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Hydro Hotel, Eastbourne, Plc (HYDP)

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Tuesday 19 January, 2010

Hydro Hotel, Eastbourne, Plc

Final Results




The profit for the financial year after taxation was GBP69,927 (2008
GBP245,704). Turnover from the Hydro Hotel operation decreased during the year
by 4.7%. Earnings per share were 11.65p compared to 40.95p for the previous

The Company generated cash from ongoing operations of GBP203,130 (2008
GBP452,911) and invested GBP393,965 in new fixed assets (2008 GBP294,605).
During the year the Company paid ordinary dividends of GBP162,000 (2008
GBP162,000). At the year end the Company had net current assets of GBP834,806
(2008 GBP1,097,534).


Results for year to October 31, 2009

Trading conditions during 2009 were difficult for the Company. Private
individuals reduced their spending in response to worsening employment
prospects and severe reductions in interest income from their investments. The
business sector also curtailed its spending significantly, and we found that
while the numbers of conferences and functions held up fairly well, the number
of participants at each event was significantly down on previous levels.
Management responded by pricing competitively to maintain volumes which
restricted the reduction in turnover to 4.7%, but at the expense of some
reduction in gross margin. In spite of the difficult business conditions we
made conscious decisions to maintain our investment programme, and to maintain
staff levels, so that the hotel continues to be the hotel of choice for our
clientele. These decisions have resulted in reduced profitability for the year,
but the Company has strong reserves and assets and so we are able to propose a
maintained dividend.

Developments since October 31, 2009

Forward bookings are below the levels experienced in previous years, and
consequently we have reduced our repair budget for the current year by
one-third while still refurbishing nine guest bedrooms to maintain the quality
of our room stock. We are deferring for the time being the renovation of the
main lift which has had a new motor and remains serviceable. Electricity and
gas contracts have been negotiated at more favourable rates for the current
period, and the completion of the installation of new boilers will improve gas
consumption efficiency. Management are focused on enhancing profitability in
what continues to be a weak trading environment.

In response to customer feedback we are currently refurbishing the ladies
ground floor facilities to provide additional capacity and a better ambience.

During the year the Board reviewed whether to redevelop the garage block and
surrounding areas to offer more on site car parking, but in the current climate
we have decided not to proceed with this.

Our Staff

Ian Turnbull, our Executive Director and General Manager of the hotel, has led
his team effectively during a difficult year. He recruited a key member to his
management team, James Penn, our Head Chef. A strong team in the kitchen is, of
course, vital to our food offering, which makes up a major part of our sales. I
wish to record our thanks to all our staff for keeping customer satisfaction as
the cornerstone of their performance and to maintaining that special quality of
service which is the hallmark of Hydro Hotel.

                                        Graeme C King, MA, CA                  
19 January 2010                         Chairman of the Board                  

                                                       2009           2008     
                                                        GBP           GBP      
     Continuing operations                         3,438,376     3,608,092     
     Cost of sales                                 3,170,422     3,169,805     
GROSS PROFIT                                         267,954       438,257       
     Administrative expenses                         205,140       198,011       
OPERATING PROFIT                                      62,814       240,276       
INTEREST RECEIVABLE                                   26,604        70,669        
INTEREST PAID                                            (57)         (153)         
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION         89,361       310,792       
TAXATION ON PROFIT ON ORDINARY ACTIVITIES             19,434        65,088        
Earnings per share - continuing operations             11.65p        40.95p    

BALANCE SHEET AT 31 OCTOBER 2009                                              
                                                       2009          2008     
                                                        GBP           GBP     
FIXED ASSETS                                                                  
Tangible Assets                                                               
     Freehold land and buildings                   1,759,886     1,737,011    
     Furniture and equipment                       1,100,232       941,011      
                                                   2,860,118     2,678,022    
CURRENT ASSETS                                                                
     Stocks                                           41,969        42,464       
     Debtors                                         126,895       125,492      
     Investment                                      600,000     1,100,000    
     Cash at bank and in hand                        589,884       471,721      
                                                   1,358,748     1,739,677    
     Amounts falling due within one year            (523,942)     (642,143)    
NET CURRENT ASSETS                                   834,806     1,097,534    
TOTAL ASSETS LESS CURRENT LIABILITIES              3,694,924     3,775,556    
PROVISION FOR LIABILITIES AND CHARGES                (91,296)      (79,855)     
TOTAL ASSETS LESS LIABILITIES                  GBP 3,603,628 GBP 3,695,701
CAPITAL AND RESERVES                                                          
     Ordinary Shares - Authorised and Issued:                                 
     600,000 Shares of GPB1.00 each fully paid      600,000       600,000      
     Revaluation Reserve                            431,813       437,740      
     Profit and Loss Account                      2,571,815     2,657,961    
EQUITY SHAREHOLDERS' FUNDS                    GBP 3,603,628 GBP 3,695,701

The financial information set out above does not constitute statutory accounts
as defined in section 434 of the Companies Act 2006. Statutory accounts for the
year ended 31 October 2009 have not to date been delivered to the Registrar of
Companies. The Company's auditors, PKF (UK) LLP, have issued an unqualified
audit report which does not contain a statement under section 498 of the
Companies Act 2006 in respect of these accounts.

DIVIDEND ANNOUNCEMENT                                                          

An interim dividend of 7.0p per share will be paid on 21 January 2010 (2009

The Board have declared a final dividend for the year ended 31 October 2009 of
20.0p per share (2008 20.0p). Subject to approval at the Annual General
Meeting, this final dividend will be paid on 6 May 2010 to shareholders on the
register on 13 April 2010.

The Directors of Hydro Hotel, Eastbourne, plc accept responsibility for this
announcement, which has been approved for the purposes of the Financial
Services and Markets Act 2000 by PKF (UK) LLP, Farringdon Place, 20 Farringdon
Road, London EC1M 3AP, who are authorised by the Financial Services Authority
for investment business.