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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 |
From Apr 2023 to Apr 2024
TIDMTAST
RNS Number : 7382N
Tasty PLC
27 September 2023
27 September 2023
Tasty plc
("Tasty", the "Group" or the "Company")
Unaudited Interim Results for the 26 weeks ended 25 June 2023
Tasty (AIM: TAST), the owner and operator of restaurants in the casual dining sector, announces its interim results for the 26 week period ended 25 June 2023.
Key Points:
-- Revenue of GBP21.7m (H1 2022: GBP21.5m); increase of 0.9% -- Adjusted EBITDA(1) of GBP1.1m (H1 2022: GBP2.7m) -- Impairment charge of GBP4.0m (H1 2022: GBP1.6m) -- Loss after tax for the period of GBP6.2m (H1 2022: loss GBP2.7m) -- Cash balance of GBP2.8m (H1 2022: GBP8.0m) -- 52 of 54 restaurants traded through the period -- Like-for-like sales compared with 2022 up 1.4% -- Staff retention improving despite challenges
-- Cost of living crisis and interest rate increases expected to further impact revenue in H2 2023
-- Inflationary pressure on labour, food and utilities continues to adversely affect profitability
(1) Adjusted for depreciation, amortisation and share based payments.
Chairman's statement
Introduction
2023 traded ahead of 2022 for the corresponding period with like-for-like sales up 1.4% against the first half of 2022. The first quarter performed strongly, with like-for-like sales up 3.1% against the previous year which was impacted by Omicron, which unfortunately was not matched by the second quarter which disappointed with like for like sales down 0.3%. However, summer trading exceeded the Board's expectations.
Nonetheless, the casual dining market continues to face inflationary pressures on food, labour and utility costs. The cost-of-living crisis and interest rates are at their worst for many years, directly reducing the discretionary spend of our customers. We continue to navigate through challenging times and although this is expected to continue through H2 2023 we are continuing to adapt the business to mitigate the cost increases and reduced trading performance.
We have focused on optimising the current estate by selling or surrendering leases in the tail of the estate and seeking to turn around the underperforming sites. One under-performing restaurant was returned to the landlord after the period end in August 2023.
The Board was pleased to welcome Gordon Browne as Finance Director (currently a non-Board appointment) in May 2023. Gordon formerly held senior finance roles at Oakman Group plc, Chopstix Group and Park Chinois.
People
Labour costs have continued to increase; however, staff shortages have been alleviated to a certain extent as the hospitality sector has shrunk and our recruitment, training and people engagement has significantly improved. As a result, staff retention and labour shortages are not as challenging as previously experienced. However, with a competitive labour market, we continue to motivate and develop our teams and ensure that we are competitive through regular training, progression and pay reviews.
Inflationary costs
Despite food inflation continuing to rise we have improved our food margin by 1.5% compared to H2 2022 by constantly refreshing our offer and menu choice, whilst still delivering good value through close analysis of market trends and competitive pricing including, a set price two and three course lunch offer.
Environmental, social and governance
The wellbeing and safety of our employees and customers is at the centre of everything we do. We have also retained our focus on sustainability and the environmental impact of the business, and we remain an equal opportunity employer.
Results
Revenue increased by 0.9% to GBP21.7m (H1 2022: GBP21.5m). Q1 performed ahead of the Board's expectations, however, the second quarter slowed and was flat against 2022. Delivery sales continue to decline as expected, in line with the market as customer habits swing back to dine-in.
The adjusted EBITDA for the period was GBP1.1m (H1 2022: GBP2.7m).
The main reasons for the reduction in EBITDA are due to Covid related support falling away in terms of VAT reductions, rent and rate concessions as well as utility price increases.
Operating loss before highlighted items was GBP1.0m (H1 2022: profit GBP0.4m).
We have reviewed the impairment provision across the right-of-use-assets and fixed assets and have made a net provision of GBP4.0m allowing for a number of poorly performing sites (H1 2022: GBP1.6m).
After taking into account of all non-trade adjustments, the Group reports a loss after tax for the period of GBP6.2m (H1 2022: loss GBP2.7m).
Cash flows and financing
Cash outflow from operations was GBP1.5m (H1 2022: inflow GBP0.9m). Our bank loan of GBP1.25m was fully repaid in H1 2022 and the Company remains debt free.
Overall, the net cash outflow for the period was GBP4.2m (H1 2022: outflow GBP3m). As at 25 June 2023, the Group had net cash of GBP2.8m (H1 2022: net cash of GBP8.0m).
