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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Food & Drink Gp | LSE:FDG | London | Ordinary Share | GB00B0WYV516 | 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% | 9.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3933X Food & Drink Group (The) PLC 30 May 2007 The Food & Drink Group PLC ("FDG" or "the Group") Interim results for the 29 weeks ended 14 April 2007 The Food & Drink Group PLC, the London focussed licensed retailer and operator of 33 bars including Henry J Bean's and Jamies, announces results for the 29 weeks ended 14 April 2007. HIGHLIGHTS * Turnover up 5.2% to #10.5m (2006: #10.0m) * Like-for-like sales up 6.1% * EBITDA up to #1.2m (2006: #1.1m) * Profit before tax up 98% to #0.6m (2006: #0.3m) * Earnings per share up 102% to 11.5p (2006: 5.7p) * Interim dividend of 0.5p payable 6 July 2007 * Gross margin increased to 75.1% (2006: 74.6%) * Acquisition of seven leasehold sites from Puzzle Pub Company for #1.2m in the second half * Strong current trading with like-for-likes up 8.5% since the half year Stephen Thomas, Chairman of The Food & Drink Group, commented: "I am delighted to report another strong period of trading for the Group. This has been driven by continued strong underlying sales growth across all three trading divisions, together with an excellent performance from our private function and party business. Trading in the second half has begun well with like-for-like sales up 8.5% since the half year, with good early progress made on our recent acquisition of seven sites. We remain confident of another successful year for the Group." 30 May 2007 ENQUIRIES: The Food & Drink Group PLC Tel: 020 7349 4440 Stephen Thomas, Chairman James Kowszun, Chief Executive College Hill Tel: 020 7457 2020 Justine Warren Jamie Ramsay The Food & Drink Group PLC Interim Results for the 29 weeks ended 14 April 2007 Financials The first half of the current financial year has seen a pleasing performance with turnover increasing by 5.2% to #10.5m (2006: #10.0m). This sales increase was driven by strong underlying like-for-like sales growth of 6.1%, off-set by the impact of the previously-announced disposals of Canyon Restaurant and Jamies, Philpot Lane, both of which completed in January. This good like-for-like trading has been delivered across all three trading divisions - Henry J Bean's, City Bars and Bars, with the growth at Henry J Bean's particularly pleasing at +13.9%. The performance is the result of our continuous focus on aiming to achieve operational excellence, coupled with a strategy that has, at its core, a requirement to continually evolve in response to the changing needs of our customer base. Net interest paid has reduced to #0.3m (2006: #0.4m), primarily as a result of the Group paying a lower margin above base rates on its debt. At the half year end, net debt had marginally increased to #8.7m (2006: #8.6m), following #0.5m of capital expenditure. Gearing is unchanged from the last year-end at 102% but improved from this time last year (2006: 117%). Profit before tax increased by 98% to #0.6m (2006: #0.3m), with earnings per share for the period up by 102% to 11.5p (2006: 5.7p). Excluding amortisation of goodwill, profit on disposal of fixed assets and reorganisation costs, the underlying profit performance has improved by 31% to #0.4m (2006: #0.3m) with earnings per share on an equivalent basis up 32% to 7.7p (2006: 5.9p) Following the declaration of the Group's maiden dividend in last year's accounts the payment is included in these interim accounts. The Board is pleased to recommend an interim net dividend of 0.5p per share. This will be payable on 6 July 2007 to shareholders on the register on 8 June 2007. Operations Management focus during the second half will continue to concentrate on delivering sustainable sales growth through those areas where the Group is best positioned to add value, with specific attention paid to food development, further improvement of our wine offer and the potential to maximise the use of our trading locations for private functions and parties. Following the recruitment of an Executive Chef last