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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| The Fulham Shore Plc | LSE:FUL | London | Ordinary Share | GB00B9F8VG44 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.05 | 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
TIDMFUL
RNS Number : 1718K
Fulham Shore PLC (The)
12 December 2018
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
The Fulham Shore PLC
Unaudited interim results for the six months ended 23 September 2018
The Directors of The Fulham Shore PLC ("Fulham Shore" or the "Group") are pleased to announce the unaudited interim results for the six months ended 23 September 2018 for Fulham Shore.
Financial Highlights
-- Revenues of GBP33.0m (2017: GBP27.5m) -- Headline EBITDA* of GBP4.6m (2017: GBP4.5m) -- EBITDA of GBP4.1m (2017: GBP3.3m) -- Operating profit of GBP1.6m (2017: GBP1.2m) -- Profit after tax of GBP0.9m (2017: GBP0.6m) -- Operating cash inflow of GBP4.9m (2017: GBP3.3m)
-- Net debt of GBP8.9m (24 September 2017: GBP9.7m) and down from GBP12.0m at the last year end
* Definition of Headline EBITDA can be found in note 3 to the unaudited interim financial information.
Operational Highlights
-- Opened 2 new Franco Manca pizzeria -- Franco Manca made over 2,000,000 pizzas in the period -- The Real Greek served over 350,000 tables in the period -- Post the period end:
o One further Franco Manca opened near Aldwych, London
o Increased restaurant opening programme planned for FY2020
David Page, Chairman of Fulham Shore, said:
"Our two restaurant businesses performed well in the first half of the year, driven by a number of factors including: new menu initiatives, including vegan and gluten free options, within both businesses and investment in our digital channels. At the same time, we have remained resolutely focussed on both Franco Manca's and The Real Greek's stand out characteristics: exceptional food provenance and outstanding value for money menu pricing.
During the current financial year to date we have seen sales and profit growth, improved operating cash flow, and reduced debt exposure for the Group. These factors, together with our successful new opening so far this year, have led us to consider increasing our opening programme beyond the current financial year.
The Board remains confident that The Fulham Shore, underpinned by its unique brands and clear growth strategy, remains well positioned for continued growth and a great future."
Contacts:
The Fulham Shore plc www.fulhamshore.com David Page Tel: 020 3026 8129 Allenby Capital Limited (Nominated Adviser and Broker) Tel: 020 3328 5656 Nick Naylor / Jeremy Porter / James Reeve Hudson Sandler (Financial PR) fulhamshore@hudsonsandler.com Alex Brennan / Lucy Wollam Telephone: 020 7796 4133
Notes for editors
Information on The Fulham Shore PLC
Fulham Shore was incorporated in March 2012. The Directors believed that there were attractive investment opportunities within the restaurant sector in the UK and that, given their collective experience in the restaurant sector, they could take advantage of the opportunities which existed.
The ordinary shares of the Company were admitted to trading on AIM in October 2014 in order to capitalise on such opportunities and to give the company employees, customers and public the ability to share in the enterprise.
Today, Fulham Shore owns and operates "The Real Greek" (www.therealgreek.com) and "Franco Manca" (www.francomanca.co.uk) restaurants.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has grown steadily, now offering modern Greek cuisine in 16 restaurants across London and Southern England.
The Real Greek food centres on the delicious, healthy diet of the Eastern Mediterranean, staying true to the Greek ethos of food, family and friends. Dishes are created using premium ingredients sourced from Greece and Cyprus whenever possible, and developed by Tonia Buxton, the face of Greek food in the UK.
The Real Greek's menu and atmosphere retain the spirit of eating in Greece, encouraging diners to take their time eating amongst friends and family, be it a relaxed dinner, family get-together, or a fully catered party.
Franco Manca
Franco Manca opened its first restaurant in 2008 and now has 43 restaurants, primarily in London, but with recent openings in Cambridge, Bath, Oxford and Bristol. Other locations outside London are in the opening pipeline for the next 12 months. Franco Manca also has a franchised pizzeria on the island of Salina in Italy.
