Half Yearly Report

RNS Number : 5956Y

Tasty PLC

07 September 2009

 



Tasty plc

Chairman's statement

I am pleased to report on the Group's half year results for the 26 weeks ended on 28 June 2009, which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ('IFRS').

Results

Turnover for the 26 weeks ended 28 June 2009 was £4,332,000 (2008 - £3,716,000), a 16% increase over the corresponding period. The operating profit, before pre-opening costs of £58,000 (2008 - £107,000), share based payments of £63,000 (2008 - £nil) and redundancy costs of £9,000 (2008 - £50,000), was £69,000 (2008 - £2,000). The overall loss before tax for the period was £49,000 (2008 - £92,000), a 53% improvement to the loss over the previous period.

Basic and diluted loss per share for the period was 0.11p (2008 - 0.29p).

Cash flows and financing

During the period capital expenditure of £834,000 (2008 - £1,786,000) was incurred, predominantly on the fit-out of our new Hornchurch  restaurant. Overall, the net cash outflow prior to financing flows was £407,000 (2008 - £1,393,000) and as at 28 June 2009 the Group had net cash balances of £2,195,000 (2008 - £1,986,000).

Outlook

During the first six months of 2009, we opened one new restaurant, re-branded one from DimT to the new 'Wildwood' brand and sub-let one under-performing restaurant, bringing the number of restaurants at the period end to eleven, made up of eight DimT and three 'Wildwood' restaurants. We intend to acquire a new unit before the end of the year and further expansion will be dependent on the cash resources and opportunities available to the Group.

Despite the continuing challenging economic conditions, we continue to hold our own and trade in line with expectations for 2009.

K Lassman

Chairman

Tasty plc

4 September 2009

Consolidated Statement of Comprehensive Income
(unaudited)
	26 weeks ended		26 weeks ended		52 weeks  ended
	28 June		29 June		28 December
	2009		2008		2008
	£'000		'£'000		£'000
Revenue	4,332		3,716		8,006
Cost of sales	(4,084)		(3,449)		(7,717)
	______		______		______
Gross profit	248		267		289
Administrative expenses	(309)		(422)		(1,983)
	______		______		______
Operating profit/(loss) excluding     pre-opening costs and non trading items	69		2		(111)
Pre-opening costs	(58)		(107)		(150)
Share based payment	(63)		-		(110)
Disposal and impairment of property, plant     and equipment	-		-		(1,229)
Redundancy costs	(9)		(50)		(94)
Operating loss	(61)		(155)		(1,694)
Finance Income	12		63		109
	______		______		______
Loss before taxation	(49)		(92)		(1,585)
Income tax receipt	6		-		6
	______		______		______
Loss and total comprehensive income for the period	(43)		(92)		(1,579)
attributable to equity shareholders	______		______		______
Loss per share - basic and diluted	(0.11p)		(0.29p)		(4.80p)

Consolidated Statement of Changes in Equity
(unaudited)

	Share		Share		Merger		Retained		Total
	capital		premium		reserve		deficit		equity
	£'000		£'000		£'000		£'000		£'000
Balance at 30 December 2007	3,117		8,234		992		(3,349)		8,994
Changes in equity for 26 weeks ended 29 June 2008
Loss for the period	-		-		-		(92)		(92)
Total recognised income and expense for the period	-		-		-		(92)		(92)
Balance at 29 June 2008	3,117		8,234		992		(3,441)		8,902
Changes in equity for 26 weeks ended 28 December 2008
Loss for the period	-		-		-		(1,487)		(1,487)
Total recognised income and expense for the period	-		-		-		(1,487)		(1,487)
Issue of share capital (net of £117,000 issue costs)	667		1,216		-		-		1,883
Share based payments - credit to equity	-		-		-		110		110
Balance at 28 December 2008	3,784		9,450		992		(4,818)		9,408
Changes in equity for 26 weeks ended 28 June 2009
Loss for the period	-		-		-		(43)		(43)
Total recognised income and expense for the period	-		-		-		(43)		(43)
Share based payments - credit to equity	-		-		-		63		63
Balance at 28 June 2009	3,784		9,450		992		(4,798)		9,428

Consolidated Balance Sheet
(unaudited)	28 June			29 June			28 December
	2009			2008			2008
	£'000			£'000			£'000
Non-current assets
Intangible assets	14			10			14
Property, plant and equipment	7,482			6,648			6,861
Pre-paid operating lease charges	748			1,134			767
Deferred tax asset	250			250			250
Other receivables	241			241			241
	______			______			______
	8,735			8,283			8,133
Current assets
Inventories	351			220			313
Pre-paid operating lease charges	36			50			34
Trade and other receivables	599			759			505
Cash and cash equivalents	2,195			1,986			2,602
	______			______			______
	3,181			3,015			3,454
	______			______			______
Total assets	11,916			11,298			11,587
	______			______			______
Non current liabilities
Accruals for lease incentives	(234)			(249)			(239)
Current liabilities
Trade and other payables	(2,254)			(2,147)			(1,940)
	______			______			______
Total liabilities	(2,488)			(2,396)			(2,179)
	______			______			______
Net assets	9,428			8,902			9,408
	______			______			______
Capital and reserves attributable to equity shareholders
Share capital	3,784			3,117			3,784
Share premium	9,450			8,234			9,450
Merger reserve	992			992			992
Retained earnings	(4,798)			(3,441)			(4,818)
	______			______			______
Equity	9,428			8,902			9,408
	______			______			______