Going concern
The Directors have a reasonable expectation that the Group has sufficient resources to continue in existence for the foreseeable future. In reaching this conclusion the Directors have considered the financial position of the Group, together with its forecasts for the coming 12 months and taking into account possible changes in its trading performance. The going concern basis of accounting has, therefore, been adopted in preparing this interim financial report.
Outlook
In these uncertain times we continue to remain cautious in our approach. Retention of staff and cost control is a key priority, and the Board remains cautiously confident of managing current challenges.
Finally, and most importantly, we would like to thank all our people, shareholders, suppliers and other stakeholders for their continued support throughout these difficult times.
Change of Name of Nominated Adviser and Broker
The Company also announces that its nominated adviser and broker has changed its name to Cavendish Securities plc (formerly Cenkos Securities plc) following completion of its own corporate merger.
K Lassman
Chairman
Tasty plc
26 September 2023
Enquiries:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cavendish Securities Tel: 020 7220 0500
Katy Birkin/George Lawson
Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (596/2014). Upon publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
Consolidated statement of comprehensive income
for the 26 weeks ended 25 June 2023 (unaudited)
Hot Features
Premium
26 weeks 26 weeks 52 weeks
to to Ended
25 June 26 June 25 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Revenue 21,724 21,522 44,027
Cost of sales (21,843) (20,375) (44,123)
------------------------------------- ----------- ----------- ------------
Gross (loss)/profit (119) 1,147 (96)
Other income 159 213 414
Total operating expenses (5,184) (2,778) (4,370)
Operating (loss)/profit before
highlighted items (1,018) 445 (1,687)
Highlighted items (4,126) (1,863) (2,365)
------------------------------------- ----------- ----------- ------------
Operating loss (5,144) (1,418) (4,052)
Finance income 62 3 41
Finance expense (1,157) (1,249) (2,421)
Loss before tax (6,239) (2,664) (6,432)
Loss and total comprehensive
income for period and attributable
to owners of the parent (6,239) (2,664) (6,432)
------------------------------------- ----------- ----------- ------------
Loss per share attributable
to the ordinary equity owners
of the parent
Basic (4.26p) (1.89p) (4.40p)
Diluted (3.82p) (1.66p) (4.03p)
The table below gives additional information to shareholders on key performance indicators:
Post IFRS Pre IFRS Post IFRS Pre IFRS
16 16 16 16
26 weeks 26 weeks 26 weeks 26 weeks
to to to to
25 June 25 June 26 June 26 June
2023 2023 2022 2022
GBP'000 GBP'000 GBP'000 GBP'000
EBITDA before highlighted
items 1,133 (1,510) 2,733 101
Depreciation of PP&E
and amortisation (875) (908) (958) (980)
Depreciation of right-of-use
assets (IFRS16) (1,276) - (1,330) -
------------------------------ ---------- --------- ---------- ---------
Operating (loss)/profit
before highlighted
items (1,018) (2,418) 445 (879)
------------------------------ ---------- --------- ---------- ---------
Analysis of highlighted items
26 weeks 26 weeks 52 weeks
to to ended
25 June 26 June 25 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Loss on disposal of property plant
and equipment - - (154)
Exceptional cost - restructuring (56) - (14)
Impairment of right-of-use assets (2,584) (1,258) (2,153)
Impairment charge of property,
plant and equipment (1,376) (304) (180)
Share based payments (12) (31) (58)
Pre-opening costs - - (51)
(Loss)/gain on lease modifications (98) (270) 245
------------------------------------ ----------- ----------- ------------
Total highlighted items (4,126) (1,863) (2,365)
The above items have been highlighted to give more detail on items that are included in the Consolidated statement of comprehensive income and which when adjusted shows a profit or loss that reflects the ongoing trade of the business.
