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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Patisserie | LSE:CAKE | London | Ordinary Share | GB00BM4NV504 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 429.50 | 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
TIDMCAKE
RNS Number : 0225O
Patisserie Holdings PLC
15 May 2018
Patisserie Holdings PLC ('the Group')
Interim results for the six months ended 31 March 2018
Patisserie Holdings PLC, the leading UK branded café and casual dining group, today reports its interim results for the six months ended 31 March 2018
Financial summary
Hot Features
Premium
6 months 6 months
ended ended
---------------------- ----------- ----------- -------
31 March 31 March Change
2018 2017
---------------------- ----------- ----------- -------
GBPm GBPm
---------------------- ----------- ----------- -------
Revenue 60.5 55.5 9.1%
---------------------- ----------- ----------- -------
Gross profit 47.1 43.3 8.7%
---------------------- ----------- ----------- -------
EBITDA* 13.6 12.2 11.6%
---------------------- ----------- ----------- -------
Pre-tax profit 11.1 9.7 14.2%
---------------------- ----------- ----------- -------
Basic earnings per
share 8.98 pence 7.95 pence 13.0%
---------------------- ----------- ----------- -------
Diluted earnings per
share 8.92 pence 7.88 pence 13.2%
---------------------- ----------- ----------- -------
Interim dividend per
share 1.44 pence 1.20 pence 20.0%
---------------------- ----------- ----------- -------
* EBITDA is calculated as operating profit before depreciation and amortisation.
Highlights
-- Group revenue of GBP60.5m up by 9.1% (2017: GBP55.5m) -- Gross profit of GBP47.1m up by 8.7% (2017: GBP43.3m)
o Gross margin of 77.8% (2017: 78.0%)
-- EBITDA of GBP13.6m up by 11.6% (2017: GBP12.2m)
o EBITDA margin of 22.5% (2017: 22.0%)
-- Pre-tax profit of GBP11.1m up by 14.2% (2017: GBP9.7m)
-- Operating cash flows of GBP11.9m (2017: GBP9.3m) with EBITDA cash conversion of 108% (2017: 96%)
-- Strong balance sheet position with net cash of GBP28.8m (2017: GBP16.2m) -- 10 new stores opened to date all funded from operating cash flow with a strong pipeline -- Trading from 206 stores -- Diluted earnings per share of 8.92 pence up by 13.2% (2017: 7.88 pence) -- Interim dividend up 20% to 1.44 pence per share (2017: 1.20 pence per share)
Luke Johnson, Executive Chairman, said
"The group has delivered a strong set of results in a sector which has well documented challenges. Our vertically integrated and flexible business model enables us to deliver consistent profits with our affordable treats remaining popular with our very diverse customer base. We remain focused on organic growth and with a strong balance sheet continue to assess acquisition opportunities which will have a strategic and cultural fit."
Enquiries
Patisserie Holdings PLC +44 (0)121 777 7000 Luke Johnson, Executive Chairman Paul May, Chief Executive Officer Chris Marsh, Finance Director Nomad and Broker Canaccord Genuity Limited +44 (0)20 7523 8000 Chris Connors Henry Fitzgerald-O'Connor Financial Public Relations Maitland +44 (0) 20 7379 5151 Sam Cartwright Jonathan Cook
Chief Executive's Review
Results
I am delighted to announce our interim results for the six months ended 31 March 2018, during which we continued to deliver growth in revenues and profit.
Revenue for the period was GBP60.5m, an increase of GBP5.0m or 9.1% (2017: GBP55.5m). Revenue from our largest brand, Patisserie Valerie, was up GBP5.4m or 13.2% to GBP45.8m (2017: GBP40.4m). Due to a store closure in the prior year, revenue from our other brands was down GBP0.3m or 2.6% to GBP14.7m (2017: GBP15.1m).
EBITDA for the period was GBP13.6m, an increase of GBP1.4m or 11.6% (2017: GBP12.2m) and pre-tax profit was GBP11.1m, an increase of GBP1.4m or 14.2% (2017: GBP9.7m).
Basic earnings per share were 8.98 pence per share (2017: 7.95 pence per share) and diluted earnings per share were 8.92 pence per share (2017: 7.88 pence per share), an increase of 13.0% and 13.2% respectively.
