | | | holders of | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Parent | | (838) | 146 | 516 | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Earnings per share from total and | | | | | | continuing | | | | | +---------------------------------------+------+-------------+-------------+------------+ | operations: | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Basic | 5 | (2.1)p | 0.4p | 1.3p | +---------------------------------------+------+-------------+-------------+------------+ | Diluted | 5 | (2.1)p | 0.4p | 1.3p | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ Consolidated statement of comprehensive income +--------------------------------------+------+-------------+-------------+-----------+ | |Note | June | June | December | +--------------------------------------+------+-------------+-------------+-----------+ | | | 2009 | 2008 | 2008 | +--------------------------------------+------+-------------+-------------+-----------+ | | | (unaudited) | (unaudited) | (audited) | +--------------------------------------+------+-------------+-------------+-----------+ | | | GBP'000 | GBP'000 | GBP'000 | +--------------------------------------+------+-------------+-------------+-----------+ | | | | | | +--------------------------------------+------+-------------+-------------+-----------+ | (Loss)/profit for the period | | (838) | 146 | 516 | +--------------------------------------+------+-------------+-------------+-----------+ | | | | | | +--------------------------------------+------+-------------+-------------+-----------+ | Other comprehensive income for the | | - | - | - | | period | | | | | +--------------------------------------+------+-------------+-------------+-----------+ | | | | | | +--------------------------------------+------+-------------+-------------+-----------+ | Total comprehensive income to the | | (838) | 146 | 516 | | period | | | | | +--------------------------------------+------+-------------+-------------+-----------+ | | | | | | +--------------------------------------+------+-------------+-------------+-----------+ | | | | | | +--------------------------------------+------+-------------+-------------+-----------+ | Attributable to equity holders of | | (838) | 146 | 516 | | the parent | | | | | +--------------------------------------+------+-------------+-------------+-----------+ Consolidated statement of financial position +--------------------------------------+----+-------------+-------------+------------+ | | | 28 June | 29 June | 31 | | | | 2009 | 2008 | December | | | | | | 2008 | +--------------------------------------+----+-------------+-------------+------------+ | | | (unaudited) | (unaudited) | (audited) | +--------------------------------------+----+-------------+-------------+------------+ | | | GBP'000 | GBP'000 | GBP'000 | +--------------------------------------+----+-------------+-------------+------------+ | | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Assets | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Non current assets | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Property, plant and equipment | | 36,209 | 32,286 | 36,909 | +--------------------------------------+----+-------------+-------------+------------+ | Intangible assets | | 38,647 | 38,647 | 38,647 | +--------------------------------------+----+-------------+-------------+------------+ | Total non current assets | | 74,856 | 70,933 | 75,556 | +--------------------------------------+----+-------------+-------------+------------+ | | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Current assets | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Inventories | | 895 | 762 | 1,059 | +--------------------------------------+----+-------------+-------------+------------+ | Trade and other receivables | | 3,435 | 3,092 | 2,492 | +--------------------------------------+----+-------------+-------------+------------+ | Derivative financial instrument | | - | 50 | 7 | +--------------------------------------+----+-------------+-------------+------------+ | Cash and cash equivalents | | 2,096 | 2,097 | 2,686 | +--------------------------------------+----+-------------+-------------+------------+ | Total current assets | | 6,426 | 6,001 | 6,244 | +--------------------------------------+----+-------------+-------------+------------+ | | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Total assets | | 81,282 | 76,934 | 81,800 | +--------------------------------------+----+-------------+-------------+------------+ | | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Liabilities | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Current liabilities | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Trade and other payables | | (12,269) | (10,845) | (11,867) | +--------------------------------------+----+-------------+-------------+------------+ | Provisions | | (177) | - | (177) | +--------------------------------------+----+-------------+-------------+------------+ | Short term borrowings | | (1,500) | (16,500) | (18,500) | +--------------------------------------+----+-------------+-------------+------------+ | Total current liabilities | | (13,946) | (27,345) | 