Franco Manca's pizza is made from slow-rising sourdough and is baked in an oven that produces high heat. The slow levitation and blast cooking process lock in the flour's natural aroma and moisture, giving a soft and easily digestible crust. Where possible, locally sourced and organic ingredients are used. Pizza prices start from GBP5.00.
Franco Manca has received the following accolades:
Winner of the R200 Best Value Restaurant Operator- Over 20 Sites Award 2017
Winner of the CGA Peach Hero and Icon Awards Best Concept award 2016
"Franco Manca is quite possibly the best pizza restaurant to ever exist in London." - Metro (2016)
Chairman's statement
Introduction
During the six months ended 23 September 2018 (the "Period"), revenue grew to GBP33.0m up 20% from GBP27.5m in the comparable period in the prior year, and Headline EBITDA* increased 1.4% to GBP4.6m (2017: GBP4.5m). Profit before taxation for the Period increased 35% to GBP1.5m (2017: GBP1.1m).
This robust performance was driven by further restaurant openings during the Period as well as increased customer numbers in our existing sites, both of which demonstrate the continued success of the Group's clear growth strategy, popular brands and strong value-for-money proposition.
Strategic progress
During the Period the Group made over 2,000,000 pizzas in Franco Manca and served more than 350,000 tables at The Real Greek.
The Period saw two Franco Manca pizzeria openings, in Bath and Cambridge. Both sites continue to be busy since opening their doors. Our property team continues to excel in finding interesting and sometimes quirky locations for the brand's successful expansion. Franco Manca in Bath is situated in a converted railway arch under Bath Spa railway station, for example, whilst Cambridge is in a listed (and leaning) ex jewellery shop on the Market Square. During the Period, the Group closed the Franco Manca Brighton Marina pizzeria and surrendered the lease to the landlord.
Our 58 strong restaurant estate as at 23 September 2018 performed well in the first half of the year and this was driven by a number of factors. Amongst these were: new menu initiatives, including vegan and gluten free options within both businesses; investment in digital channels; and our policy of keeping menu prices at "everyday value-for-money" levels.
Since we acquired the Franco Manca and The Real Greek businesses, we have concentrated on their stand out characteristics: food provenance and menu pricing. We feel it is essential to source the best produce for our chefs and pizzaioli to work with. These ingredients are fresh and not frozen, local where possible, and with lines of supply controlled by us. The last of these, as we cut out middlemen and agents, together with our increased volume, leads to lower menu prices for our customers. This approach still holds true. It has helped our restaurants thrive and has led, we believe, to high levels of customer loyalty and the increased customer numbers throughout the half year.
Cash flow
During the Period, the Group generated higher net cash inflow from operating activities of GBP4.9m (2017: GBP3.3m). With fewer openings during the Period, the Group invested GBP1.7m (2017: GBP7.0m), the majority of which was in new restaurant openings.
Overall net cash inflow for the Period was GBP2.9m (2017: GBP0.8m) thus reducing net debt. As at 23 September 2018, net debt was GBP8.9m (2017: GBP9.7m), some GBP3.1m less than GBP12.0m at the end of our last financial year end.
Dividends
No dividend is being proposed by the Board in line with its policy that, subject to the availability of distributable reserves, dividends will be paid to shareholders when the Directors believe it is appropriate and prudent to do so.
Current trading and outlook
Since the Period end, we have opened a further Franco Manca, close to Aldwych, London. During the current financial year to date we have seen sales and profit growth, improved operating cash flow, and reduced debt exposure for the Group. These factors, together with our successful new opening so far this year, have led us to consider increasing our opening programme beyond the current financial year, subject to how political events in the UK develop.
In the financial year ending March 2020 ("FY2020"), we plan to open more restaurants than the current financial year. We have to date exchanged contracts for a new Franco Manca in Edinburgh to open in FY2020 and have a number of further locations in advanced legal negotiations with landlords.
