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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tasty Plc | LSE:TAST | London | Ordinary Share | GB00B17MN067 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.20 | 1.00 | 1.40 | 1.20 | 1.20 | 1.20 | 0.00 | 07:45:38 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Eating Places | 44.03M | -6.43M | -0.0440 | -0.27 | 1.76M |
TIDMTAST
RNS Number : 3694N
Tasty PLC
24 September 2019
24 September 2019
Tasty plc
("Tasty" or the "Group")
Unaudited Interim Results for the 26 weeks ended 30 June 2019
Financial Highlights:
-- Placing and open offer in May 2019 raising GBP3.2m -- Revenue GBP21.1m (2018 - GBP23.0m) -- Adjusted EBITDA of GBP0.1m (2018 - GBP0.8m) -- Loss after tax for the period of GBP0.8m (2018 - loss of GBP10.7m) -- Loan at 30 June 2019 of GBP1.9m (1 July 2018 - GBP7.0m) -- Net cash as at 30 June 2019 of GBP0.5m (1 July 2018 - net debt GBP4.1m)
Chairman's statement
Introduction
Tasty trades from 57 restaurants; 51 Wildwood and 6 dim t restaurants. The Wildwood restaurants offer a wide selection of "Pizza, Pasta, Grill" and are predominantly located outside of London. Dim t, our pan Asian restaurant, offers a range of dishes including dim sum, noodles, soups and a recently launched range of ramen dishes.
In May 2019, we successfully raised GBP3.2m through an institutional placing and open offer to existing shareholders and have reduced bank debt to GBP1.9m as at 30 June 2019 (1 July 2018: GBP7.0m).
The casual dining market continues to face headwinds and the uncertainty of Brexit means that 2019 remains a challenging year. The Group's sales performance has been weak despite benefiting from weaker comparatives following last year's extreme weather conditions and the World Cup. However, despite sales being down, our adjusted EBITDA performance for the first six months is in-line with expectations due to tighter cost control. Over the last 18 months we have made significant changes to the structure of the Group including finance and operational team enhancement. The changes to the operational structure combined with the Group's increased focus on the financial reporting and cost management, has mitigated the impact of the difficult market conditions.
Business review
We continue to make progress and have undertaken various initiatives to improve the food and drink offering, customer engagement and the development of our employees. However, along with other restaurants and retailers, we are exposed to the well documented high street challenges. Our focus is on optimising the current estate and turning around underperforming sites.
Food and drink offering
We remain focused on offering choice to our customers. We continue to offer seasonal specials and are constantly looking at ways of making the menu more exciting and offering additional options. We have trialled the "Beyond Meat" plant-based vegan burger as part of our specials menu and this will migrate onto our main menu later this year.
Customer engagement
We are working hard on improving our customer experience through profiling our consumers and analysing their feedback. We have also recruited in order to focus on service standards and upselling and we are rolling out workshops across the estate to ensure all restaurants are offering consistent service which is appealing to our customers.
People Development
We believe great people are the core to our business and we are committed to providing an engaging, open and honest environment for our teams. The investment in our training infrastructure has allowed us to promote a greater number of key positions from within. We continue to introduce comprehensive career pathways at every level to support our employees' development, enhance job satisfaction and increase staff retention.
Optimise the estate
We have generally found landlords to be co-operative and supportive and our collaborative approach has been well received. We have been successful in achieving rent reductions and lease concessions.
We have disposed of three trading sites in the first six months of the year. In addition, we have sub-let two sites that were not trading; one in the first six months and one post the period end. The Group continues to review the estate and further disposals will be made if appropriate.
The Board firmly believes the Group's focus should remain on the existing estate and no openings are planned for the remainder of 2019.
Christmas Focus
We published our Christmas menus online at the end of August before most other High Street chains and have already started taking bookings. We have established a dedicated team to handle reservations, all enquiries and marketing initiatives and are well prepared to maximise revenue over the festive period.
Results
Sales were down 8% on the corresponding period to GBP21.1m (2018 - GBP23.0m) and adjusted EBITDA was GBP0.1m (2018 - GBP0.8m).
Operating loss before highlighted items was GBP0.6m (2018 - loss GBP0.1m).
While we remain cautious about trading conditions, we have reviewed our onerous and impairment provision and do not believe it is necessary to make an adjustment for the six months ended 30 June 2019. After taking into account all non-trade adjustments, the Group has a stated loss after tax for the period of GBP0.8m (2018 - loss of GBP10.7m)
Cash flows and financing
Cash outflow from operating activities was GBP0.5m (2018 - GBP2.3m). During the period, capital expenditure of GBP0.2m (2018 - GBP0.7m) was incurred. In addition, we raised net equity of GBP3.0m (2018 - GBPnil). This was offset by bank and interest repayment of GBP4.7m (2018 - GBP0.1m).
Overall, the net cash outflow for the period was GBP2.0m (2018 - inflow GBP1.1m). As at 30 June 2019, the Group had net cash of GBP0.5m (1 July 2018 - net debt of GBP4.1m).