The period started well with a good build up to Christmas with our new festive range, including the limited edition Reindeer slice, selling well. Sales were slightly hampered by the adverse weather conditions. However thanks to our vertically integrated supply chain and the flexibility of our workforce we were able to limit the impact on profit. We finished the period strongly with a record Mother's Day weekend and a good lead up to Easter.
The group achieved strong sales from our website of GBP2.6m in the period, up GBP1.0m or 62.5% (2017: GBP1.6m). This was driven by our social media strategy and the relaunch of our website in February 2018, which provides customers with an enhanced user experience, including video imaging of our products, tablet/mobile compatibility and a streamlined checkout process. The revamped website is proving successful.
We established a new product development team towards the end of the prior year and are currently trialling a number of initiatives in selected stores including a new menu, a new savoury range and in store bake-off of morning goods. In January we also launched Slice of the Month which is proving popular. All of these new product initiatives are helping to drive incremental sales.
Our partnership with Sainsbury's continues. We have a supply only agreement for a limited Patisserie Valerie range to be sold at Patisserie Valerie branded counters within Sainsbury's stores. We currently have counters in 31 Sainsbury's stores in addition to 14 click and collect locations. We will shortly be entering a further 10 Sainsbury's stores.
We continue to work hard to control our gross profit margin which remained at 77.8% (2017: 78.0%). We benefitted in the period from a number of contract renegotiations, and in some cases we switched suppliers to mitigate inflationary pressures, along with production efficiencies from investment in our bakeries in the prior year. We remain proactive in managing our cost base and in some cases we have seen a reduction in some of our core ingredient prices.
Labour inflation now has the biggest impact on profit with National Minimum Wage, National Living Wage and Apprenticeship Levy costing an additional GBP0.3m in the period. Ongoing labour inflation is built into our budgets and is being absorbed as the group continues to grow. Staff retention and wellbeing is a key area of strategic focus for us and we are investing in training, rewards schemes and career planning for our employees.
Rent and rates reviews added GBP0.2m of cost in the period and we have now had rent reviews at all of our key sites. We also made a number of smaller savings on various non-direct spends which had a cumulative positive impact of GBP0.4m.
Estate Development
We have successfully opened 10 new stores to date and are on track to deliver the Board's annual target of 20 new openings.
The openings included five new geographical locations at Basingstoke, Wigan, Cwmbran, Chesterfield and Carlisle. In addition we opened new stores in Glasgow, Liverpool, Cardiff, Milton Keynes and Sutton Coldfield.
The new store in Glasgow is our 13(th) store in Scotland and the addition of stores in Cwmbran and Cardiff takes the number of stores in Wales to four.
Our new openings are performing in line with management's expectations.
We currently have builders on site in three locations; Lancaster, Battersea and Belfast Forestside. These stores are expected to be open by the end of May 2018. The Belfast Forestside opening will be our fifth store in Ireland and will be serviced from our bakery in Belfast. All of the Irish stores continue to perform strongly and provide management with growing confidence in the prospects for the region.
In the period we closed two stores following lease expiries and we exited one concession arrangement.
All of our new openings are profitable from the first week of trading and are all funded from operating cash flows. We have an exciting pipeline which is well developed.
We remain confident in our ability to grow our estate and continue to believe that there is a large addressable market in the UK and Ireland.
Cash flow & Financing
In the period we generated operating cash flows of GBP14.7m, up GBP2.9m or 24.9% (2017: GBP11.7m). We paid GBP2.8m in corporation tax and spent GBP5.0m in capex on our estate leaving free cash flows of GBP6.8m, up GBP1.9m or 40.0% (2017: GBP4.9m). We returned GBP2.4m to shareholders in dividend payments and generated GBP2.9m of proceeds from the exercise of employee share options resulting in net cash at the end of the period of GBP28.8m (2017: GBP16.2m).
Our experienced Estates team continues to deliver high quality new stores at an average expenditure of GBP0.25m per site, which continue to deliver payback in less than 24 months.
The final dividend for the year ended 30 September 2017 of 2.4 pence per share or GBP2.4m in total was paid to shareholders in the period. The Group remains cash generative and the Board has declared an interim dividend for this financial year of 1.44 pence per share representing a 20% increase year on year. The interim dividend will be paid on 13 July 2018 to shareholders on the register at the close of business on 1 June 2018.
Our business model converts profit to cash efficiently and delivers consistent and predictable cash flows. The Group continues to be funded from operating cash flows and reserves, and with a cash balance of GBP28.8m at the period end, is well positioned to make strategic acquisitions should appropriate opportunities arise.
