Half Yearly Report

RNS Number : 2499A
Fulham Shore PLC (The)
19 December 2014
 



The Fulham Shore PLC

Unaudited interim results for the six months ended 28 September 2014

 

Chairman's Statement

 

I am pleased to announce the unaudited interim results for the six months ended 28 September 2014 for the Fulham Shore PLC ("Fulham Shore" or the "Group")

 

Results

 

During the period we operated a  Franco Manca pizzeria on Tottenham Court Road, London.  For the six months ended 28 September 2014, the Group generated revenue of £953,000 (2013: £Nil) and made a profit after taxation for the period amounting to £59,000 (2013: loss of £74,000). Net cash as at 28 September 2014 was £1,875,000 (2013: £1,266,000) and is currently approximately £3.9 million.

 

Dividends

 

No dividend is being proposed by the Board. It remains the Board's 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

 

As previously announced, following the period end, the Group acquired 99.04% of the issued share capital of Kefi Limited, the owner of The Real Greek restaurant group, on 20 October 2014.

 

At the same time the Group completed a subscription to raise £1.6m and was admitted onto AIM.

 

The Real Greek, since acquisition, has been operating satisfactorily, with sales increasing in line with our expectations. The restaurants have benefited from the mild autumn, especially those with outside seating and Christmas trade is also in line with the Board's expectations.

 

Outlook

 

We currently own and operate seven The Real Greek restaurants and one Franco Manca pizzeria under a franchise agreement. We have commenced building a new The Real Greek restaurant on Berwick Street, Soho, London which is expected to open in Spring 2015 and have other prospective sites under consideration.

 

We continue to seek investment opportunities which have potential for expansion and significant capital growth, and look forward to the conclusion of the financial year with confidence.

 

 

 

David Page

Chairman

 

19 December 2014

 

 

Contacts:

 

The Fulham Shore PLC                                                     www.fulhamshore.com

David Page                                                                            07836 346 934

 

Allenby Capital Limited

Nick Naylor / Jeremy Porter / James Reeve                      020 3328 5656



 

The Fulham Shore PLC

Unaudited Consolidated Statement of Comprehensive Income

for the six months ended 28 September 2014

 



Six months 

ended 

28 September 

2014 

Six months 

ended 

29 September 

2013 

Year 

ended 

30 March 

2014 


Notes

Unaudited 

£'000 

Unaudited 

£'000 

Audited 

£'000 






Revenue


953 

543 






Cost of sales


(497)

(332)



             

             

             

Gross profit


456 

211 






Administrative expenses


(317)

(71)

(326)



             

             

             

Headline operating profit/(loss)


139 

(71)

(115)

Share based payments


(9)

(3)

(7)

Pre-opening costs


(47)

(27)



             

             

             

Operating profit/(loss)


83 

(74)

(149)






Finance income




             

             

             

Profit/(loss) before taxation


84 

(74)

(149)






Income tax expense

3

(25)

(15)



             

             

             

Profit/(loss) for the period attributable to owners of the parent


 

59 

 

(74)

 

(164)



             

             

             






Earnings/(loss) per share










Basic

4

0.1p 

(0.1p)

(0.2p)

Diluted

4

0.1p 

N/A 

N/A 






 



The Fulham Shore PLC

Unaudited Consolidated Balance Sheet

as at 28 September 2014

 


 

 

 

 

Notes

As at 

28 September 

2014 

Unaudited 

£'000 

As at 

29 September 

2013 

Unaudited 

£'000 

As at 

30 March 

2014 

Audited 

£'000 

Non-current assets





Property, plant and equipment


261 

28 

284 

Trade and other receivables


41 

41 



             

             

             



302 

28 

325 

Current assets





Inventories


23 

22 

Trade and other receivables


188 

14 

95 

Cash and cash equivalents

5

1,875 

1,266 

1,675 



             

             

             



2,086 

1,280 

1,792 



             

             

             

Total assets


2,388 

1,308 

2,117 



             

             

             

Current liabilities





Trade and other payables


(436)

(11)

(235)



             

             

             



(436)

(11)

(235)



             

             

             

Net current assets


1,650 

1,269 

1,557 






Non-current liabilities





Deferred tax liabilities


(18)

(15)



             

             

             



(18)

(15)



             

             

             

Total liabilities


(454)

(11)

(250)



             

             

             

Net assets


1,934 

1,297

1,867 



             

             

             

Equity





Share capital


835 

703

835 

Share premium account


1,313 

790

1,314 

Retained deficit


(214)

(196)

(282)



             

             

             

Total equity attributable to owners of the parent


 

1,934 

 

1,297 

 

1,867 



             

             

             



The Fulham Shore PLC

Unaudited Consolidated Statement of Changes in Equity

for the six months ended 28 September 2014

 


Share 

capital 

£'000 

Share 

premium 

£'000 

Retained 

earnings 

£'000 

Total 

equity 

£'000 

Attributable to the owners of the parent










At 31 March 2013

558 

359 

(125)

792 






Loss for the period

(74)

(74)


             

             

             

             

Total comprehensive income for the period

(74)

(74)






Transactions with owners





  Ordinary shares issued (net of expenses)

145 

431 

576 

  Share based payments


             

             

             

             

Total transactions with owners

145 

431 

579 


             

             

             

             

At 29 September 2013

703 

790 

(196)

1,297 






Loss for the period

(90)

(90)


             

             

             

             

Total comprehensive income for the period

(90)

(90)






Transactions with owners





  Ordinary shares issued (net of expenses)

132 

524 

656 

  Share based payments


             

             

             

             