Outlook
The market conditions for the UK restaurant sector remain challenging. However, the Group is well positioned, with a rationalised estate, new operational structure and a heightened focus on cost controls. The refreshed Wildwood and dim t offerings continue to be attractive to consumers, with encouraging trading in the first few weeks of the second half. The Group is traditionally weighted to the second half, with December being the most important month of the year, which will significantly dictate the Group's overall performance. However, the Board currently expects adjusted EBITDA performance for the full year to remain in-line with expectations.
K Lassman
Chairman
Tasty plc
24 September 2019
Enquiries:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities Tel: 020 7397 8900
Stephen Keys/Katy Birkin/Cameron MacRitchie
Consolidated statement of comprehensive income
for the 26 weeks ended 30 June 2019 (unaudited)
26 weeks 26 weeks 52 weeks to to ended 30 June 1 July 30 December 2019 2018 2018 GBP'000 GBP'000 GBP'000 Revenue 21,126 22,997 47,278 Cost of sales (21,097) (22,684) (46,370) ------------------------------------- --------- --------- ------------ Gross profit 29 313 908 Total operating expenses (714) (11,738) (12,473) Operating loss before highlighted items (641) (119) (367) Highlighted items (44) (11,306) (11,198) ------------------------------------- --------- --------- ------------ Operating loss (685) (11,425) (11,565) Finance income 4 - - Finance expense (180) (125) (252) Loss before tax (861) (11,550) (11,817) Income tax 7 856 204 Loss and total comprehensive income for period and attributable to owners of the parent (854) (10,694) (11,613) Loss per share attributable to the ordinary equity owners of the parent Basic and diluted (1.17p) (17.88p) (19.42p) The table below gives additional information to shareholders on key performance indicators: 26 weeks 26 weeks 52 weeks to to ended 30 June 1 July 30 December 2019 2018 2018 GBP'000 GBP'000 GBP'000 EBITDA 127 812 1,581 Depreciation, amortisation and impairment (768) (931) (1,948) Operating loss before highlighted items (641) (119) (367) Highlighted items - charged to operating expenses 26 weeks 26 weeks 52 weeks to to ended 30 June 1 July 30 December 2019 2018 2018 (Loss)/profit on disposal of property plant and equipment (27) 1,942 2,132 Onerous lease provision - (1,688) (1,687) Restructuring costs - (311) (457) Impairment of lease premium - (890) (897) Impairment of goodwill - - (115) Impairment of property, plant and
equipment - (10,294) (10,063) Share based payments (17) (65) (111) --------------------------------------- ------------------ ----------- ------------------ Total highlighted items (44) (11,306) (11,198)
Consolidated statement of changes in equity
for the 26 weeks ended 30 June 2019 (unaudited)
Share Share Merger Retained Total Capital Premium reserve deficit equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 30 December 2018 5,980 21,376 992 (17,792) 10,556 Issue of ordinary shares 81 2,869 - - 2,950 Total comprehensive income for the period - - - (854) (854) Share based payments - credit to equity - - - 17 17 Balance at 30 June 2019 6,061 24,245 992 (18,629) 12,669 Balance at 31 December 2017 5,980 21,376 992 (6,290) 22,058 Issue of ordinary shares - - - - - Total comprehensive income for the period - - - (10,694) (10,694) Share based payments - credit to equity - - - 65 65 Balance at 1 July 2018 5,980 21,376 992 (16,919) 11,429 Balance at 31 December 2017 5,980 21,376 992 (6,290) 22,058 Issue of ordinary shares - - - - - Total comprehensive income for the period - - - (11,613) (11,613) Share based payments - credit to equity - - - 111 111 Balance at 30 December 2018 5,980 21,376 992 (17,792) 10,556
Consolidated balance sheet
At 30 June 2019 (unaudited)
26 weeks 26 weeks 52 weeks to to ended 30 June 1 July 30 December 2019 2018 2018 GBP'000 GBP'000 GBP'000 Non-current assets Intangible assets 351 469 352 Property, plant and equipment 16,008 17,289 16,554 Pre-paid operating lease charges 520 467 507 Other non-current assets 242 278 283 Deferred Tax 7 604 - Total non-current assets 17,128 19,107 17,696 -------------------------------- --------- --------- ------------ Current assets Inventories 2,477 2,543 2,548 Trade and other receivables 5,128 5,006 3,538 Pre-paid operating lease charges 34 143 87 Cash and cash equivalents 2,357 2,940 4,312 Total current assets 9,996 10,632 10,485 -------------------------------- --------- --------- ------------ Assets held for sale - - 505 -------------------------------- --------- --------- ------------ Total assets 27,124 29,739 28,686 -------------------------------- --------- --------- ------------ Current liabilities Trade and other payables (7,985) (6,767) (7,100) Borrowings (800) (2,332) (2,867) Total liabilities (8,785) (9,099) (9,967) -------------------------------- --------- --------- ------------ Non-current liabilities Provisions (3,348) (3,348) (3,347) Lease incentives (1,270) (1,195) (1,266) Long-term borrowings (1,052) (4,668) (3,550) Total non-current liabilities (5,670) (9,211) (8,163) -------------------------------- --------- --------- ------------ Total liabilities (14,455) (18,310) (18,130) -------------------------------- --------- --------- ------------ Total net assets 12,669 11,429 10,556 -------------------------------- --------- --------- ------------ Equity Share capital 6,061 5,980 5,980 Share premium 24,245 21,376 21,376 Merger reserve 992 992 992 Retained deficit (18,629) (16,919) (17,792) Total equity 12,669 11,429 10,556 -------------------------------- --------- --------- ------------