Consolidated statement of changes in equity
for the 26 weeks ended 25 June 2023 (unaudited)
Share Share Merger Retained Total
Capital Premium Reserve Deficit Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 25 December
2022 6,061 24,254 992 (33,355) (2,048)
Total comprehensive income
for the period - - - (6,239) (6,239)
Share based payments - credit
to equity - - - 12 12
Balance at 25 June 2023 6,061 24,254 992 (39,582) (8,275)
Balance at 26 December
2021 (restated) 6,061 24,254 992 (26,981) 4,326
Total comprehensive income
for the period - - - (2,664) (2,664)
Share based payments - credit
to equity - - - 31 31
Balance at 26 June 2022 6,061 24,254 992 (29,614) 1,693
Balance at 26 December
2021 (restated) 6,061 24,254 992 (26,981) 4,326
Total comprehensive income
for the period - - - (6,432) (6,432)
Share based payments - credit
to equity - - - 58 58
Balance at 25 December
2022 6,061 24,254 992 (33,355) (2,048)
Consolidated balance sheet
At 25 June 2023 (unaudited)
26 weeks 26 weeks 52 weeks
to to ended
25 June 26 June 25 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 32 28 25
Property, plant and
equipment 15,255 17,282 17,332
Right-of-use- assets 29,184 34,639 32,875
Other non-current assets 65 65 65
Total non-current assets 44,536 52,014 50,297
--------------------------------- ----------- ----------- ------------
Current assets
Inventories 2,013 1,994 2,191
Trade and other receivables 2,499 2,949 1,633
Cash and cash equivalents 2,777 8,010 7,002
Total current assets 7,289 12,953 10,826
--------------------------------- ----------- ----------- ------------
Total assets 51,825 64,967 61,123
--------------------------------- ----------- ----------- ------------
Current liabilities
Trade and other payables (10,617) (10,336) (12,393)
Lease liabilities (1,993) (2,202) (1,953)
Total current liabilities (12,610) (12,538) (14,346)
--------------------------------- ----------- ----------- ------------
Non-current liabilities
Provisions (342) (335) (339)
Lease liabilities (47,044) (50,273) (48,358)
Other payables (104) (128) (128)
Total non-current liabilities (47,490) (50,736) (48,825)
--------------------------------- ----------- ----------- ------------
Total liabilities (60,100) (63,274) (63,171)
--------------------------------- ----------- ----------- ------------
Total net (liabilities)/assets (8,275) 1,693 (2,048)
--------------------------------- ----------- ----------- ------------
Equity
Share capital 6,061 6,061 6,061
Share premium 24,254 24,254 24,254
Merger reserve 992 992 992
Retained deficit (39,582) (29,614) (33,355)
Total equity (8,275) 1,693 (2,048)
--------------------------------- ----------- ----------- ------------
Consolidated cash flow statement
for the 26 weeks ended 25 June 2023 (unaudited)
26 26 52
weeks to weeks to weeks ended
25 June 26 June 25 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Operating activities
Cash generated
from operations (1,506) 945 4,444
---------- ---------- -------------
Net cash inflow from
operating activities (1,506) 945 4,444
----------------------------- ---------- ---------- -------------
Investing activities
Purchase of property,
plant and equipment (181) (516) (1,645)
Interest received 62 3 41
---------- ---------- -------------
Net cash flows used
in investing activities (119) (513) (1,604)
----------------------------- ---------- ---------- -------------
Financing activities
Bank loan repayment - (1,250) (1,250)
Finance expense (1,157) (1,249) (2,421)
Principal paid
on lease liabilities (1,443) (928) (3,172)
---------- ---------- -------------
Net cash flows
used in financing
activities (2,600) (3,427) (6,843)
----------------------------- ---------- ---------- -------------
Net increase in
cash and cash equivalents (4,225) (2,995) (4,003)
Cash and cash equivalents
at beginning of
the period 7,002 11,005 11,005
---------- ---------- -------------
Cash and cash equivalents
as at 25 June 2023 2,777 8,010 7,002
----------------------------- ---------- ---------- -------------
Notes to the condensed financial statements
for the 26 weeks ended 25 June 2023 (unaudited)
1 General information
Tasty plc 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 relations section of the Company's website at www.dimt.co.uk .
2 Basis of accounting
The condensed set of financial statements included in this interim financial report has been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the United Kingdom and accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the United Kingdom. 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 25 June 2023 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 Financial Reporting Council.
The financial information for the period ended 25 December 2022 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2022 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2022 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.
Use of judgements and estimates
In preparing these interim financial statements management has made judgements and estimates that affect the application of accounting policies and measurement of assets and liabilities, income and expense provisions. Actual results may differ from these estimates.
Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion the Directors have considered the financial position of the Group, together with its forecasts for the next 12 months from the date of approval of these interim accounts and taking into account possible changes in trading performance. The Group monitors cash balances and the impact of inflation closely to ensure there is sufficient liquidity. Accordingly, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
IFRS 16 'Leases'
Group's accounting policies for leases are as follows:
Lessee accounting
IFRS 16 distinguishes between leases and service contracts on the basis of whether the use of an identified asset is controlled by the customer. Control is considered to exist if the customer has:
-- The right to obtain substantially all of the economic benefits from the use of an identified asset; and
-- The right to direct the use of that asset in exchange for consideration.
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
-- Leases of low value assets, and -- Leases with a duration of 12 months or less.
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease.
Lessor accounting
Under IFRS 16, a lessor continues to classify leases as either finance leases or operating leases and account for those two types of leases differently.
