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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Richoux | LSE:RIC | London | Ordinary Share | GB00B0NYFG99 | ORD 4P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.125 | 0.75 | 1.50 | 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
TIDMRIC
RNS Number : 2556C
Richoux Group PLC
28 September 2018
28 September 2018
Richoux Group plc
Interim results for the period to 1 July 2018
Richoux Group plc (the "Group"), the owner and operator of Richoux, Friendly Phil's, Villagio and The Broadwick restaurants today announces its unaudited interim results for the 26 week period to 1 July 2018.
Key points:
-- Revenues of GBP5.0 million for 26 week period were 10.3% lower than the comparable 28 week period
-- EBITDA improved to a loss of GBP0.75 million (H1 2017: loss of GBP0.90 million) -- Currently eighteen restaurants trading -- Cash of GBP1.10 million at period end (December 2017: GBP4.73 million)
Enquiries
Richoux Group plc (020) 7067 3444 Simon Morgan, Chairman Cenkos Securities plc (020) 7397 8900 Stephen Keys
Results
Revenue for the 26 week period ended 1 July 2018 was 10.3% lower than the 28 week period ended 9 July 2017 to GBP5.0 million (2017: GBP5.65 million). Company EBITDA was (GBP0.75 million), representing an improvement of 16.7% over the prior period (H1 2017: (GBP0.90 million)), and the Adjusted operating loss* decreased to GBP0.67 million (2017: GBP0.76 million), with pre-opening costs of GBP0.10 million (2017: GBP0.39 million). The net loss for the period was GBP0.98 million (2017: GBP1.10 million).
The Directors are not recommending the payment of a dividend.
* before pre-opening costs, impairment, reorganisation costs, onerous lease provision and profit on disposal
Operations
The Group currently has eighteen operating restaurants, which operate under the Richoux, Friendly Phil's, Villagio and The Broadwick brands. Further details on each of the brands are set out below.
We successfully disposed of one underperforming unit during the period, and have rebranded a further two. Since the period end we have taken on two new sites under The Broadwick brand.
Richoux
Richoux is an all-day cafe and brasserie established in London in 1909.
The Group operates five Richoux restaurants in Knightsbridge, Mayfair, Piccadilly, Gloucester Arcade, and Port Solent.
Friendly Phil's
Friendly Phil's is a vintage American Diner.
The Group currently has five Friendly Phil's restaurants; Hempstead Valley which opened in March 2017, Port Solent which opened in April 2017, Chatham which opened in May 2017, Braintree which opened in May 2017, and Fareham which opened in June 2017.
Italian restaurants
The Group currently has four Villagio restaurants in Andover, Basildon, Hammersmith, and Chatham.
The Broadwick
The Broadwick is a restaurant and bar offering homemade popular global food with an extensive drinks selection, including a range of cocktails and gins. The restaurants are bright, vibrant, and display a range of contemporary and urban art.
We currently have four restaurants (Chislehurst, Chatham, Maidenhead, and Radlett) operating under this new format and early signs are encouraging.
Capital expenditure and cash flow
As at the end of the period under review, the Group held cash of GBP1.10 million (December 2017: GBP4.73 million) and the Company subsequently completed a subscription to raise a further GBP1.09 million on 29 August 2018. As at today's date, the Group holds cash of GBP1.8 million.
Capital expenditure of GBP0.5 million (H1 2017: GBP3.71 million) was incurred in the period, having rebranded and refurbished existing restaurants.
Outlook
As indicated in our trading update on 29 August 2018, in line with a number of other companies in the sector, the Group has seen continued pressure on trading during the period, with further impact from temporary restaurant closures due to conversion or refurbishment. In view of these continued headwinds, the Group has remained focused on cost reduction and, where necessary, refinement of both its brand and property portfolio. We do not expect to see any material improvement in trading over the balance of the current financial year.
The Group had been in negotiation regarding a potential lease sale for one of the Group's restaurant locations in Central London. However, we have concluded that the disposal of this lease on the terms available is not in the best interest of the Group at this time and we have terminated those negotiations.