Consolidated Cash Flow
(unaudited)	26 weeks ended		26 weeks ended		52 weeks ended
	28 June		29 June		28 December
	2009		2008		2008
	£'000		£'000		£'000
Net cash outflow from operating activities
Loss for the period before taxation	(49)		(92)		(1,585)
Adjustments for
Depreciation	211		179		386
Amortisation	1		-		2
Impairment losses	-		-		1,164
Equity settled share-based payment expense	63		-		110
Finance income	(12)		(63)		(109)
	______		______		______
Net cash inflow/(outflow) from operating activities
before changes in working capital	214		24		(32)
Increase in trade and other receivables	(38)		(381)		(279)
Increase in inventories	(77)		(48)		(141)
Increase in trade and other payables	310		735		462
	______		______		______
Cash generated from operations	409		(330)		10
Income tax received	6		-		6
	______		______		______
Net cash flows from operating activities	415		(330)		16
Investing activities
Purchase of property, plant and equipment	(833)		(1,786)		(2,779)
Purchase of intangible assets	(1)		-		(6)
Interest received	12		63		109
	______		______		______
Net cash outflow from investment activities	(822)		(1,723)		(2,676)
Net cash inflow from financing
Issue of share capital	-		-		1,883
	______		______		______
Net decrease in cash and cash equivalents	(407)		(1,393)		(777)
Cash and equivalents at beginning of period	2,602		3,379		3,379
	______		______		______
Cash and equivalents at end of period	2,195		1,986		2,602
	______		______		______

Notes to the financial statements

1	General information Tasty plc ('Tasty') is a public limited company incorporated in the United Kingdom under the Companies Act (registration number 5826464). The Company is domiciled in the United Kingdom and its registered address is 19 Cavendish Square London W1A 2AW. The Company's ordinary shares are traded on the Alternative Investment Market ('AIM'). Copies of this Interim Report or the Annual Report and Accounts 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 Tasty plc ('Tasty'') has prepared its results under International Financial Reporting Standards and International Financial Reporting Council 'IFRIC' interpretations as adopted by the European Union ('IFRS').  Tasty adopted IFRS with effect from 1 January 2007.   These standards remain subject to ongoing amendment and/or interpretation and are, therefore, still subject to change. Accordingly, information contained in these interim financial statements may need to be updated for subsequent amendments to IFRS or for new standards issued after the balance sheet date.     The basis of preparation and accounting policies followed in the interim report are the same as those set out in the annual report and accounts for the year ended 28 December 2008. As permitted this interim report has not been prepared in accordance with IAS 34 'Interim Financial Reporting', nor has it been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. This Results Announcement does not constitute statutory accounts of the Group within the meaning of sections 434(3) and 435(3) of the Companies Act 2006.  Statutory financial statements for the year ended 28 December 2008, on which the auditors gave an unqualified opinion, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not include a statement under section 237 (2) or (3) of the Companies Act 1985, have been filed with the Registrar of Companies. The results for the 26 weeks to 28 June 2009 and 29 June 2008 are unaudited. The financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£'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 expense The taxation charge for the 26 weeks ended 28 June 2009 has been calculated by applying the estimated effective tax rate for the period ending 27 December 2009

	unaudited	unaudited	audited
	26 weeks to	26 weeks to	52 weeks to
	28 June	29 June	28 December
	2009	2008	2008
	£'000	£'000	£'000
UK corporation tax
Current tax credit on profit/(loss) for the period	-	-	-
Adjustment in respect of prior period	(6)	-	(6)
	_______	_______	_______
Current tax credit for period	(6)	-	(6)
Deferred taxation
Movement in recoverable deferred tax asset	-	-	-
	_______	_______	_______
Total income tax expense/(credit)	(6)	-	(6)
	_______	_______	_______

4   Earnings per share

	unaudited	unaudited
	26 weeks to	26 weeks to	52 weeks to
	28 June	29 June	28 December
	2009	2008	2008
	Pence	Pence	Pence
Loss per share	(0.11)	(0.29)	(4.80)
	_______	_______	_______

Basic and diluted earnings per share are the same as there is no dilution. The share options outstanding in the periods have not been included in the calculation of the loss per share as they are anti-dilutive. Options are only taken into account when their effect is to reduce basic earnings per share or increase basic loss per share. Since the Group has made a loss in the current and prior periods the effect of taking into account potential ordinary shares would nearly always be to reduce the basic loss per share. Earnings per share has been calculated using the numbers shown below:-

	unaudited	unaudited
	26 weeks to	26 weeks to	52 weeks to
	28 June	29 June	28 December
	2009	2008	2008
	£'000	£'000	£'000
Loss for the period	(43)	(92)	(1,579)
	_______	_______	_______
	Number	Number	Number
Weighted average number of ordinary shares in issue	37,837	31,170	32,892
	_______	_______	_______

 

END

 

 

IR FGGGLVDRGLZM