Current trading and outlook
Trading after the period end is in line with management's expectations. We have just launched our new summer menu which includes a new range of ice creams and iced lattes. Three new stores are due to open shortly and with a well-developed new store pipeline I am confident of a good second half to the year.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 MARCH 2018
Six Six Year
months months ended
ended ended 30
31 31 September
March March
2018 2017 2017
GBP'000 GBP'000 GBP'000
Total Total Total
Unaudited Unaudited Audited
Notes
Continuing operations
Revenue 60,522 55,488 114,197
Cost of sales (13,465) (12,188) (24,931)
---------- ---------- -----------
Gross profit 47,057 43,300 89,266
Administration expenses (35,983) (33,599) (69,121)
Operating profit 11,074 9,701 20,145
Finance income 1 - 44
Finance expense - - (36)
----------
Profit before income tax 11,075 9,701 20,153
Income tax expense 4 (2,020) (1,756) (3,789)
---------- ---------- -----------
Profit after tax and total
comprehensive income for
the period attributable
to equity holders 9,055 7,945 16,364
========== ========== ===========
Earnings per share 6
Basic earnings per share
(pence) 8.98 7.95 16.36
Diluted earnings per share
(pence) 8.92 7.88 16.20
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
31 MARCH 2018
31 March 31 March 30 September
2018 2017 2017
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Note
ASSETS
Non-current assets
Intangible assets 17,722 17,773 17,747
Property, plant and equipment 7 42,168 38,373 39,674
59,890 56,146 57,421
Current assets
Trade and other receivables 11,654 11,059 12,327
Corporation tax 2,489 2,537 1,668
Inventories 5,990 4,901 5,980
Cash and cash equivalents 28,840 16,176 21,525
---------- ---------- -------------
48,973 34,673 41,500
---------- ---------- -------------
Total assets 108,863 90,819 98,921
========== ========== =============
EQUITY AND LIABILITIES
Equity
Capital and reserves attributable
to the equity holders
Ordinary share capital 1,019 1,000 1,003
Share premium 36,947 33,661 34,084
Other reserves 767 550 708
Retained earnings 63,186 49,152 56,537
---------- ---------- -------------
Total equity 101,919 84,363 92,332
========== ========== =============
Non-current liabilities
Deferred tax 1,477 1,924 1,422
1,477 1,924 1,422
Current liabilities
Trade and other payables 5,467 4,532 5,167
5,467 4,532 5,167
---------- ---------- -------------
Total liabilities 6,944 6,456 6,589
---------- ---------- -------------
Total equity and liabilities 108,863 90,819 98,921
========== ========== =============
Registered no. 08963601
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 MARCH 2018
Share Share Merger Capital Share Retained Total
capital premium reserve redemption based earnings
reserve payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited
As at 30 September
2017 1,003 34,084 (312) 46 974 56,537 92,332
Result and total
comprehensive income
for the period - - - - - 9,055 9,055
1,003 34,084 (312) 46 974 65,592 101,387
Transactions with
owners
Issue of ordinary
shares under employee
share option scheme 16 2,863 - - - - 2,879
Dividends to equity
holders of the
company - - - - - (2,406) (2,406)
Increase in share
based payment reserve - - - - 59 - 59
As at 31 March
2018 1,019 36,947 (312) 46 1,033 63,186 101,919
========= ========= ========= ============ ========= ========== ==========
Unaudited
As at 30 September
2016 1,000 33,661 (312) 46 657 43,143 78,195
Result and total
comprehensive income
for the period - - - - - 7,945 7,945
1,000 33,661 (312) 46 657 51,088 86,140
Transactions with
owners
Deferred tax credit
relating to share
option scheme - - - - - 64 64
Increase in share
based payment reserve - - - - 159 - 159
Dividends to equity
holders of the
company - - - - - (2,000) (2,000)
As at 31 March
2017 1,000 33,661 (312) 46 816 49,152 84,363
========= ========= ========= ============ ========= ========== ==========
Audited
As at 30 September
2016 1,000 33,661 (312) 46 657 43,143 78,195
Result and total
comprehensive income
for the year - - - - - 16,364 16,364
--------- --------- --------- ------------ --------- ---------- ----------
1,000 33,661 (312) 46 657 59,507 94,559
Transactions with
owners
Issue of ordinary
shares under employee