We continue to look for well-located new sites at reasonable rents throughout the UK, for both Franco Manca and The Real Greek. The increasing availability of restaurant space, lease incentives and capital contributions, in the current climate, should enable us to achieve higher site returns on capital than we have previously recorded. We are conscious that the longer we wait on a new site or location, the greater the choice of sites, and potentially the better the incentives from landlords. We believe that our two brands are now firmly established; we can afford to grow at a measured pace.
Whilst the turmoil in UK retail and restaurant sectors has continued throughout 2018, we believe that restaurant operations which offer value for money and, above all, food quality and provenance, will continue to prosper. We will respond to Brexit in March 2019 as it occurs, when we understand how it will be implemented and the effect it may have on the UK's mood and prospects. However, we are progressing with contingency plans to prepare for all types of exits.
We will continue to invest in our team members, providing better training and support and, as a growing restaurant business, we continue to encourage career progression. Employee share ownership has been integral to the success of our enterprise and we will continue with this theme in the coming years.
The Directors believe that The Fulham Shore, underpinned by its unique brands and clear growth strategy, is well placed to mitigate the challenges currently facing the UK restaurant sector. As a profitable, growing restaurant company with a great future, we look forward to the second half of our financial year with confidence.
David Page
Chairman
12 December 2018
* Definition of Headline EBITDA can be found in note 3 to the unaudited interim financial information.
The Fulham Shore PLC
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 23 September 2018
Hot Features
Premium
Six months Six months Year
ended ended ended
23 September 24 September 25 March
2018 2017 2018
Notes Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 32,978 27,533 54,695
Cost of sales (19,632) (15,760) (32,039)
Gross profit 13,346 11,773 22,656
Administrative expenses (10,887) (8,991) (18,940)
Headline operating profit 2,459 2,782 3,716
Share based payments (93) (345) (616)
Pre-opening costs (188) (819) (1,209)
Amortisation of brand (411) (411) (821)
Exceptional costs - impairment
of property, plant and equipment - - (867)
Exceptional costs - loss on
disposal of property, plant
and equipment (137) - (61)
Operating profit 1,630 1,207 142
Finance income 2 - 2
Finance costs (155) (112) (254)
Profit before taxation 1,477 1,095 (110)
Income tax expense- current
year 4 (537) (25) (258)
Income tax expense - prior
year - - 218
Profit for the period from
continuing operations 940 1,070 (150)
Loss for the period from discontinued
operations 8 - (475) (415)
Profit for the period 940 595 (565)
Profit for the period attributable
to:
Owners of the company 921 580 (576)
Non-controlling interests 19 15 11
940 595 (565)
Earnings per share
Continuing and discontinued
operations:
Basic 5 0.2p 0.1p (0.1p)
Diluted 5 0.2p 0.1p (0.1p)
Continuing operations:
Basic 5 0.2p 0.2p (0.0p)
Diluted 5 0.2p 0.2p (0.0p)
Headline Basic 5 0.3p 0.4p 0.6p
Headline Diluted 5 0.3p 0.4p 0.6p
There were no other comprehensive income items.