Simon Morgan
Chairman
28 September 2018
Condensed consolidated statement of comprehensive income
for the 26 week period ended 1 July 2018
Hot Features
Premium
26 week 28 week 53 week
period ended period ended period ended
1 July 09 July 31 December
Notes 2018 2017 2017
GBP000 GBP000 GBP000
Revenue 3 5,061 5,646 10,998
Cost of sales:
-------------- -------------- --------------
Excluding pre-opening costs (5,517) (6,026) (11,647)
Pre-opening costs (100) (390) (439)
-------------- -------------- --------------
Total cost of sales (5,617) (6,416) (12,086)
Gross (loss)/profit (556) (770) (1,088)
Administrative expenses (422) (586) (964)
Net profit on disposals (12) 235 277
Other operating income - - -
Operating loss before impairment (990) (1,121) (1,775)
Impairment of intangible assets 6 - - (83)
Impairment of property, plant and equipment 7 - - (2,675)
Reorganisation costs - - (26)
Onerous lease provision - - 88
Operating loss (990) (1,121) (4,471)
Finance income 2 1 1
Loss before taxation 3 (988) (1,120) (4,470)
Taxation - - -
Loss and total comprehensive loss for the period (988) (1,120) (4,470)
Loss and total comprehensive loss attributable to equity
holders of the parent (988) (1,120) (4,470)
Loss and total comprehensive loss per share:
Loss per share 4 (0.9)p (1.1)p (3.9)p
Diluted loss per share 4 (0.9)p (1.1)p (3.9)p
Condensed consolidated statement of changes in equity
for the 26 week period ended 1 July 2018
Share capital Share premium account Profit and loss account
Total
GBP000 GBP000 GBP000 GBP000
At 25 December 2016 3,975 13,696 (13,736) 3,935
Loss for the period - - (1,120) (1,120)
Total comprehensive loss - - (1,120) (1,120)
Credit to equity for equity
settled share based payments - - 29 29
New share capital subscribed 1,024 3058 - 4,075
New share capital issue costs - (5) - (5)
Total contributions by and
distributions to owners of
the Company, recognised
directly in
equity 1,024 3,053 29 4,099
At 10 July 2017 4,999 16,749 (14,834) 6,914
Loss for the period - - (3,319) (3,319)
Total comprehensive loss - - (3,319) (3,319)
Credit to equity for equity - - - -
settled share based payments
New share capital subscribed - - - -
Total contributions by and
distributions to owners of the - - - - Company, recognised directly in equity At 25 December 2017 4,999 16,749 (18,153) 3,595 Loss for the period - - (988) (988) Total comprehensive loss - - (988) (988) Credit to equity for equity settled share based payments - - 25 25 New share capital subscribed - - - - New share capital issue costs - - - - Total contributions by and distributions to owners of the Company, recognised directly in equity - - 25 25 At 1 July 2018 4,999 16,749 (19,166) 2,632
Condensed consolidated statement of financial position
at 1 July 2018
1 July 2018 9 July 31 December
2017 2017
Notes GBP000 GBP000 GBP000
Assets
Non-current assets
Goodwill 6 145 229 146
Other intangible assets 6 46 49 44
Property, plant and equipment 7 3,310 5,809 3,163
Total non-current assets 3 3,501 6,087 3,353
Current assets
Inventories 237 202 204
Trade and other receivables 1,173 1,149 984
Cash and cash equivalents 1,099 4,727 1,736
Total current assets 2,509 6,078 2,924
Total assets 6,010 12,165 6,277
Liabilities
Current liabilities
Trade and other payables (3,060) (4,671) (2,354)
Provisions - (200) -
Total current liabilities (3,060) (4,871) (2,354)
Non-current liabilities
Trade and other payables (318) (380) (328)
Total non-current liabilities (318) (380) (328)
Total liabilities (3,378) (5,251) (2,682)
Net assets 2,632 6,914 3,595
Capital and reserves
Share capital 4,999 4,997 4,999
Share premium account 16,749 16,744 16,749
Retained earnings (19,116) (14,827) (18,153)
Total equity 2,632 6,914 3,595
Condensed consolidated statement of cash flows
for the 26 week period ended 1 July 2018
Notes 26 week 28 week 53 week
period ended period ended period ended
1 July 9 July 31 December
2018 2017 2017
GBP000 GBP000 GBP000
Operating activities
Cash (used in)/generated from operations 8 (256) (1,871) (2,752)
Interest paid - - -
Net cash (used in)/from operating activities (256) (1,871) (2,752)
Investing activities
Purchase of property, plant and equipment (533) (1618) (3,772)
Purchase intangible assets - (5) (9)
Net proceeds from sale of property, plant and equipment 150 293 334
Interest received 2 1 1
Net cash used in investing activities (381) (1,329) (3,446)
Financing activities
Proceeds from issue of ordinary shares - 4,075 4,082
Share issue costs - (5) (5)
Net cash from financing activities - 4,070 4,077
Net increase/(decrease) in cash and cash equivalents (637) 870 (2,121)
Cash and cash equivalents at the beginning of the period 1,736 3,857 3,857
Cash and cash equivalents at the end of the period 1,099 4,727 1,736
1. The consolidated financial statements have been prepared in compliance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and therefore the Group financial statements comply with Article 4 of the EU IAS Regulation. The financial statements have been prepared on the historical cost basis.
