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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Peel Hotels Plc | LSE:PHO | London | Ordinary Share | GB0002583606 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 50.00 | 50.00 | 60.00 | 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
TIDMPHO
RNS Number : 1671M
Peel Hotels PLC
11 October 2016
PEEL HOTELS PLC
INTERIM RESULTS
For 28 weeks ended 14 August 2016
Hot Features
Premium
-- Sales up 1.8% to GBP9,115,526 (2015: GBP8,951,062)
-- Operating Profit up 9.1% to GBP880,119 (2015: GBP806,605)
-- Revpar increased 2.9%. Occupancy down 2.3% and average room rate up 5.3%
-- Profit before tax up 19.2% to GBP592,807 (2015: GBP497,429)
-- Net Debt decreased by GBP732,854
-- Earnings per share
Basic 3.4p (2015: 2.8p)
Diluted 3.4p (2015: 2.8P)
Chairman Robert Peel said 'Our challenge is to control our overall costs of doing business in line with modest overall turnover growth. Revpar growth is key to increasing our profits and we have made solid progress in this area albeit at the expense of volume. It is difficult to be certain post Brexit but a low pound certainly should encourage incoming volume as well as serving as an incentive for British residents to spend more of their leisure time at home. Net debt continues to fall with the consequential reduction of finance costs on an ongoing basis. We look forward to another year of progress.'
Press enquiries: 0207 266 1100 Nominated advisor and Broker: 0207 418 8900
Peel Hunt LLP
Capel Irwin
CHAIRMAN'S STATEMENT
Results
In the 28 weeks to 14 August 2016 hotel revenues increased 1.8% to GBP9,115,526 (2015: GBP8,951,062). Hotel gross profit before depreciation and Group administration increased 2.7% to GBP1,771,160 (2015: GBP1,724,721). Over the same period EBITDA (earnings before interest, tax and depreciation) increased 4.2% to GBP1,394,871 (2015: GBP1,338,073) and operating profit increased 9.1% to GBP880,119 (2015: GBP806,605)
Revpar (accommodation revenue per available room) increased 2.9% with occupancy down 2.3% and average room rate up 5.3%.
Administration expenses decreased 2.7% and depreciation decreased 3.2% to GBP514,752.
Financial charges decreased by 7.1% to GBP287,312
Profit before tax was GBP592,807 compared to a profit of GBP497,429 last year; an increase of 19.2%
Corporation tax has been provided at an effective rate of 20%. Basic earnings per share were 3.4p compared with 2.8p in the comparative period on a weighted average of 14,012,123 (14,012,123) shares in issue.
Finance
On 14 August 2016 net debt stood at GBP9,402,002 representing loans totalling GBP9,990,747 less GBP588,745 cash at bank. Gearing on Shareholders' funds was 39.2% with interest covered 3.1 times. Net debt decreased by GBP732,854 compared with the previous year end.
The balance of the Company's loan currently GBP8,557,422 becomes due on 31 August 2017 and we will begin the process of negotiating a suitable long term solution over the coming months.
Capital expenditure
We spent GBP421,216 in the period (2015: GBP387,522), mainly on the restructuring of certain bedrooms at the Crown & Mitre Hotel in Carlisle and on the completion of Bistro George at the George Hotel in Wallingford. We plan to spend a total of GBP700,000 in this Financial Year on our continuing strategy of improving the standards offered in our portfolio of hotels and maintaining the fabric of our buildings. This sum is in addition to a significant sum expensed to the Income Statement.
Shareholders
We are always delighted to welcome Shareholders to our Hotels where they can see for themselves the progress we have made, whilst enjoying a beneficial discount of 50% of our rack rate tariff, using a special reservations number 0207 266 1100 or e-mail info@peelhotel.com Shareholders can keep in touch with progress in the company and various promotional activities by visiting our website www.peelhotels.co.uk
Non-executive Director
We are delighted to welcome Haydn Fentum to the Board of Directors and Shareholders will be pleased to note that he brings a wealth of hotel experience to the Company. He is Co-Founder and Chief Executive of Bespoke Hotels a very successful Hotel Management and Marketing Company.
Having been appointed by the Board Haydn's Directorship will be put to the Shareholders for approval at the 2017 Annual General Meeting.
The Future
Our challenge is to control our overall costs of doing business in line with modest overall turnover growth. Revpar growth is key to increasing our profits and we have made solid progress in this area albeit at the expense of volume. It is difficult to be certain post Brexit but a low pound certainly should encourage incoming volume as well as serving as an incentive for British residents to spend more of their leisure time at home. Net debt continues to fall with the consequential reduction of finance costs on an ongoing basis. We look forward to another year of progress.