The Fulham Shore PLC
Unaudited Consolidated Balance Sheet
as at 23 September 2018
As at As at As at
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 26,198 26,952 26,550
Property, plant and equipment 31,390 31,424 31,768
Investments 281 200 281
Trade and other receivables 981 1,071 943
Deferred tax assets 362 1,419 193
59,212 61,066 59,735
Current assets
Inventories 1,586 1,341 1,490
Trade and other receivables 4,054 3,169 3,325
Cash and cash equivalents 6 3,249 1,374 359
Assets classified as held for
sale 8 - 213 329
8,889 6,097 5,503
Total assets 68,101 67,163 65,238
Current liabilities
Trade and other payables (12,989) (13,677) (11,521)
Income tax payables (961) (917) (486)
Borrowings - (513) -
(13,950) (15,107) (12,007)
Net current liabilities (5,061) (9,010) (6,504)
Non-current liabilities
Trade and other payables (1,378) - (1,470)
Borrowings (12,100) (10,550) (12,350)
Deferred tax liabilities (1,724) (2,161) (1,779)
(15,202) (12,711) (15,599)
Total liabilities (29,152) (27,818) (27,606)
Net assets 38,949 39,345 37,632
Equity
Share capital 5,714 5,714 5,714
Share premium account 6,889 6,889 6,889
Merger relief reserve 30,459 30,459 30,459
Reverse acquisition reserve (9,469) (9,469) (9,469)
Retained earnings 5,234 5,645 3,936
Total equity attributable to
owners of the company 38,827 39,238 37,529
Non-controlling interest 122 107 103
Total equity 38,949 39,345 37,632
The Fulham Shore PLC
Unaudited Consolidated Statement of Changes in Equity
for the six months ended 23 September 2018
Six months ended 23 September 2018
Unaudited
Attributable to owners of the Company
Reverse Equity Non-
Merger Acq-uisition Share- Control-ling
Share Share Relief Reserve Retained holders ' Interests Total
capital premium Reserve GBP'000 earnings Funds GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 25 March
2018 5,714 6,889 30,459 (9,469) 3,936 37,529 103 37,632
Profit for the
period - - - - 921 921 19 940
Total
comprehensive
income for
the period - - - - 921 921 19 940
Transactions with owners
Share based
payments - - - - 93 93 - 93
Deferred tax
on share
based
payments - - - - 284 284 - 284
Total
transactions
with owners - - - - 377 377 - 377
At 23 September 2018 5,714 6,889 30,459 (9,469) 5,234 38,827 122 38,949
Six months ended 24 September 2017
Unaudited
Attributable to owners of the Company
Reverse Equity Non-
Merger Acq-uisition Share- Control-ling
Share Share Relief Reserve Retained holders ' Interests Total
capital premium Reserve GBP'000 earnings Funds GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 26 March
2017 5,714 6,889 30,459 (9,469) 4,963 38,556 92 38,648
Profit for the
period - - - - 580 580 15 595
Total
comprehensive
income for
the period - - - - 580 580 15 595
Transactions with owners
Share based
payments - - - - 345 345 - 345
Deferred tax
on share
based
payments - - - - (243) (243) - (243)
Total
transactions
with owners - - - - 102 102 - 102
At 24
September
2017 5,714 6,889 30,459 (9,469) 5,645 39,238 107 39,345
Year ended 25 March 2018
Audited
Attributable to owners of the Company
Reverse Equity Non-
Merger Acq- Share- Control-
Share Share Relief uisition Retained holders ling Total
Capital Premium Reserve Reserve Earnings ' Interests Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Funds GBP'000 GBP'000
GBP'000
At 26 March
2017 5,714 6,889 30,459 (9,469) 4,963 38,556 92 38,648
(Loss)/profit
for the year - - - - (576) (576) 11 (565)
Total comprehensive
income - - - - (576) (576) 11 (565)
Transactions with
owners
Share based
payments - - - - 616 616 - 616
Deferred tax
on share based
payments - - - - (1,067) (1,067) - (1,067)
Total transactions
with owners - - - - (451) (451) - (451)
At 25 March
2018 5,714 6,889 30,459 (9,469) 3,936 37,529 103 37,632
The Fulham Shore PLC
Unaudited Consolidated Cash Flow Statement
for the six months ended 23 September 2018
Six months Six months Year
ended ended ended
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Net cash from operating activities 7 4,888 3,327 4,522
Investing activities
Acquisition of property, plant
and equipment (1,710) (6,791) (10,044)
Acquisition of intangible assets (77) (4) (27)
Acquisition of investments - (200) (281)
Disposal of property, plant (137) - -
and equipment
Disposal of discontinued operation 329 - -
Net cash flow used in investing
activities (1,595) (6,995) (10,352)
Financing activities
Capital received from bank borrowings - 4,550 6,350
Repayment of bank borrowings (250)
Interest received 2 - 2
Interest paid (155) (112) (254)
Net cash from financing activities (403) 4,438 6,098
Net increase in cash and cash
equivalents 2,890 770 268
Cash and cash equivalents at
beginning of the period 359 91 91
Cash and cash equivalents at
end of period 7 3,249 861 359
The Fulham Shore PLC
Notes to the Unaudited Interim Financial Information
for the six months ended 23 September 2018
1. General information
The Fulham Shore PLC is a public limited company incorporated and domiciled in England and Wales. The address of the registered office is 1(st) Floor, 50-51 Berwick Street, London, W1F 8SJ, United Kingdom. Copies of this Interim Statement may be obtained from the above address or the investor section of the Group's website at http://www.fulhamshore.com.