2. The condensed financial information for the 26 week period ended 1 July 2018 and the 28 week period ended 9 July 2017 has been prepared in accordance with IAS 34 "Interim financial reporting" and should be read in conjunction with the annual financial statements for the period ended 31 December 2017 which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The accounting policies used in preparing the condensed financial information are consistent with those of the annual financial statements for the period ended 31 December 2017. During the period various Standards and Interpretations were adopted in line with the effective dates as outlined in the annual financial statements for the period ended 31 December 2017. The condensed financial information for the 26 week period ended 1 July 2018 and the 28 week period ended 9 July 2017 has not been audited or reviewed and does not constitute full financial statements within the meaning of section 435 of the Companies Act 2006.
The financial information for the 53 week period ended 31 December 2017 does not constitute the Group's statutory accounts for that period but it is derived from those accounts. Statutory accounts for the 53 week period ended 31 December 2017 have been delivered to the Registrar of Companies. The auditors have reported on these accounts; their report was unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
3. Operating segments
The Group has only one operating segment: the operation of restaurants and one geographical segment (the United Kingdom). The Group's brands meet the aggregation criteria set out in paragraph 22 of IFRS 8 "Operating Segments" and as such the Group reports the business as one reportable segment.
None of the Group's customers individually contribute over 10% of the total revenue.
4. Loss per share
The calculation of the basic and diluted loss per share is based on the following data:
1 July 09 July 31 December 2017
2018 2017
GBP000 GBP000 GBP000
Loss
Loss for the purposes of basic loss per share being the net loss
attributable to equity holders
of the parent (988) (1,120) (4,470)
Number of shares
Weighted average number of ordinary shares for the purposes of
the basic profit per share 113,355,877 103,002,105 113,355,877
Effect of dilutive potential ordinary shares:
Share options and incentive shares 1,726,710 1,885,321 1,726,710
Weighted average number of ordinary shares for the purposes of
the diluted profit per share 115,082,587 104,887,426 115,082,587
Share options and incentive shares not included in the diluted
calculations as per the requirements
of IAS 33 (as they are anti-dilutive) 29,854,695 26,326,085 29,854,695
Basic loss per share:
From total operations (0.9)p (1.1)p (3.9)p
Diluted loss per share:
From total operations (0.9)p (1.1)p (3.9)p
5. No dividend is proposed.
6. Intangible fixed assets
Goodwill Trademarks Software Total
GBP000 GBP000 GBP000 GBP000
Cost
At 25 December 2016 269 25 147 441
Additions - 1 8 9
Disposals (5) (6) (23) (34) At 10 July 2017 264 20 132 416 Additions - - - - Disposals - - - - At 31 December 2017 264 20 132 416 Additions - 2 10 12 Disposals - (1) - (1) At 01 July 2018 264 21 143 427 Accumulated amortisation and impairment At 25 December 2016 35 12 103 150 Charge for period - 2 17 19 Impairment 83 - - 83 Disposals (3) (23) (26) At 10 July 2017 118 11 97 226 Charge for period - - - - Impairment - - - - Disposals - - - - At 31 December 2017 118 11 97 226 Charge for period - 1 9 10 Disposals - - - - At 01 July 2018 118 12 106 236 Carrying amount At 01 July 2018 145 9 37 191 At 31 December 2017 145 9 35 190 At 10 July 2017 229 10 39 278
Impairment testing of goodwill and intangible fixed assets
Goodwill of GBP263,000 (2017: GBP263,000) relates to the acquisition of Richoux Limited in August 2000 and is allocated to the group of cash generating units (CGUs) that comprise the business acquired with each restaurant site being treated as a single CGU.
The Group tests annually for impairment or more frequently if there are indications that the goodwill and intangible assets may be impaired. The recoverable amounts of the restaurants are calculated from value in use calculations based on cash flow projections from forecasts to December 2022 based on a sales growth rate of 2 per cent for established sites. The discount rate applied to cash flow projections is 10 per cent.
The Board has concluded that at this time no impairment provision is required (December 2017: GBP84,000).