year, we have made tangible progress in food development. A re-tender process for key suppliers, coupled with new menus implemented throughout the business since Christmas, has enabled us to improve the quality of our food offer, whilst maintaining gross margin. In addition, food sales during Christmas trading showed a 12% like-for-like increase, with 34,000 meals served in December. Wine expertise has continued to be one of our greatest strengths in the City Bars business in particular. We are increasingly migrating this expertise across the Group, with a particular focus on Henry J Bean's. Improvements in staff knowledge and confidence levels, together with a higher-quality wine list, have positively contributed to overall like-for-like sales growth of the brand. In addition, private functions bookings have been a big success benefiting from increased resources. Pre-booked functions over the crucial Christmas trading period were significantly higher than the previous year, with extensive use of both our own website and other function-booking sites combining to deliver a result ahead of expectations. This increase in bookings has continued into 2007 and we are extremely encouraged by the results to date. Since recruiting a party co-ordinator, the conversion of website enquiries into confirmed bookings has increased from one-in-three to one-in-two. The only major capital project in the first half was to open a bespoke function space above Hodgsons Wine Bar in Chancery Lane, London. This space has been fitted out to maximise both the visual impact and flexibility of function. Since opening in late 2006, bookings have steadily increased and the outlook is promising. These activities have successfully driven sales performance whilst ensuring that gross profit continues to improve. Gross margin in the period under review has increased by 0.5 percentage points to 75.1% (2006: 74.6%). It is anticipated that the re-negotiation of drinks contracts following the acquisition of the seven Puzzle sites in April will deliver further improvements in the second half of the financial year. Sound cost control within the Group continues, with wages, variable costs and central overhead continuing to be kept within acceptable parameters. As a result of these measures, EBITDA excluding exceptional items has increased to #1.2m (2006: #1.1m) with the EBITDA margin improving to 11.0% (2006: 10.8%). The disposal of Canyon restaurant generated sale proceeds of #1.2m and delivered a profit on disposal of #0.5m. Whilst the site was significantly cash generative, this was an excellent result, enabling us to exit from our last remaining fine dining restaurant and focus entirely on our core business. Acquisition The Group announced the acquisition of seven leasehold sites from Puzzle Pub Company Limited just after the half year-end for #1.2m on a multiple of four times historic EBITDA. Integration of the sites has three clear phases; firstly, the transition of back of house systems and operating controls which has already been completed; secondly, achieving Group purchasing benefits and the implementation of operational improvements, which is well underway; and finally, following legal assignment of the leases, refurbishment and repositioning of the sites. To achieve this final phase, these sites will become part of a rolling refurbishment programme over the second half and into the new financial year, with the aim of completing the works in time for Christmas 2007. Financial justification for the acquisition was based on delivering those areas we can control, namely phases I and II with the refurbishment process enhancing the situation. The full financial benefit of the acquisition will therefore be seen in the next financial year. Current Trading and Outlook Immediately after the half year, the Group refurbished Jamies, Bishopsgate, evolving both the design elements of the brand and the details of the offer. The new-look Bishopsgate site now benefits from a greater emphasis on high quality, simply-prepared food and classic cocktails, to complement the existing Jamies wine expertise. Early signs are encouraging, both for this specific site and