2. Basis of preparation
The unaudited interim financial information for the six months ended 23 September 2018 has been prepared under the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 25 March 2018, and those to be applied for the year ending 31 March 2019.
The unaudited interim financial information was approved and authorised for issue by the Board on 12 December 2018.
The unaudited interim financial information for the six months ended 23 September 2018 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 25 March 2018. The information for the year ended 25 March 2018 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement either under section 498(2)-(3) of the Companies Act 2006.
The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (GBP'000) except when otherwise indicated.
Changes in accounting policies and disclosures:
IFRS 9 Financial Instruments (became effective for accounting period commencing on or after 1 January 2018)
This standard deals with the classification, measurement and recognition of financial assets and liabilities. The Group has adopted this accounting standard during the year and the implementation has not had a material impact on the Group.
IFRS 15 Revenue from Contracts with Customers (became effective for accounting periods commencing on or after 1 January 2018)
This standard deals with revenue recognition in contracts with customers. The Group has adopted this accounting standard during the year and the implementation has not had a material impact on the Group.
IFRS 16 Leases (became effective for accounting periods commencing on or after 1 January 2019)
The Group will be required to adopt the new standard for its financial year commencing 1 April 2019.
Under IFRS 16, the majority of the Group's operating leases will be 'on balance sheet' as reflected by a right-of-use asset and corresponding lease liability. As a result, Headline EBITDA will increase as the current operating lease/rental charge will be substituted for an increased depreciation charge, arising from the right-of-use asset, and an increased interest charge, arising from the unwinding of discount on the lease liability, both which are presented below Headline EBITDA. Management are currently assessing the impact of adopting IFRS 16 and accordingly it is not yet practicable to quantify the effects or the option which the Group may select upon transition.
3. Segment information
For management purposes, the Group was organised into two operating divisions during the 6 months ended 23 September 2018. These divisions, The Real Greek and Franco Manca, are the basis on which the Group reports its primary segment information as identified by the chief operating decision maker which is the Group's board of directors.
For the six months ended 23 September 2018 (Unaudited)
The Real Franco
Greek Manca Other
segment segment unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 11,896 21,082 - 32,978
Headline EBITDA* 2,014 2,952 (401) 4,565
Depreciation and amortisation (515) (1,575) (16) (2,106)
Headline operating profit/(loss) 1,499 1,377 (417) 2,459
Pre-opening costs - (188) - (188)
Operating profit/(loss) 1,460 594 (424) 1,630
Finance income 1 1 - 2
Finance costs - (1) (154) (155)
Segment profit/(loss)
before taxation 1,461 594 (578) 1,477
Income tax expense - - (537) (537)
Profit for the period
from continuing operations 1,461 594 (1,115) 940
Assets 13,061 54,285 755 68,101
Liabilities (4,881) (11,147) (13,124) (29,152)
Net assets 8,180 43,138 (12,369) 38,949
Capital expenditure 296 1,415 - 1,711
For the six months ended 24 September 2017 (Unaudited)
The Real Franco
Greek Manca Other
segment segment unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 9,596 17,937 - 27,533
Headline EBITDA* 1,840 3,008 (348) 4,500
Depreciation and amortisation (422) (1,280) (16) (1,718)
Headline operating profit/(loss) 1,418 1,728 (364) 2,782
Pre-opening costs (246) (573) - (819)
Operating profit/(loss) 1,059 599 (451) 1,207
Finance costs - - (112) (112)
Segment profit/(loss)
before taxation 1,059 599 (563) 1,095
Income tax expense - - (25) (25)