share option scheme 3 423 - - - - 426
Dividends to equity
holders of the
company - - - - - (3,200) (3,200)
Deferred tax credit
relating to share
option scheme - - - - - 230 230
Increase in share
based payments
reserve - - - - 317 - 317
As at 30 September
2017 1,003 34,084 (312) 46 974 56,537 92,332
========= ========= ========= ============ ========= ========== ==========
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 MARCH 2017
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2018 2017 2017
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Cash flows from operating
activities
Profit before income tax 11,075 9,701 20,153
Adjusted by:
Depreciation and amortisation 2,560 2,521 5,491
Net finance income in
the consolidated statement
of comprehensive income (1) - (8)
Other non-cash charges 59 159 317
Changes in working capital:
Inventory (10) (39) (1,118)
Trade and other receivables 673 (55) (559)
Trade and other payables 300 (549) 86
----------- ----------- --------------
Cash generated from operations 14,656 11,738 24,362
Net interest received 1 - 8
Income tax paid (2,786) (2,464) (3,962)
----------- ----------- --------------
Net cash generated from
operating activities 11,871 9,274 20,408
----------- ----------- --------------
Cash flows from investing
activities
Purchase of property,
plant and equipment (5,029) (4,371) (8,722)
Cash advances - - (764)
Proceeds from disposal
of property, plant and
equipment - - 105
Net cash used in investing
activities (5,029) (4,371) (9,381)
----------- ----------- --------------
Cash flows from financing
activities
Net proceeds from issue
of shares 2,879 - 425
Dividends paid to equity
holders of the parent
company (2,406) (2,000) (3,200)
Net cash generated from
/ (used) in financing
activities 473 (2,000) (2,775)
----------- ----------- --------------
Net increase in cash and
cash equivalents 7,315 2,903 8,252
Cash and cash equivalents
at the beginning of the
period 21,525 13,273 13,273
Cash and cash equivalents
at the end of the period 28,840 16,176 21,525
=========== =========== ==============
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHED 31 MARCH 2018
1. General information
Patisserie Holdings plc (the 'Company') and its subsidiaries (collectively the 'Group') operate in the casual dining sector offering cakes, pastries, snacks, meals and hot and cold drinks across the UK.
The Company is a public limited company which is listed on the AIM of the London Stock Exchange and incorporated and domiciled in England and Wales. The registered office of the Company is 146 - 156 Sarehole Road, Birmingham, B28 8DT. This document along with copies of the Annual Report and Accounts may be obtained from the registered office or via the Investor section of the Company's website at www. patisserie-valerie.co.uk
2. Basis of preparation
The condensed financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the European Union and in accordance with IAS34 - "Interim Financial Reporting". The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Group's latest annual audited financial statements.
The financial information for the year ended 30 September 2017 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2017 have been filed with the Registrar of Companies. The Independent Auditor's Report on the Annual Report and Financial Statements for 2017 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.
The condensed financial statements have been prepared under the historical cost convention and financial information is presented in sterling and has been rounded to the nearest thousand (GBP'000) unless otherwise stated.
3. Segmental information
Management has determined the operating segments based on the reports reviewed by the Chief Operating Decision Maker ("CODM") comprising the Board of Directors. During the six month period to 31 March 2018, there have been no changes from prior periods in the measurement methods used to determine operating segments and reported segment profit or loss.
The segmental information is split on the basis of those same profit centres, however, management report only the contents of the consolidated statement of comprehensive income and therefore no balance sheet information is provided on a segmental basis in the following tables.