for the longer-term expansion potential for the Jamies brand. In addition, with a new Henry J Bean's due to open in Wimbledon this summer and advanced discussions on a new franchise opportunity, we look forward to reporting further progress on both brands in the near future. Trade has continued strongly at the start of the second half of the financial year, with like-for-like sales up 8.5% in the first six weeks since the second half. We are well prepared for the implementation of the Smoking ban in England in July 2007 and the trading opportunity which this presents. With the highly cash-generative summer trading period to come, the Board remains confident of another successful year for the Group. Stephen Thomas Chairman 30 May 2007 The Food & Drink Group PLC Unaudited Consolidated Profit & Loss Account for the 29 weeks ended 14 April 2007 29 Weeks 28 Weeks 52 weeks to 14 April to 8 April to 23 Sept 2007 2006 2006 Unaudited Unaudited Audited #'000 #'000 #'000 Turnover 10,490 9,975 20,313 Cost of Sales (2,610) (2,532) (5,032) Gross Profit 7,880 7,443 15,281 Administrative expenses excluding exceptional (7,403) (7,063) (13,929) expenses Exceptional reorganisation costs 0 (150) (150) Total administrative expenses (7,403) (7,213) (14,079) Other Operating Income 0 60 60 Operating Profit on ordinary activities 477 290 1,262 Profit on sale of tangible fixed assets 450 403 373 Interest receivable and similar income 3 6 8 Interest payable and similar charges (345) (404) (715) Profit on ordinary activities before taxation 585 295 928 Taxation on profit on ordinary activities (10) (10) (26) Profit for the financial period 575 285 902 Dividend Paid (50) 0 0 Amounts transferred to reserves 525 285 902 Earnings per share Basic 11.49 p 5.70 p 18.00 p Fully diluted 10.73 p 5.48 p 17.30 p The Food & Drink Group PLC Unaudited Consolidated Balance Sheet As at As at As at 14 April 8 April 23 Sept 2007 2006 2006 Unaudited Unaudited Audited #'000 #'000 #'000 Fixed Assets Intangible 8,697 7,679 8,959 Tangible 10,166 11,028 10,893 18,863 18,707 19,852 Current Assets Stocks 320 313 335 Deferred Tax 684 234 684 Debtors & Prepayments 3,403 2,430 2,862 Cash 1,446 1,110 735 5,853 4,087 4,616 Creditors :amounts falling due within one year (5,836) (7,882) (7,405) Net current assets /(liabilities) 17 (3,795) (2,789) Total assets less current liabilities 18,880 14,912 17,063 Creditors : amounts falling due after more than one year (9,124) (7,500) (7,750) Provisions for liabilities and charges (1,209) 0 (1,309) 8,547 7,412 8,004 Capital and reserves Share capital 50 50 50 Share premium 6,022 8,104 6,022 Merger reserve 0 2,060 0 Capital redemption reserve 0 10,847 0 Other reserve 0 (54) 0 P&L account 2,475 (13,595) 1,932 Shareholders' funds 8,547 7,412 8,004 The Food & Drink Group PLC Unaudited Consolidated Cash Flow Statement for the 29 weeks ended 14 April 2007 29 weeks 28 weeks 52 weeks ended ended ended 14 April 2007 8 April 2006 23 Sept 2006 Unaudited Unaudited Audited #'000 #'000 #'000 Net cash (outflow) / inflow from operating (961) 988 2,213 activities Returns on investment & servicing of finance Interest Received 3 6 8 Interest Paid (345) (404) (715) Net cash outflow from returns on investments (342) (398) (707) and servicing of finance Taxation (10) 0 (26) Capital expenditure and financial investment Purchase of tangible fixed assets (478) (770) (1,104) Net proceeds from sale of tangible fixed 1,253 750 719 assets Net cash inflow/(outflow) from capital 775 (20) (385) investment and financial investment Net cash (outflow) / inflow before (538) 570 1,095 management of liquid resources Financing Cost of issue of new capital 0 0 (25) New short term borrowing 0 750 0 Repayment of short term borrowing (1,125) (750) 0 New long term borrowing 2,374 0 0 Repayment of long term borrowing 0 0 (875) Net cash inflow from financing 1,249 0 (900) Increase in cash 711 570 195 Interim Results for the 29 weeks ended 14 April 2007 Notes to the Interim Results 1. Reconciliation of operating profit to net cash (outflow) / inflow from operating activities 14 April 2007 8 April 2006 23 Sept 2006 Unaudited Unaudited Audited #'000 #'000 #'000 Operating profit for the period 477 290 1,262 Amortisation of goodwill 262 262 549 Depreciation 419 435 759 Loss on sales of fixed asset 0 0 24 (Increase) / decrease in stock 15 (10) (32) Decrease / (increase) in debtors (341) (108) (540) (Decrease) / increase in creditors (1,811) 119 191 Share options charge 18 0 0 Net cash (outflow) / inflow from operating (961) 988 2,213 activities 2. 