Robert Peel
Chairman
10 October 2016
DIRECTORS AND ADVISORS
Directors
Robert Edmund Guy Peel Executive Chairman
Nicholas David Lawton Parrish Financial Director
Keith Peter Benham Non-executive Director
Norbert Paul Gottfried Petersen Non-executive Director
Haydn Herbert James Fentum Non-executive Director
Secretary
Thrings LLP
Kinnaird House, 1 Pall Mall East, London SW1Y 5AU
Registered Office
5(th) Floor, Kinnaird House, 1 Pall Mall East, London SW1Y 5AU
Company registration number 3473990
Auditor
Grant Thornton UK LLP
No. 1 Whitehall Riverside, Leeds, LS1 4BN
Bankers
Royal Bank of Scotland Plc
280 Bishopsgate, London EC2M 4RB
Registrars
Computershare Services Plc
PO Box No 82, The Pavilions, Bridgewater Road, Bristol BS99 7NH
Solicitors
Thrings LLP
Kinnaird House, 1 Pall Mall East, London SW1Y 5AU
Stockbroker
Peel Hunt LLP
Moor House, 120, London Wall, London EC2Y 5ET
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the 28 weeks ended 14 August 2016
Unaudited Unaudited Audited
28 weeks 28 weeks Year
ended ended ended
14/08/2016 16/08/2015 31/01/2016
Note GBP GBP GBP
------------------- ------------ ------------- ------------ ------------- -------------- --------------
Revenue 9,115,526 8,951,062 17,011,472
Cost of sales (7,344,366) (7,226,341) (13,767,071)
------------------- ------------ ------------- ------------ ------------- -------------- --------------
Gross profit 1,771,160 1,724,721 3.244,401
Administration
expenses (376,289) (386,648) (673,583)
Depreciation (514,752) (531,468) (1,011,204)
------------------- ------------ ------------- ------------ ------------- -------------- --------------
Operating profit 880,119 806,605 1,559,614
Finance expense (287,312) (309,176) (566,007)
------------------- ------------ ------------- ------------ ------------- -------------- --------------
Profit before
tax
592,807 497,429 993,607
Income tax
2 (118,561) (140,460) (195,341)
------------------- ------------ ------------- ------------ ------------- -------------- --------------
Profit and total
comprehensive
income for the period
attributable
to owners 474,246 392,969 798,266
--------------------------------- ------------- ------------ ------------- -------------- --------------
Earnings per
share
Basic & diluted
(pence) 3 3.4 2.8 5.7
------------------- ------------ ------------- ------------ ------------- -------------- --------------
GROUP STATEMENT OF CHANGES IN EQUITY
for the 28 weeks ended 14 August 2016
28 weeks ended
16 August 2015 Share Profit
Share Premium and loss
Unaudited Capital Account account Total
GBP GBP GBP GBP
----------------------- ------------ ------------ ------------- -------------
Balance brought
forward
at 2 February 2015
Profit and total
comprehensive income 1,401,213 9,743,495 12,023,823 23,177,531
for the period
Transactions with - - 392,969 392,969
owners
Dividend - - (210,182) (210,182)
----------------------- ------------ ------------ ------------- -------------
Balance at 16 August
2015 1,401,213 9,743,495 12,215,610 23,360,318
----------------------- ------------ ------------ ------------- -------------
12 months ended
31 January 2016 Share Profit
Share Premium and loss
Audited Capital Account account Total
GBP GBP GBP GBP
----------------------- ------------ ------------ ------------- -------------
Balance brought
forward
at 2 February 2015
Profit and total
comprehensive income 1,401,213 9,743,495 12,032,823 23,177,531
for the period
Transactions with - - 798,266 798,266
owners
Dividend - - (210,182) (210,182)
----------------------- ------------ ------------ ------------- -------------
Balance at 31 January
2016 1,401,213 9,743,495 12,620,907 23,765,615
----------------------- ------------ ------------ ------------- -------------
28 weeks ended
14 August 2016 Share Profit
Share Premium and loss
Unaudited Capital Account account Total
GBP GBP GBP GBP
----------------------- ------------ ------------ ------------- -------------
Balance brought
forward
at 1 February 2016
Profit and total
comprehensive income 1,401,213 9,743,495 12,620,907 23,765,615
for the period
Transactions with - - 474,246 474,246
owners
Dividend - - (280,242) (280,242)
----------------------- ------------ ------------ ------------- -------------
Balance at 14 August
2016 1,401,213 9,743,495 12,814,911 23,959,619
----------------------- ------------ ------------ ------------- -------------
GROUP BALANCE SHEET
at 14 August 2016
14/08/2016 16/08/2015 31/01/2016
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------ ------------- ------------- -------------
Assets
Non-current assets
Property, plant and
equipment 35,679,921 35,948,930 35,772,573
------------------------------ ------------- ------------- -------------
Total non-current assets 35,679,921 35,948,930 35,772,573
Current assets
Inventories 119,243 110,015 112,585
Trade and other receivables 434,939 485,168 426,203
Prepayments 874,584 902,215 813,975
Cash at bank and in
hand 588,745 215,931 282,766
------------------------------ ------------- ------------- -------------
Total current assets 2,017,511 1,713,329 1,635,529
------------------------------ ------------- ------------- -------------
Total assets 37,697,432 37,662,259 37,408,102
------------------------------ ------------- ------------- -------------
Equity and liabilities
Equity attributable
to owners