Six months Patisserie Druckers Baker Flour Philpotts Overhead As Reconciling Total
ended Valerie & Spice Power reported items IFRS
31 March to
2018 the
CODM
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 45,786 6,698 2,375 1,697 4,878 - 61,434 (912) 60,522
=========== ========= ========= ======== ========== ========= ========== ============ ========
Operating
profit 8,934 768 519 257 723 (127) 11,074 - 11,074
=========== ========= ========= ======== ========== ========= ========== ============ ========
Six months Patisserie Druckers Baker Flour Philpotts Overhead As Reconciling Total
ended Valerie & Spice Power reported items IFRS
31 March to
2017 the
CODM
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 40,437 7,009 2,374 1,795 4,724 - 56,339 (851) 55,488
=========== ========= ========= ======== ========== ========= ========== ============ ========
Operating
profit 7,823 724 518 250 708 (322) 9,701 - 9,701
=========== ========= ========= ======== ========== ========= ========== ============ ========
Year ended Patisserie Druckers Baker Flour Philpotts Overhead As Reconciling Total
30 September Valerie & Spice Power reported items IFRS
2017 to
the
CODM
Audited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 84,339 13,059 4,738 3,634 10,183 - 115,953 (1,756) 114,197
=========== ========= ========= ======== ========== ========= ========== ============ ========
Operating
profit 16,267 1,202 1,134 565 1,445 (468) 20,145 - 20,145
=========== ========= ========= ======== ========== ========= ========== ============ ========
The Group's segment operating profit reconciles to the Group's profit before tax as presented in its financial statements as follows:
Six Six Year
months months ended
ended ended
31 March 31 March 30 September
2018 2017 2017
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Total operating profit from reportable
segments 11,201 10,023 20,613
Other segment profit (127) (322) (468)
Net finance income 1 - 8
Profit before income tax 11,075 9,701 20,153
4. Income tax expense
The tax charge has been calculated by reference to the expected effective current and deferred tax rates for the full financial year to 30 September 2018 applied against the profit before tax for the period ended 31 March 2018. The full year effective tax charge on the underlying trading profit is estimated to be 19.0% (2017: 19.5%).
5. Earnings before interest, tax, depreciation and amortisation (EBITDA)
Six Six Year
months months ended
ended ended 30 September
31 March 31 March
2018 2017 2017
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Operating profit 11,074 9,701 20,145
Depreciation and amortisation 2,560 2,521 5,491
---------- ---------- --------------
EBITDA 13,634 12,222 25,636
6. Earnings per share
Six months Earnings Weighted Earnings
ended GBP'000 average per
31 March 2018 number share
of share (pence)
Unaudited
Basic earnings
per share 9,055 100,793,644 8.98
Effect of dilutive - 715,043 -
share options
--------- ------------ ---------
Diluted earnings
per share 9,055 101,508,687 8.92
========= ============ =========
Six months Earnings Weighted Earnings
ended GBP'000 average per
31 March 2017 number share
of share (pence)
Unaudited
Basic earnings
per share 7,945 100,000,000 7.95
Effect of dilutive - 861,669 -
share options
--------- ------------ ---------
Diluted earnings
per share 7,945 100,861,669 7.88
========= ============ =========
Year ended Earnings Weighted Earnings
30 September GBP'000 average per
2017 number share
of share (pence)
Audited
Basic earnings
per share 16,364 100,054,292 16.36
Effect of dilutive - 942,068 -
share options
--------- ------------ ---------
Diluted earnings
per share 16,364 100,996,360 16.20
========= ============ =========
7. Property, plant and equipment
Unaudited Freehold Leasehold Plant, Motor Total
land property equipment, vehicles
and improvements fixtures
buildings and
fittings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 October 2016 1,798 14,971 51,890 27 68,686
Additions - 205 4,166 - 4,371
At 31 March 2017 1,798 15,176 56,056 27 73,057
Additions - 1,062 3,289 - 4,351
Disposals - (290) (292) (27) (609)
At 30 September 2017 1,798 15,948 59,053 - 76,799
Additions - 255 4,774 - 5,029
At 31 March 2018 1,798 16,203 63,827 - 81,828
=========== ============== ============ ========== ========
Depreciation
At 1 October 2016 281 6,359 25,526 22 32,188
Charge for the period 13 479 2,003 1 2,496
Disposals
----------- -------------- ------------ ---------- --------
At 31 March 2017 294 6,838 27,529 23 34,684
Charge for the period 13 458 2,470 4 2,945
Disposals - (185) (292) (27) (504)
At 30 September 2017 307 7,111 29,707 - 37,125
Charge for the period 13 457 2,065 - 2,535
Disposals
----------- -------------- ------------ ---------- --------
At 31 March 2018 320 7,568 31,772 - 39,660
Net book values
At 31 March 2018 1,478 8,635 32,055 - 42,168
At 30 September 2017 1,491 8,837 29,346 - 39,674
At 31 March 2017 1,504 8,338 28,527 4 38,373
There were no assets held under finance leases during the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BUGDUIBBBGIS
(END) Dow Jones Newswires
May 15, 2018 02:00 ET (06:00 GMT)
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