Consolidated cash flow statement
for the 26 weeks ended 30 June 2019 (unaudited)
26 weeks 26 weeks 52 weeks to to ended 30 June 1 July 30 December 2019 2018 2018 GBP'000 GBP'000 GBP'000 Operating activities Cash generated from operations (460) (2,259) 389 Corporation tax paid - - 26 Net cash inflow from operating activities (460) (2,259) 415 ------------------------------------------- --------- --------- ------------ Investing activities Proceeds from sale of property, plant and equipment 523 4,150 4,150 Purchase of property, plant and equipment (227) (670) (1,261) Net cash flows used in investing activities 296 3,481 2,889 ------------------------------------------- --------- --------- ------------ Financing activities Net proceeds from issues of ordinary shares 2,950 - - Bank loan repayment (4,565) - (583) Interest paid (176) (125) (252) Net cash flows used in financing activities (1,791) (125) (835) ------------------------------------------- --------- --------- ------------ Net increase in cash and cash equivalents (1,955) 1,097 2,469 Cash and cash equivalents at beginning of the period 4,312 1,843 1,843 Cash and cash equivalents as at 30 June 2019 2,357 2,940 4,312 ------------------------------------------- --------- --------- ------------
Notes to the condensed financial statements
for the 26 weeks ended 30 June 2019 (unaudited)
1 General information
Tasty plc ("Tasty") is a public limited company incorporated in the United Kingdom under the Companies Act (registration number 05826464). The Company is domiciled in the United Kingdom and its registered address is 32 Charlotte Street, London, W1T 2NQ. The Company's ordinary shares are traded on the AIM Market of the London Stock Exchange ("AIM"). Copies of this Interim Report and the Annual Report and Financial Statements may be obtained from the above address or on the investor relation's section of the Company's website at www.dimt.co.uk.
2 Basis of accounting
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. The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Company's latest annual audited financial statements.
The financial information for the 26 weeks ended 30 June 2019 has not been subject to an audit nor a review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Auditing Practices Board.
The financial information for the period ended 30 December 2018 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2018 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2018 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The condensed financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (GBP'000).
Except when otherwise indicated, the consolidated accounts incorporate the financial statements of Tasty plc and its subsidiary, Took Us A Long Time Limited, made up to the relevant period end.
3 Income tax
The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates of 19% (2018 - 19%).
4 Loss per share 26 weeks 26 weeks to to 52 weeks 30 June 1 July 30 December 2019 2018 2018 Pence Pence Pence Loss per ordinary share (1.17) (17.88) (19.42)
The basic and diluted loss per share figures are calculated by dividing the net loss for the period attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The diluted earnings per share figure allows for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period. Options are only taken into account when their effect is to reduce basic earnings per share.
Loss per share is calculated using the numbers shown below:
26 weeks 26 weeks to to 52 weeks 30 June 1 July 30 December 2019 2018 2018 number number number '000 '000 '000 Weighted average ordinary shares (basic) 72,732 59,795 59,795 26 weeks 26 weeks to to 52 weeks 30 June 1 July 30 December 2019 2018 2018 GBP'000 GBP'000 GBP'000 Loss for the financial period (854) (10,694) (11,613) --------------------------------- --------- --------- ------------ 5 Reconciliation of profit before tax to net cash inflow from operating activities 26 weeks 26 weeks 52 weeks to to ended 30 June 1 July 30 December 2019 2018 2018 GBP'000 GBP'000 GBP'000 Loss before tax (861) (11,550) (11,817) Finance income (4) - - Finance expense 180 125 252 Share based payment charge 17 65 111 Depreciation and impairment 768 12,115 13,016 Profit from sale of property plant and equipment 27 (1,942) (2,132) Amortisation of intangible assets 1 1 3 Onerous lease provision movement - 1,687 1,687 (Increase) / decrease in inventories 72 112 107 (Increase) / decrease in trade and other receivables (1,549) (199) 1,231 Increase / (decrease) in trade and other payables 889 (2,673) (2,069) Net cash inflow from operating activities (460) (2,259) 389 -------------------------------------- --------- --------- ------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR DXLFLKKFXBBL
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September 24, 2019 02:00 ET (06:00 GMT)
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