7. Property, plant and equipment
Short leasehold land and
buildings Fixtures, fittings, and
equipment Total
GBP000 GBP000 GBP000
Cost
At 25 December 2016 9,858 4,305 14,163
Additions 2,865 839 3,704
Disposals (3,507) (1,840) (5,347)
At 09 July 2017 9,216 3,304 12,520
Additions - - -
Disposals (619) (167) (786)
At 31 December 2017 8,597 3,137 11,734
Additions 368 154 522
Disposals (715) (184) (899)
At 01 July 2018 8,250 3,107 11,357
Accumulated amortisation and
impairment
At 25 December 2016 7,896 3,909 11,805
Charge for period 110 93 203
Impairment - - -
Disposals (3,507) (1,790) (5,297)
At 09 July 2017 4,499 2,212 6,711
Charge for period 1612 248 1,860
Impairment - - -
Disposals - - -
At 31 December 2017 6,111 2,460 8,571
Charge for period 111 110 221
Disposals (634) (111) (745)
At 1 July 2018 5,588 2,459 8,047
Carrying amount
At 01 July 2018 2,662 648 3,310
At 31 December 2017 2,486 677 3,163
At 09 July 2017 4,717 1,092 5,809
Impairment testing of property, plant and equipment
The Group considers each trading restaurant to be a cash-generating unit (CGU) and each CGU is reviewed when there are indications of impairment.
The recoverable amounts of the restaurants are calculated from value in use calculations based on cash flow projections from forecasts to December 2022 based on a sales growth rate of 2 per cent for established sites. The discount rate applied to cash flow projections is 10 per cent.
The Board has concluded that at this time no impairment provision is required (December 2017: GBP2,675,000).
8. Reconciliation of operating loss to operating cash flows
26 week 28 week 53 week
period ended period ended period ended
1 July 09 July 31 December
2018 2017 2017
GBP000 GBP000 GBP000
Operating loss (990) (1,121) (4,471)
Loss on disposal of intangible fixed assets - 8 8
(Profit)/loss on disposal of property, plant and equipment (12) (243) (285)
Depreciation charge 231 203 508
Amortisation charge - 10 19
Impairment of intangible fixed assets - - -
Impairment of property, plant and equipment - - 2,675
(Increase)/decrease in stocks (32) (4) (6)
Increase in debtors 54 (222) (57)
(Decrease)/increase in creditors 493 (531) (1,279)
Equity settled share based payments - 29 53
Net cash (outflow)/inflow from operating activities (256) (1,871) (2,752)
9. Related party transactions
Transactions with directors:
Directors' emoluments
26 week 28 week 53 week
period ended period ended period ended
1 July 09 July 31 December
2018 2017 2017
GBP000 GBP000 GBP000
Short term employee benefits 169 102 169
Share based payments 22 12 22
191 114 191
During the period Salvatore Diliberto subscribed for nil ordinary shares (2017: 5,273,375 including 2,636,687 subscribed for by his wife Irene Diliberto), The Hon. Robert Rayne subscribed for nil ordinary shares (2017: 4,103,838), Jonathan Kaye subscribed for nil ordinary shares (2017: 3,125,000) and Simon Morgan subscribed for nil ordinary shares (2017: 125,000) as part of the subscription that took place during the relevant period. The price paid per share was 16 pence in 2017.
Transactions with substantial shareholders:
During the period Phillip Kaye subscribed for nil ordinary shares (2017: 3,121,025), Samuel Kaye subscribed for nil ordinary shares (2017: 1,250,000), Adam Kaye subscribed for nil ordinary shares (2017: 1,250,000) and Michinoko Limited subscribed for nil ordinary shares (2017: 4,216,750) as part of the subscription that took place during the relevant period. The price paid per share was 16 pence.
On 22 December 2017 the Group entered into an agreement with Amberstar Limited, a Company in which Phillip Kaye is a shareholder, to temporarily suspend the rent of its former Chiswick restaurant, where it retains a liability under an authorised guarantee agreement, for up to six months from 25 December 2017.
10. Post balance sheet events
The Company had 124,979,072 ordinary shares of GBP0.04 each in issue as 31 December 2017. On 29 August 2018 the Company raised GBP1.1 million (before costs of GBP148,707) through the issuance of 18,168,335 new shares by way of a placing at a price of GBP0.06 per share.
11. Report and accounts
Copies of the interim report and accounts will be available at www.richouxgroup.co.uk.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
September 28, 2018 02:02 ET (06:02 GMT)
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