Based on an analysis of the Group's operating leases as at 25 June 2023 on the basis of the facts and circumstances that exist at that date, the Directors of the Group have assessed that the impact of this change has not had any impact on the amounts recognised in the Group's consolidated financial statements.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Group recognises these payments as an expense on a straight-line basis over the lease term. Currently the Group has no low value assets or short-term leases.
Covid-19 related rent concessions
IFRS 16 defines a lease modification as a change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease. The Group has considered the Covid-19 related rent concessions and applied the lease modifications accounting.
Impairments
All assets (ROU and fixed assets) are reviewed for impairment in accordance with IAS 36 Impairment of Assets, when there are indications that the carrying value may not be recoverable.
Assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset or a cash generating unit (CGU) exceeds its recoverable amount, i.e. the higher of value in use and fair value less costs to dispose of the asset, the asset is written down accordingly.
The Group views each restaurant as a separate CGU. Value in use is calculated using cash flows excluding outflows from financing costs over the remaining life of the lease for the CGU discounted at 9% (2022: 8%), being the rate considered to reflect the risks associated with the CGUs. A growth rate of 1.0% has been applied (2022: 2%).
An impairment review was undertaken across the ROU assets and fixed assets which resulted in a net impairment charge of GBP4.0m (2022: GBP1.6m). Where an impairment reversal is recognised, the carrying amount of the asset will be increased to its recoverable amount with the increase being recognised in the income statement. This increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.
The assumptions will be reviewed at year-end to ensure that the cashflow expectations are in line with the latest outlook.
3 Revenue, other income and segmental analysis
The Group's activities, comprehensive income, assets and liabilities are wholly attributable to one operating segment (operating restaurants) and arises solely in the one geographical segment (United Kingdom) that the Group is located and operates in. All the Group's revenue is recognised at a point in time being when control of the goods has transferred to the customer.
An analysis of the Group's total revenue is as follows:
26 weeks 26 weeks 52 weeks
to to ended 25
25 June 26 June December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Sale of goods and services: dine-in 19,401 18,862 39,004
Sale of goods and services: delivery
and takeaway 2,323 2,660 5,023
-------------------------------------- --------- --------- ----------
21,724 21,522 44,027
-------------------------------------- --------- --------- ----------
An analysis of the Group's other income is as follows:
26 weeks 26 weeks 52 weeks
to to ended 25
25 June 26 June December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Sub-let site rental income 132 181 362
Other 27 32 52
---------------------------- --------- --------- ----------
159 213 414
---------------------------- --------- --------- ----------
4 Income tax
The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates of 19% (2022: 19%).
Tax charge GBPnil (2022: GBPnil).
5 Earnings per share
26 weeks 26 weeks 52 weeks
to to ended
25 June 26 June 25 December
2023 2022 2022
Pence Pence Pence
Basic loss per ordinary
share (4.26p) (1.89p) (4.40p)
Diluted loss per ordinary
share (3.82p) (1.66p) (4.03p)
25 June 26 June 25 December
2023 2022 2022
Number Number Number
'000 '000 '000
Loss per share has
been calculated using
the numbers shown below:
Weighted average number
of ordinary shares
used as the denominator
in calculating basic
earnings per share 146,315 141,090 146,315
Adjustments for calculation
of diluted earnings
per share:
Ordinary B shares 10,451 15,677 10,451
Options 6,400 3,265 2,975
Weighted average number
of ordinary shares
and potential ordinary
shares used as the
denominator in calculating
diluted earnings per
share 163,166 160,032 159,741
25 June 26 June 25 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Loss for the financial
period (6,239) (2,664) (6,432)
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.