Share capital 1,401,213 1,401,213 1,401,213
Share premium 9,743,495 9,743,495 9,743,495
Retained earnings 12,814,911 12,215,610 12,620,907
------------------------------ ------------- ------------- -------------
Total equity 23,959,619 23,360,318 23,765,615
Liabilities
Non-current
Borrowings (due after
one year) 9,730,747 9.804,749 9,490,792
Deferred tax liabilities 919,308 962,730 919,308
------------------------------ ------------- ------------- -------------
Non-current liabilities 10,650,055 10,767,479 10,410,100
Current
Trade and other payables 2,632,973 2,511,072 2,159,583
Borrowings (due within
one year) 260,000 706,054 926,830
Current tax liabilities 194,785 317,336 145,974
------------------------------ ------------- ------------- -------------
Current liabilities 3,087,758 3,534,462 3,232,387
------------------------------ ------------- ------------- -------------
Total liabilities and
equity 37,697,432 37,662,259 37,408,102
------------------------------ ------------- ------------- -------------
GROUP CASH FLOW STATEMENT
for the 28 weeks ended 14 August 2016
Unaudited Unaudited Audited
28 weeks 28 weeks Year
ended ended ended
14/08/2016 16/08/2015 31/01/2016
GBP GBP GBP
------------------------------ ------------ ------------ ------------
Cash flows from operating
activities
Profit for the period 474,246 392,969 798,266
Adjustment for:
Finance expense 287,312 309,176 566,007
Income tax expense 118,561 104,460 195,341
Depreciation 514,752 531,468 1,011,204
------------------------------ ------------ ------------ ------------
Operating profit before
changes in working capital
and provisions
1,394,871 1,338,073 2,570,818
UK corporation tax paid
Increase in trade and
other receivables (69,750) - (305,666)
Increase in trade and
other payables (62,327) (363,733) (223,368)
Increase in inventories 459,064 523,583 192,753
(6,658) (6,727) (9,297)
------------------------------ ------------ ------------ ------------
Net cash from operating
activities 1,715,200 1,491,196 2,225,240
------------------------------ ------------ ------------ ------------
Cash flows from investing
activities
Acquisition of property,
plant and equipment (421,216) (387,522) (690,900)
------------------------------ ------------ ------------ ------------
Net cash from investing
activities (421,216) (387,522) (690,900)
------------------------------ ------------ ------------ ------------
Cash flows from financing
activities
Interest paid (246,987) (266,705) (508,285)
Loan repayments (240,000) (363,027) (706,054)
Equity dividends paid (280,242) (210,182) (210,182)
------------------------------ ------------ ------------ ------------
Net cash from financing
activities (767,229) (839,914) (1,424,521)
------------------------------ ------------ ------------ ------------
Net increase in cash
and cash equivalents 526,755 263,760 109,819
------------------------------ ------------ ------------ ------------
Cash and cash equivalents
at the
beginning of the period 61,990 (47,829) (47,829)
------------------------------ ------------ ------------ ------------
Cash and cash equivalents
at the
end of the period 588,745 215,931 61,990
------------------------------ ------------ ------------ ------------
For the purposes of the
cash flow statement,
cash and cash equivalents
comprise:
Cash and bank balances
Bank overdraft 588,745 215,931 282,766
- - (220,776)
NOTES TO THE INTERIM RESULTS
for the period ended 14 August 2016
1. Basis of accounting
The interim financial information has been prepared on the basis of the recognition and measurement requirements of adopted IFRSs as at 14 August 2016 that are effective (or available for early adoption) at 29 January 2017. Based on these adopted IFRSs, the Directors have applied the accounting policies, which they expect to apply when the annual IFRS financial statements are prepared for the year ending 29 January 2017.
The group has chosen not to adopt IAS 34 (Interim Financial Statements) in preparing these interim financial statements and therefore the interim financial information is not in full compliance with International Financial Reporting Standards.
The financial information set out in this interim report does not constitute statutory accounts as defined in sections 434 and 435 of the Companies Act 2006. The figures for the year ended 31 January 2016 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498(2) and 498(3) of the Companies Act 2006.
The group's accounting policies remain as stated in the group's full annual accounts for the year ended 31 January 2016.
2. Taxation
Tax has been provided at a rate of 20% which represents the expected effective rate for the full year.
3. Earnings per share
Earnings per share are based on the profit after taxation and on the weighted average number of shares in issue during the period.
28 weeks 28 weeks Year
ended ended ended
14/8/2016 16/8/2015 31/1/2016
Unaudited Unaudited Audited
-------------------- ------------- ------------- -------------
Average No.shares
-Basic 14,012,123 14,012,123 14,012,123
-Diluted 14,012,123 14,012,123 14,012,123
-------------------- ------------- ------------- -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMBRTMBIBBBF
(END) Dow Jones Newswires
October 11, 2016 02:00 ET (06:00 GMT)
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