14 April 2007 8 April 2006 23 Sept 2006 Unaudited Unaudited Audited #'000 #'000 #'000 Increase in cash in the period 711 570 195 Cash outflow / (inflow) from repayment of (1,249) 0 875 loan Change in net debt resulting from cash (538) 570 1,070 flows Non cash changes in net funds - - - Movement in net debt in the year (538) 570 1,070 Net debt at start of period (8,140) (9,210) (9,210) Net debt at end of period (8,678) (8,640) (8,140) 3. Analysis of net funds / (debt) At 23 Cash flow non-cash At 14 Sept #'000 movement April 2006 #'000 2007 #'000 #'000 Cash at bank and in hand 735 711 0 1,446 Loans due before one year (1,500) 500 (1,000) Loans due after one year (7,375) (1,249) (500) (9,124) Financing excluding share capital (8,875) (1,249) 0 (10,124) Total (8,140) (538) 0 (8,678) 4. The interim statements have been prepared under the same accounting policies as the statutory accounts for the period ending 23 September 2006. The Group has adopted FRS20 'Share based payments' in respect of options granted to directors and employees. Share options granted since 7 November 2002, excluding options that have lapsed, have been valued at the grant date using an appropriate options pricing model and are charged to the operating profit over the vesting period of the option. This has given rise to a charge to profits of #18,000 in the current period. Comparative amounts have not been restated as the amounts are not material. 5. Based upon the results of the Group there is no UK corporation tax charge / (credit) for the period. The tax shown relates to withholding tax from international franchise income. 6. The calculation of basic and diluted earnings per share is based upon a profit after taxation for the period of #575,000 (2006: profit #285,000; and a profit for the 52 weeks ended 23 September 2006: #902,000). The number of ordinary shares in issue at the end of the period was 5,005,496, and 5,356,456 on a fully diluted basis, (2006: 5,000,000 and 5,203,073: and 52 weeks ended 23 September 2006: 5,005,496 and 5,202,104). 7. The financial information is unaudited and does not amount to full accounts, within the meaning of Section 240 of the Companies Act, 1985. Accounts for The Food & Drink Group plc for the period to 23 September 2006, have been filed with the Registrar of Companies, and received an unqualified audit report. 8. The Group's profit and loss account includes one exceptional item, relating to profit on sale of tangible fixed assets of #450,000. This relates to the disposal of the sites at Richmond and Camden, and the termination costs of the short term occupancy at Jamies Philpot Lane. 9. Extract of Profit & Loss account showing margin and EBITDA 29 Weeks to 28 Weeks to 52 weeks to 14 April 8 April 23 Sept 2007 2006 2006 unaudited unaudited audited #'000 #'000 #'000 Turnover 10,490 9,975 20,313 Cost of Sales (2,610) (2,532) (5,032) Gross Profit 7,880 7,443 15,281 Gross profit percentage 75.1% 74.6% 75.2% Administrative expenses excluding Exceptional expenses, depreciation and amortisation (6,722) (6,366) (12,621) Earnings before interest, tax, depreciation and amortisation 1,158 1,077 2,660 EBITDA Margin percentage to sales 11.0% 10.8% 13.1% Depreciation (419) (435) (759) Amortisatisation of Goodwill (262) (262) (549) Exceptional reorganisation costs 0 (150) (150) Total administrative expenses (7,403) (7,213) (14,079) Other Operating Income 0 60 60 Operating Profit on ordinary activities 477 290 1,262 10. International Financial Reporting Standards The Group is currently reviewing its implementation of IFRS, which includes identifying the reporting difference between IFRS and UK GAAP. This information is provided by RNS The company news service from the London Stock Exchange END IR SEDFUUSWSEDI
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