Profit/(loss) for the
period from continuing
operations 1,059 599 (588) 1,070
Assets 10,306 52,633 4,224 67,163
Liabilities (5,176) (10,412) (12,230) (27,818)
Net assets 5,130 42,221 (8,006) 39,345
Capital expenditure 2,072 4,295 20 6,387
For the year ended 25 March 2018 (Audited)
The Real Franco
Greek Manca Other
segment segment unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 18,139 36,556 - 54,695
Headline EBITDA* 2,436 5,427 (433) 7,430
Depreciation and amortisation (931) (2,751) (32) (3,714)
Headline operating profit/(loss) 1,505 2,676 (465) 3,716
Pre-opening costs (375) (834) - (1,209)
Impairment of property,
plant and equipment (214) (653) - (897)
Operating profit/(loss) 718 78 (654) 142
Finance income - 2 - 2
Finance costs - (1) (254) (254)
Segment profit/(loss)
before taxation 718 80 (908) (110)
Income tax expense - - (40) (40)
Loss for the year from
continuing operations 718 80 (948) (150)
Assets 11,585 52,757 896 65,238
Liabilities (3,969) (10,208) (13,429) (27,606)
Net assets 7,616 42,549 (12,533) 37,632
Capital expenditure 2,874 6,741 26 9,641
Head office and PLC costs, previously treated as an operating segment, are not related to the Group's two business segments and are therefore included in other unallocated and are not part of a business segment.
The Group's two business segments primarily operate in one geographical area which is the United Kingdom.
*Headline EBITDA is a key measure for the Group as well as industry analysts as it is indicative of ongoing EBITDA generation of the businesses. Headline EBITDA is defined as EBITDA before amortisation of brand, impairment of property, plant and equipment, impairment of goodwill and intangible assets, onerous lease costs, restructuring costs, costs of reverse acquisition, cost of acquisition, share based payments, loss on disposal of property, plant and equipment and pre-opening costs.
Six months Six months Year
ended ended ended
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit/(loss) before taxation
from continuing operations 1,477 1,095 (110)
Finance costs 155 112 254
Finance income (2) - (2)
Operating profit 1,630 1,207 142
Share based payments 93 345 616
Pre-opening costs 188 819 1,209
Amortisation of brand 411 411 821
Exceptional costs- impairment
of property, plant and equipment - - 867
Exceptional costs - loss on
disposal of property, plant
and equipment 137 - 61
Depreciation and amortisation 2,106 1,718 3,714
Headline EBITDA 4,565 4,500 7,430
4. Income Tax Expense
Six months Six months Year
ended ended ended
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Income tax expense on continuing
operations
Based on the result for the
period:
UK Corporation tax at 19% (2017:
19%) 478 384 432
Adjustment in respect of prior
periods - - (65)
Total current tax 478 384 367
Deferred taxation:
Origination and reversal of
temporary differences
Current year 59 (359) (109)
Prior year - - (218)
Total deferred tax 59 (359) (327)
Total taxation expense on profit
from continuing operations 537 25 40
The above is disclosed as:
Income tax expense - current
year 537 25 258
Income tax expense - prior
year - - (218)
537 25 40
During the period ended 23 September 2018, the Group recognised deferred taxation on share based payments crediting equity of GBP284,000 (2017: charge of GBP243,000)
5. Earnings per share
Six months Six months Year
ended ended ended
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit/(loss) for the purpose
of basic and diluted earnings
per share: 921 580 (576)
Add back loss for the purposes
of basic and diluted earnings
per share (discontinued operations): - 475 415
Profit/(loss) for the purposes
of basic and diluted earnings
per share (continuing operations): 921 1,055 (161)
Share based payments 93 345 616
Deferred tax on share based
payments (115) (255) 146
Pre-opening costs 188 819 1,209
Amortisation of brand 411 411 821
Deferred tax on amortisation
of brand (68) (68) (137)
Exceptional costs - impairment
of property, plant and equipment - - 867
Deferred tax on impairment
of property, plant and equipment - - (98)
Exceptional costs - loss on
disposal of property, plant