30,544 | +--------------------------------------+----+-------------+-------------+------------+ | | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Non current liabilities | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Long term borrowings | | (17,000) | - | - | +--------------------------------------+----+-------------+-------------+------------+ | Provisions | | (364) | (125) | (500) | +--------------------------------------+----+-------------+-------------+------------+ | Deferred taxation | | (9,707) | (8,839) | (9,707) | +--------------------------------------+----+-------------+-------------+------------+ | Total non current liabilities | | (27,071) | (8,964) | (10,207) | +--------------------------------------+----+-------------+-------------+------------+ | | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Total liabilities | | (41,017) | (36,309) | (40,751) | +--------------------------------------+----+-------------+-------------+------------+ | | | | | | +--------------------------------------+----+-------------+-------------+------------+ | Net assets | | 40,265 | 40,625 | 41,049 | +--------------------------------------+----+-------------+-------------+------------+ Consolidated statement of financial position +---------------------------------------+------+-------------+-------------+------------+ | |Note | 28 June | 29 June | 31 | | | | 2009 | 2008 | December | | | | | | 2008 | +---------------------------------------+------+-------------+-------------+------------+ | | | (unaudited) | (unaudited) | (audited) | +---------------------------------------+------+-------------+-------------+------------+ | | | GBP'000 | GBP'000 | GBP'000 | +---------------------------------------+------+-------------+-------------+------------+ | | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Equity attributable to equity | | | | | | shareholders of the parent | | | | | +---------------------------------------+------+-------------+-------------+------------+ | Share capital | 8 | 1,975 | 13,826 | 13,826 | +---------------------------------------+------+-------------+-------------+------------+ | Share premium account | | 11,663 | 11,663 | 11,663 | +---------------------------------------+------+-------------+-------------+------------+ | Capital redemption reserve | | 11,851 | - | - | +---------------------------------------+------+-------------+-------------+------------+ | Merger reserve | | 22,034 | 22,034 | 22,034 | +---------------------------------------+------+-------------+-------------+------------+ | Shares to be issued | | 270 | 162 | 216 | +---------------------------------------+------+-------------+-------------+------------+ | Retained earnings | | (7,528) | (7,060) | (6,690) | +---------------------------------------+------+-------------+-------------+------------+ | Total equity | | 40,265 | 40,625 | 41,049 | +---------------------------------------+------+-------------+-------------+------------+ Consolidated statement of changes in equity +-------------------------+------+----------+----------+----------+---------+---------+ | |Note | Share | Other | Shares | Profit | Total | | | | capital | reserves | to | and | | | | | | | be | loss | | | | | | | issued | account | | +-------------------------+------+----------+----------+----------+---------+---------+ | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +-------------------------+------+----------+----------+----------+---------+---------+ | | | | | | | | +-------------------------+------+----------+----------+----------+---------+---------+ | At 1 January 2008 | | 12,409 | 30,866 | 4,356 | (7,206) | 40,425 | +-------------------------+------+----------+----------+----------+---------+---------+ | Share based payments | | - | - | 54 | - | 54 | +-------------------------+------+----------+----------+----------+---------+---------+ | Deferred consideration | | 1,417 | 2,831 | (4,248) | - | - | | shares | | | | | | | +-------------------------+------+----------+----------+----------+---------+---------+ | Transactions with | | 1,417 | 2,831 | (4,194) | - | 54 | | owners | | | | | | | +-------------------------+------+----------+----------+----------+---------+---------+ | Profit for the period | | - | - | - | 146 | 146 | +-------------------------+------+----------+----------+----------+---------+---------+ | At 29 June 2008 | | 13,826 | 33,697 | 162 | (7,060) | 40,625 | +-------------------------+------+----------+----------+----------+---------+---------+ | | | | | | | | +-------------------------+------+----------+----------+----------+---------+---------+ | At 1 January 2008 | | 12,409 | 30,866 | 4,356 | (7,206) | 40,425 | +-------------------------+------+----------+----------+----------+---------+---------+ | Share based payments | | - | - | 108 | - | 108 | +-------------------------+------+----------+----------+----------+---------+---------+ | Deferred consideration | | 1,417 | 2,831 | (4,248) | - | - | | shares | | | | | | | +-------------------------+------+----------+----------+----------+---------+---------+ | Transactions with | | 1,417 | 2,831 | (4,140) | - | 108 | | owners | | | | | | | +-------------------------+------+----------+----------+----------+---------+---------+ | Profit for the period | | - | - | - | 516 | 516 | +-------------------------+------+----------+----------+----------+---------+---------+ | At 31 December 2008 | | 13,826 | 33,697 | 216 | (6,690) | 41,049 | +-------------------------+------+----------+----------+----------+---------+---------+ | | | | | | | | +-------------------------+------+----------+----------+----------+---------+---------+ | At 1 January 2009 | | 13,826 | 33,697 | 216 | (6,690) | 41,049 | +-------------------------+------+----------+----------+----------+---------+---------+ | Share based payments | | - | - | 54 | - | 54 | +-------------------------+------+----------+----------+----------+---------+---------+ | Share purchase | | (11,851) | 11,851 | - | - | - | +-------------------------+------+----------+----------+----------+---------+---------+ | Transactions with | | (11,851) | 11,851 | 54 | - | 54 | | owners | | | | | | | +-------------------------+------+----------+----------+----------+---------+---------+ | Profit for the period | | - | - | - | (838) | (838) | +-------------------------+------+----------+----------+----------+---------+---------+ | At 29 June 2009 | | 1,975 | 45,548 | 270 | (7,528) | 40,265 | +-------------------------+------+----------+----------+----------+---------+---------+ Other reserves represent the share premium account, the merger reserve and the capital redemption reserve. Consolidated statement of cash flows +--------------------------------------------+-------------+-------------+-----------+ | | 6 months | 6 months | 12 months | | | ended | ended | ended | +--------------------------------------------+-------------+-------------+-----------+ | | 28 June | 29 June | 31 | | | 2009 | 2008 | December | | | | | 2008 | +--------------------------------------------+-------------+-------------+-----------+ | | (unaudited) | (unaudited) | (audited) | +--------------------------------------------+-------------+-------------+-----------+ | | GBP'000 | GBP'000 | GBP'000 | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Cash flow from operating activities | | | | +--------------------------------------------+-------------+-------------+-----------+ | (Loss)/profit before taxation | (838) | (83) | 1,155 | +--------------------------------------------+-------------+-------------+-----------+ | Adjustments for: | | | | +--------------------------------------------+-------------+-------------+-----------+ | Depreciation, impairment and amortisation | 1,547 | 1,259 | 2,609 | | charges | | | | +--------------------------------------------+-------------+-------------+-----------+ | Share based payment charge | 54 | 54 | 108 | +--------------------------------------------+-------------+-------------+-----------+ | Interest expense | 219 | 455 | 957 | +--------------------------------------------+-------------+-------------+-----------+ | Interest received | - | (33) | - | +--------------------------------------------+-------------+-------------+-----------+ | Movement in provisions | (136) | - | 177 | +--------------------------------------------+-------------+-------------+-----------+ | (Increase) in trade and other receivables | (953) | (1,126) | (493) | +--------------------------------------------+-------------+-------------+-----------+ | Decrease/(increase) in inventories | 162 | 47 | (250) | +--------------------------------------------+-------------+-------------+-----------+ | Increase/(decrease) in trade payables | 433 | (58) | 432 | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Net cash from operating activities | 488 | 515 | 4,695 | +--------------------------------------------+-------------+-------------+-----------+ | Interest paid | (231) | (433) | (965) | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Net cash used in operating activities | 257 | 82 | 3,730 | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Cash flows from investing activities | | | | +--------------------------------------------+-------------+-------------+-----------+ | Purchase of property, plant and equipment | (847) | (4,192) | (9,251) | +--------------------------------------------+-------------+-------------+-----------+ | Purchase of subsidiary | - | (4,248) | (4,248) | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Net cash used in investing activities | (847) | (8,440) | (13,499) | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Cash flows from financing activities | | | | +--------------------------------------------+-------------+-------------+-----------+ | Proceeds from long term borrowings | 18,500 | 6,000 | 8,000 | +--------------------------------------------+-------------+-------------+-----------+ | Repayment of loans | (18,500) | - | - | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Net cash from financing activities | - | 6,000 | 8,000 | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Net (decrease) in cash and cash | (590) | (2,358) | (1,769) | | equivalents | | | | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Cash and cash equivalents at beginning of | 2,686 | 4,455 | 4,455 | | period | | | | +--------------------------------------------+-------------+-------------+-----------+ | | | | | +--------------------------------------------+-------------+-------------+-----------+ | Cash and cash equivalents at end of period | 2,096 | 2,097 | 2,686 | +--------------------------------------------+-------------+-------------+-----------+ Notes to the interim report 1. Nature of operations and general information Individual Restaurant Company plc and its subsidiaries (the Group) principal activities are those of restaurateurs. Individual Restaurant Company plc is the Group's ultimate parent company. See note 4 for further information about the Group's operating segments. Individual Restaurant Company Plc is the Group's ultimate parent company. It is a company incorporated in the United Kingdom under the Companies Act 1985 with registration number 4026693. The company is domiciled in the United Kingdom and has its registered office at 4th Floor, Ridgefield House, 14 John Dalton Street, Manchester, M2 6JR. The company's shares are listed on the Alternative Investment Market of the London Stock Exchange. The financial information for the year ended 31 December 2008 set out in this interim report does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The Group's statutory financial statements for the year ended 31 December 2008 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 237(2) or Section 237(3) of the Companies Act. The interim report is presented in Pounds Sterling (GBP) and all values are rounded to the nearest thousand pounds (GBP'000) except where stated otherwise. The interim report was approved by the Board on 27 September 2009. 2. Basis of preparation This interim report is for the six months to 28 June 2009. It has been prepared in accordance with the recognition and measurement requirements of those IFRS (International Financial Reporting Standards) as adopted by the EU, which are applicable to the financial statements for the period ended 31 December 2008. It does not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the period ended 31 December 2008. These financial statements have been prepared using the measurement basis specified by IFRS for each type of asset, liability, income and expense. The amounts included in these statements may therefore change as a result of subsequent amendments to IFRS or for new standards issued after the balance sheet date. This interim report has been prepared in accordance with the accounting policies set out in the statutory accounts for the period to 31 December 2008. The Directors do not consider that there will be a change in accounting policies for the period to 31 December 2009, except for the adoption of IAS 1 Presentation of Financial Statements (Revised 2007) and IFRS 8 Operating Segments. The accounting policies have been applied consistently throughout the Group for the preparation of this interim report. The adoption of IAS 1 (Revised 2007) does not affect the financial position or profits of the Group, but gives rise to additional disclosures. The measurement and recognition of the Group's assets, liabilities, income and expenses is unchanged. IAS 1 (Revised 2007) affects the presentation of owner changes in equity and introduces a "Statement of comprehensive income. Further, a "Statement of changes in equity" is presented. The adoption of IFRS 8 has changed the segments that are disclosed in the interim financial statements. In the previous annual and interim financial statements, segments were identified by reference to the dominant source and nature of the group's risks and returns i.e. from restaurant sales. Under IFRS 8 the accounting policy for identifying segments is now based on the internal management reporting information that is regularly reviewed by the chief operating decision maker, being the 2 brands operated by the group. 3. Principal risks affecting the group The Directors consider that the principal risks and uncertainties affecting the business remain unchanged from those discussed in page 11 of their report in the financial statements for the period to 31 December 2008. In particular they consider that two of those risks, namely; * Adverse economic conditions and decline in consumer confidence in the UK * Increases in prices of key raw materials, wages and overheads (including utilities) have increased in likelihood as a result of the impact of the economic downturn, and the Board continues to address the risk. 4. Segmental reporting Management currently identifies the Group's two brands as operating segments. These operating segments are monitored and strategic decisions are made on the basis of adjusted segment operating results. Segmental information can be analysed as follows for the reporting periods under review: +--------------------------------------+------------+-----------+---------+----------+ | 6 months ending 28 June 2009 | Restaurant | Piccolino | Other | Total | | | Bar and | | | | | | Grill | | | | +--------------------------------------+------------+-----------+---------+----------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +--------------------------------------+------------+-----------+---------+----------+ | | | | | | +--------------------------------------+------------+-----------+---------+----------+ | Revenue | 10,348 | 14,798 | - | 25,146 | +--------------------------------------+------------+-----------+---------+----------+ | Cost of sales | (2,833) | (3,832) | - | (6,665) | +--------------------------------------+------------+-----------+---------+----------+ | Other operating expenses | (6,710) | (9,929) | (2,061) | (18,700) | +--------------------------------------+------------+-----------+---------+----------+ | Costs associated with share offer | - | - | (346) | (346) | +--------------------------------------+------------+-----------+---------+----------+ | Share option charge | - | - | (54) | (54) | +--------------------------------------+------------+-----------+---------+----------+ | Segment operating profit/(loss) | 805 | 1,037 | (2,461) | (619) | +--------------------------------------+------------+-----------+---------+----------+ | | | | | | +--------------------------------------+------------+-----------+---------+----------+ +--------------------------------------+------------+-----------+---------+----------+ | 6 months ending 29 June 2008 | Restaurant | Piccolino | Other | Total | | | Bar and | | | | | | Grill | | | | +--------------------------------------+------------+-----------+---------+----------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +--------------------------------------+------------+-----------+---------+----------+ | | | | | | +--------------------------------------+------------+-----------+---------+----------+ | Revenue | 10,421 | 13,574 | - | 23,995 | +--------------------------------------+------------+-----------+---------+----------+ | Cost of sales | (2,868) | (3,509) | - | (6,377) | +--------------------------------------+------------+-----------+---------+----------+ | Other operating expenses | (6,463) | (8,530) | (2,232) | (17,225) | +--------------------------------------+------------+-----------+---------+----------+ | Share option charge | - | - | (54) | (54) | +--------------------------------------+------------+-----------+---------+----------+ | Segment operating profit / (loss) | 1,090 | 1,535 | (2,286) | 339 | +--------------------------------------+------------+-----------+---------+----------+ | | | | | | +--------------------------------------+------------+-----------+---------+----------+ +---------------------------------------+------------+-----------+---------+----------+ | 12 months ending 31 December 2008 | Restaurant | Piccolino | Other | Total | | | Bar and | | | | | | Grill | | | | +---------------------------------------+------------+-----------+---------+----------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +---------------------------------------+------------+-----------+---------+----------+ | | | | | | +---------------------------------------+------------+-----------+---------+----------+ | Revenue | 22,281 | 30,191 | - | 52,472 | +---------------------------------------+------------+-----------+---------+----------+ | Cost of sales | (5,862) | (7,466) | - | (13,328) | +---------------------------------------+------------+-----------+---------+----------+ | Other operating expenses | (13,252) | (18,826) | (4,346) | (36,424) | +---------------------------------------+------------+-----------+---------+----------+ | Increase in onerous lease provision | - | (500) | - | (500) | +---------------------------------------+------------+-----------+---------+----------+ | Reversal of impairment of non-current | 996 | - | - | 996 | | assets | | | | | +---------------------------------------+------------+-----------+---------+----------+ | Impairment of non-current assets | - | (996) | - | (996) | +---------------------------------------+------------+-----------+---------+----------+ | Share option charge | - | - | (108) | (108) | +---------------------------------------+------------+-----------+---------+----------+ | Segment operating profit / (loss) | 4,163 | 2,403 | (4,454) | 2,112 | +---------------------------------------+------------+-----------+---------+----------+ | | | | | | +---------------------------------------+------------+-----------+---------+----------+ 5. Earnings per share The calculation of earnings per share (basic and diluted) is based on Group profit after taxation and the weighted number of ordinary shares. +---------------------------------------------+-----------+----------+-----------+ | | 6 months ended 28 June 2009 | +---------------------------------------------+----------------------------------+ | | Earnings | Weighted | Per share | | | | average | | | | | number | | | | | of | | | | | shares | | +---------------------------------------------+-----------+----------+-----------+ | | GBP'000 | '000 | Pence | +---------------------------------------------+-----------+----------+-----------+ | | | | | +---------------------------------------------+-----------+----------+-----------+ | Basic and diluted EPS | (838) | 39,502 | (2.1) | +---------------------------------------------+-----------+----------+-----------+ +---------------------------------------------+-----------+----------+-----------+ | | 6 months ended 29 June 2008 | +---------------------------------------------+----------------------------------+ | | Earnings | Weighted | Per share | | | | average | | | | | number | | | | | of | | | | | shares | | +---------------------------------------------+-----------+----------+-----------+ | | GBP'000 | '000 | Pence | +---------------------------------------------+-----------+----------+-----------+ | | | | | +---------------------------------------------+-----------+----------+-----------+ | Basic EPS | 146 | 37,479 | 0.4 | +---------------------------------------------+-----------+----------+-----------+ | Effect of share options | - | 2,570 | - | +---------------------------------------------+-----------+----------+-----------+ | Diluted EPS | 146 | 40,049 | 0.4 | +---------------------------------------------+-----------+----------+-----------+ +---------------------------------------------+-----------+----------+-----------+ | |12 months ended 31 December 2008 | +---------------------------------------------+----------------------------------+ | | Earnings | Weighted | Per share | | | | average | | | | | number | | | | | of | | | | | shares | | +---------------------------------------------+-----------+----------+-----------+ | | | | | +---------------------------------------------+-----------+----------+-----------+ | | GBP'000 | '000 | Pence | +---------------------------------------------+-----------+----------+-----------+ | | | | | +---------------------------------------------+-----------+----------+-----------+ | Basic and diluted EPS | 516 | 38,490 | 1.3 | +---------------------------------------------+-----------+----------+-----------+ The outstanding options at 31 December 2008 and 28 June 2009 do not have a dilutive effect on the weighted average number of shares as the exercise price of the options during the year exceeded the average market price of ordinary shares. 6. Taxation The taxation relates entirely to movements in deferred tax in each period and there were no amounts in relation to corporation tax. 7. Copies of interim report Copies of the interim report are available from the Company Secretary, Individual Restaurant Company Plc, 4th Floor, Ridgefield House, 14 John Dalton Street, Manchester M2 6JR. 8. Share capital +----------------------------------------------+----------+-----------+----------+ | Denomination | Number | | +---------------------------------------------------------+-----------+----------+ | Authorised share capital | GBP | '000 | GBP'000 | +----------------------------------------------+----------+-----------+----------+ | Ordinary shares | | | | +----------------------------------------------+----------+-----------+----------+ | As at 1 January 2008/29 June 2008 and 31 | 0.35 | 76,273 | 26,696 | | December 2008 | | | | +----------------------------------------------+----------+-----------+----------+ | Share sub-division (6 for 1) | 0.05 | 457,641 | - | +----------------------------------------------+----------+-----------+----------+ | Conversion to deferred shares | 0.05 | (237,013) | (11,851) | +----------------------------------------------+----------+-----------+----------+ | As at 28 June 2009 | 0.05 | 296,901 | 14,845 | +----------------------------------------------+----------+-----------+----------+ | | | | | +----------------------------------------------+----------+-----------+----------+ | | | | | +----------------------------------------------+----------+-----------+----------+ | | GBP | '000 | GBP'000 | +----------------------------------------------+----------+-----------+----------+ | Deferred shares | | | | +----------------------------------------------+----------+-----------+----------+ | As at 1 January 2008/29 June 2008 and 31 | - | - | - | | December 2008 | | | | +----------------------------------------------+----------+-----------+----------+ | Conversion of Ordinary shares | 0.05 | 237,013 | 11,851 | +----------------------------------------------+----------+-----------+----------+ | Share cancellation | 0.05 | (237,013) | (11,851) | +----------------------------------------------+----------+-----------+----------+ | | | | | +----------------------------------------------+----------+-----------+----------+ | As at 28 June 2009 | 0.05 | - | - | +----------------------------------------------+----------+-----------+----------+ | | | | | +----------------------------------------------+----------+-----------+----------+ +----------------------------------------------+----------+-----------+----------+ | Denomination | Number | | +---------------------------------------------------------+-----------+----------+ | Allotted and fully paid up share capital | GBP | '000 | GBP'000 | +----------------------------------------------+----------+-----------+----------+ | Ordinary shares | | | | +----------------------------------------------+----------+-----------+----------+ | As at 1 January 2008 | 0.35 | 35,456 | 12,409 | +----------------------------------------------+----------+-----------+----------+ | Issue of deferred consideration shares | 0.35 | 4,046 | 1,417 | +----------------------------------------------+----------+-----------+----------+ | As at 29 June 2008 and 31 December 2008 | 0.35 | 39,502 | 13,826 | +----------------------------------------------+----------+-----------+----------+ | Share sub-division (6 for 1) | 0.05 | 237,013 | - | +----------------------------------------------+----------+-----------+----------+ | Conversion to deferred shares | 0.05 | (237,013) | (11,851) | +----------------------------------------------+----------+-----------+----------+ | As at 28 June 2009 | 0.05 | 39,502 | 1,975 | +----------------------------------------------+----------+-----------+----------+ | | | | | +----------------------------------------------+----------+-----------+----------+ | | | | | +----------------------------------------------+----------+-----------+----------+ | | GBP | '000 | GBP'000 | +----------------------------------------------+----------+-----------+----------+ | Deferred shares | | | | +----------------------------------------------+----------+-----------+----------+ | As at 1 January 2008/29 June 2008 and 31 | - | - | - | | December 2008 | | | | +----------------------------------------------+----------+-----------+----------+ | Conversion of Ordinary shares | 0.05 | 237,013 | 11,851 | +----------------------------------------------+----------+-----------+----------+ | Share cancellation | 0.05 | (237,013) | (11,851) | +----------------------------------------------+----------+-----------+----------+ | | | | | +----------------------------------------------+----------+-----------+----------+ | As at 28 June 2009 | 0.05 | - | - | +----------------------------------------------+----------+-----------+----------+ | | | | | +----------------------------------------------+----------+-----------+----------+ 8. Share capital (continued) At the AGM held on 21 May 2009: * Each of the 36,771,300 authorised but as yet unissued ordinary shares of 35 pence each in the capital of the company were sub-divided into 257,399,100 Ordinary shares of 5p each. * Each of the 39,502,160 issued Ordinary shares of 35 pence each were sub-divided into 39,502,160 Ordinary shares of 5 pence each and 237,012,960 deferred shares of 5 pence each. On 19 June 2009 the company acquired all of the 237,012,960 deferred shares of 5 pence each for GBPNil consideration. These shares were subsequently cancelled. The resulting reduction in share capital of GBP11,851,000 was transferred to the capital redemption reserve on cancellation. During the period to 29 June 2008, 4,045,713 Ordinary shares were issued to settle the deferred consideration due in respect of the purchase of the entire share capital of Individual Restaurant Company Limited. 9. Events after the balance sheet date On 9th July 2009 16,195,885 ordinary shares of 5p each were allotted following the open offer of shares announced to shareholders on 22nd June 2009. This represented 100% of the open offer shares available. On 9th July 2009 the company placed a further 3,950,216 of its ordinary shares of 5p each with Blackstar (Isle of Man) Limited (in its capacity as trustee of the Tarsem Singh Dhaliwal EFRBS and as trustee of the Andrew Simon Pritchard EFRBS) On 3rd August 2009 the Company announced the closure of its Piccolino site at Wandsworth to be used in the future as a training and development centre for the Piccolino brand. The book value of the site has already been written down in the financial statements to 31 December 2008. Independent review report to Individual Restaurant Introduction We have been engaged by the company to review the financial information in the half-yearly financial report for the six months ended 28 June 2009 which comprises the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated cashflow statement and the notes. We have read the other information contained in the half yearly financial report which comprises only the highlights and Chairman's statement and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the company in accordance with guidance contained in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the company those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusion we have formed. Directors' Responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the financial information in the half-yearly financial report are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts. As disclosed in Note 2, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The financial information in the half-yearly financial report has been prepared in accordance with the basis of preparation in Note 2. Our Responsibility Our responsibility is to express to the Company a conclusion on the financial information in the half-yearly financial report based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the financial information in the half-yearly financial report for the six months ended 28 June 2009 is not prepared, in all material respects, in accordance with the basis of accounting described in Note 2. GRANT THORNTON UK LLP AUDITOR LIVERPOOL 27 September 2009 This information is provided by RNS The company news service from the London Stock Exchange END IR EVLBLKKBZBBX
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