6 Reconciliation of result before tax to net cash generated from operating activities
26 weeks 26 weeks 52 weeks
to to ended
25 June 26 June 25 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Loss before tax (6,239) (2,664) (6,432)
Finance income (62) (3) (41)
Finance expense - 30 30
Finance expense (IFRS 16) 1,157 1,219 2,391
Share based payment charge 12 31 58
Depreciation of right-of-use
assets (IFRS 16) 1,276 1,330 2,641
Depreciation of property, plant
and equipment 874 956 1,664
Amortisation of intangible
assets 2 2 3
Impairment charge of property,
plant and equipment 1,376 304 542
Impairment of Right-of-use
assets 2,584 1,258 1,791
Profit from sale of property,
plant and equipment - - 154
Dilapidations provision charge 3 38 42
Other non cash - - (21)
Decrease/(Increase) in inventories 177 108 (88)
(Increase) in trade and other
receivables (866) (1,553) (238)
Increase/(decrease) in trade
and other payables (1,800) (111) 1,948
Net cash (outflow)/inflow
from operating activities (1,506) 945 4,444
------------------------------------ --------- --------- ------------
7 Property, plant and equipment and right-of-use assets
Leasehold Furniture Total ROU assets Total
improvements fixtures fixed assets
and computer
equipment
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 26 December
2021 37,321 10,291 47,612 53,567 101,179
Additions 709 936 1,645 - 1,645
Lease modification - - - 1,301 1,301
Disposals (181) (334) (515) (50) (565)
At 25 December
2022 37,849 10,893 48,742 54,818 103,560
----------------------------- -------------- -------------- -------------- ------------------- --------
Additions 46 127 173 - 173
Lease modification - - - 169 169
At 25 June
2023 37,895 11,020 48,915 54,987 103,902
----------------------------- -------------- -------------- -------------- ------------------- --------
Depreciation
At 26 December
2021 (as restated) 22,057 7,529 29,586 17,562 47,148
Provided for
the period 981 683 1,664 2,641 4,305
Impairments 232 (52) 180 2,153 2,333
Disposals (75) (307) (382) (51) (433)
At 25 December
2022 (as previously
stated) 23,195 7,853 31,048 22,305 53,353
----------------------------- -------------- -------------- -------------- ------------------- --------
Impairment reclassification 267 95 362 (362) -
At 25 December
2022 (as restated) 23,462 7,948 31,410 21,943 53,353
----------------------------- -------------- -------------- -------------- ------------------- --------
Provided for
the period 507 367 874 1,276 2,150
Impairments 1,187 189 1,376 2,584 3,960
At 25 June
2023 25,156 8,504 33,660 25,803 59,463
----------------------------- -------------- -------------- -------------- ------------------- --------
Net book value
At 25 June
2023 12,739 2,516 15,255 29,184 44,439
----------------------------- -------------- -------------- -------------- ------------------- --------
At 25 December
2022 (as restated) 14,387 2,945 17,332 32,875 50,207
----------------------------- -------------- -------------- -------------- ------------------- --------
8 Leases
26 26 52
weeks weeks weeks ended
to to
25 June 26 June 25 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Current
Lease liabilities 1,993 2,202 1,953
Non-current
Lease liabilities 47,044 50,273 48,358
Total 49,037 52,475 50,311
------------------------ -------- -------- -------------
Due within one year 1,993 2,202 1,953
Due two to five years 9,586 12,792 11,386
Due over five years 37,458 37,481 36,972
------------------------ -------- -------- -------------
Total 49,037 52,475 50,311
------------------------ -------- -------- -------------
Lease liabilities are measured at the present value of the remaining lease payments, discounted using the Group's incremental borrowing rate of 4.5% and the Bank of England (BoE) base rate at the time of any lease modification or a new lease. The average rate used for modification in 2023 was 8.0% (2022: 5.1%).
The lease liabilities as at 25 June 2023 were GBP49.0m (2022: GBP52.5m).
The right-of-use assets all relate to property leases. The right-of-use assets as at 25 June 2023 were GBP29.2m (2022: GBP34.6m). During the period ended 25 June 2023 the Group made a provision for impairment of the right-of-use assets against a number of sites totalling GBP2.6m (2022: GBP1.3m).
Included in profit and loss for the period is GBP1.2m depreciation of right-of-use assets and GBP1.2m financial expenses on lease liabilities.
9 Reconciliation of financing activity
Lease liabilities Lease liabilities Bank Loan Bank Loan Total
Due within Due after Due within Due after
1 year 1 year 1 year 1 year
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net debt as at 27
December 2020 2,904 52,219 - - 55,123
Cashflow (3,064) - 313 937 (1,814)
Addition/(decrease)
to lease liability 2,184 (2,062) - - 122
--------------------- ------------------ ------------------ ----------- ---------- --------
Net debt as at 26
December 2021 2,024 50,157 313 937 53,431
Cashflow (3,172) - (313) (937) (4,422)
Addition/(decrease)
to lease liability 3,101 (1,799) - - 1,302
--------------------- ------------------ ------------------ ----------- ---------- --------
Net debt as at 25
December 2022 1,953 48,358 - - 50,311
Cashflow (1,443) - - - (1,443)
Addition/(decrease)
to lease liability 1,483 (1,314) - - 169
--------------------- ------------------ ------------------ ----------- ---------- --------
Net debt as at 25
June 2023 1,993 47,044 - - 49,037
--------------------- ------------------ ------------------ ----------- ---------- --------
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END
IR QQLFLXKLXBBL
(END) Dow Jones Newswires
September 27, 2023 02:00 ET (06:00 GMT)
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