and equipment 137 - 61
Headline profit for the period
for the purposes of Headline
basic and diluted earnings
per share 1,567 2,307 3,324
Six months Six months Year
ended ended ended
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
No. '000 No. '000 No. '000
Weighted average number of
ordinary shares in issue for
the purposes of basic earnings
per share 571,385 571,385 571,385
Effect of dilutive potential
ordinary shares:
- Share options 7,909 29,467 24,495
Weighted average number of
shares for the purpose of
diluted earnings per share 579,294 600,852 595,880
Six months Six months Year
ended ended ended
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
Earnings per share:
Basic
From continuing operations 0.2p 0.2p (0.0p)
From discontinued operations 0.0p (0.1p) (0.1p)
Total basic earnings per share 0.2p 0.1p (0.1p)
Diluted
From continuing operations 0.2p 0.2p (0.0p)
From discontinued operations 0.0p (0.1p) (0.1p)
Total diluted earnings per
share 0.2p 0.1p (0.1p)
Headline basic 0.3p 0.4p 0.6p
Headline diluted 0.3p 0.4p 0.6p
6. Cash and cash equivalents
As at As at As at
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash at bank and in hand 3,249 1,374 359
Cash and cash equivalents as
presented
in the balance sheet 3,249 1,374 359
Bank overdraft - (513) -
3,249 861 359
Bank balances comprise cash held by the Group on a short term basis with maturity of three months or less. The carrying amount of these assets approximates their fair value.
7. Reconciliation of net cash flows from operating activities
Six months Six months Year
ended ended ended
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit/(loss) from continuing
operations 940 1,070 (150)
Loss from discontinued operations - (475) (415)
Profit/(loss) for the period 940 595 (565)
Adjustments:
Income tax expense 537 29 27
Finance income (2) - (2)
Finance costs 155 112 254
Operating profit for the period 1,630 736 (286)
Depreciation and amortisation 2,517 2,169 4,575
Impairment of property, plant
and equipment - 312 1,062
Loss on disposal of property,
plant and equipment 138 - 63
Share based payments expense 93 345 616
Provision against inventory - 19 -
Operating cash flows before
movement in working capital 4,378 3,581 6,030
Increase in inventories (96) (308) (438)
Increase in trade and other
receivables (767) (690) (719)
Increase in trade and other
payables 1,376 748 63
Cash generated from operations 4,891 3,331 4,936
Income taxes (paid)/received (3) (4) (414)
Net cash from operating activities 4,888 3,327 4,522
8. Discontinued operations and non-current assets classed as held for sale
During the period ended 23 September 2018, the Group disposed of the property and business of the Bukowski franchise at D'Arblay Street, Soho, London. An impairment loss was recognised on reclassification of the property, plant and equipment as held for sale during the year ended 25 March 2018.
Six months Six months Year
ended ended ended
23 September 24 September 25 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue - 342 617
Expenses (501) (850)
Operating profit - (159) (233)
Net finance costs - - -
Loss before taxation - (159) (233)
Income taxation expense - (4) 13
- (163) (220)
Impairment - (312) (195)
Loss from discontinued operations
attributable to the owners
of the company - (475) (415)
Cash flows from discontinued
operations included in the
consolidated cash flow statement
are as follows:
Net cash used in operating
activities - (114) (301)
Net cash used in investing
activities - (18) 18
- (132) (283)
Property, plant and equipment
held for sale - 213 329
The impairment charge above relates to the impairment of the property, plant and equipment for the D'Arblay Street restaurant business. The Group expect the fair value (estimated based on the recent market prices of similar properties in similar locations and initial offers from potential buyers) less costs to be approximately GBP329,000. There are no liabilities expected to be held for sale.
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 FKDDQOBDDKBD
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