Total transactions with owners

132 

524 

660 


             

             

             

             

At 30 March 2014

835 

1,314 

(282)

1,867 






Profit for the period

59 

59 


             

             

             

             

Total comprehensive income for the period

59 

59 






Transactions with owners





  Ordinary shares issued (net of expenses)

(1)

(1)

  Share based payments


             

             

             

             

Total transactions with owners

(1)


             

             

             

             

At 28 September 2014

835 

1,313 

(214)

1,934 


             

             

             

             

 



The Fulham Shore PLC

Unaudited Consolidated Cash Flow Statement

for the six months ended 28 September 2014

 


 

 

 

 

 

Notes

Six months 

ended 

28 September 

2014 

Unaudited 

£'000 

Six months 

ended 

29 September 

2013 

Unaudited 

£'000 

Year 

ended 

30 March 

2014 

Audited 

£'000 






Net cash from/(used in) operating activities

6

209 

(94)

(58)






Investing activities





Acquisition of property, plant and equipment


(9)

(284)

Interest received




             

             

             

Net cash flow from/(used in) investing activities


(8)

(284)



             

             

             

Financing activities





Proceeds from issuance of new ordinary shares (net of expenses)


 

(1)

 

576 

 

1,232 



             

             

             

Net cash (used in)/from financing activities


(1)

576 

1,232 



             

             

             

Net increase in cash and cash equivalents


200 

482 

890 






Cash and cash equivalents at beginning of the period


1,675 

784 

785 



             

             

             

Cash and cash equivalents at end of period

5

1,875 

1,266 

1,675 



             

             

             

 



The Fulham Shore PLC

Notes to the Unaudited Interim Financial Information

for the six months ended 28 September 2014

 

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 307-308 Linton House, 164-180 Union Street, London, SE1 0LH, 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 28 September 2014 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 year ended 30 March 2014, and those to be applied for the year ending 29 March 2015. The unaudited interim financial information was approved by the Board on 19 December 2014.

 

The interim financial information for the six months ended 28 September 2014 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 March 2014 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 (£'000) except when otherwise indicated.

 

3.             Income Tax Expense

 


Six months 

ended 

28 September 

2014 

Unaudited 

£'000 

Six months 

ended 

29 September 

2013 

Unaudited 

£'000 

Year 

ended 

30 March 

2014 

Audited 

£'000 





Based on the result for the period:




UK Corporation tax at 20% (2013: 20%)

22 


             

             

             

Total current tax

22 





Deferred taxation:




Origination and reversal of timing differences

15 


             

             

             

Total deferred tax

15 


             

             

             

Total taxation charge

25 

15 


             

             

             

 



 

 

4.             Loss per share

 


Six months 

ended 

28 September 

2014 

Unaudited 

£'000 

Six months 

ended 

29 September 

2013 

Unaudited 

£'000 

Year 

ended 

30 March 

2014 

Audited 

£'000 





Profit/(loss) after tax for the purposes of basic and diluted earnings per share:

59 

(74)

(164)





Share based payments

Pre-opening costs

47 

27 


             

             

             

Headline profit/(loss) after tax for the period for the purposes of headline basic and diluted earnings per share:

 

 

115 

 

 

(71)

 

 

(130)


             

             

             

 


Six months 

ended 

28 September 

2014 

Unaudited 

No. 

Six months 

ended 

29 September 

2013 

Unaudited 

No. 

Year 

ended 

30 March 

2014 

Audited 

No. 





Weighted average number of ordinary shares in issue for the purposes of basic earnings per share

 

83,508,600 

 

67,895,285 

 

70,341,107 

Effect of dilutive potential ordinary shares:

- Share options

 

4,755,860 

 

 


             

             

             

Weighted average number of shares for the purpose of diluted earnings per share

 

88,264,460 

 

67,895,285 

 

70,341,107 


             

             

             






Six months 

ended 

28 September 

2014 

Unaudited 

Six months 

ended 

29 September 

2013 

Unaudited 

Year 

ended 

30 March 

2014 

Audited 

Earnings/(loss) per share:








Basic

0.1p 

(0.1p)

(0.2p)

Diluted

0.1p 

N/A 

N/A 





Headline basic

0.1p 

(0.1p)

(0.2p)

Headline diluted

0.1p 

N/A 

N/A 


             

             

             

 

As the Group reported a loss for the six months ended 29 September 2013 and the year ended 30 March 2014, under IAS33, the share options in issue during the period are not considered dilutive.



 

5.             Cash and cash equivalents

 


As at 

28 September 

2014 

Unaudited 

£'000 

As at 

29 September 

2013 

Unaudited 

£'000 

As at 

30 March 

2014 

Audited 

£'000 





Cash at bank and in hand

1,875 

1,266 

1,675 


             

             

             

 

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.

 

6.             Reconciliation of net cash flows from operating activities

 

 

 

Six months 

ended 

28 September 

2014 

Unaudited 

£ 

Six months 

ended 

29 September 

2013 

Unaudited 

£ 

Period 

ended 

30 March 

2014 

Audited 

£ 





Profit/(loss) before taxation

84 

(74)

(149)





Adjustments:




Finance income

(1)

Depreciation and amortisation

32 

32 

Share based payments expense


             

             

             

Operating cash flows before movement in working capital

 

124 

 

(66)

 

(110)

Increase in inventories

(1)

(22)

(Increase)/decrease in trade and other receivables

(93)

23 

(99)

Increase/(decrease) in payables

179 

(51)

173 


             

             

             

Net cash from/(used in) operating activities

209 

(94)

(58)


             

             

             

 


This information is provided by RNS
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