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Hotel Chocolat Group (HOTC)

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Wednesday 22 February, 2017

Hotel Chocolat Group

Interim Results

RNS Number : 4827X
Hotel Chocolat Group PLC
22 February 2017
 

22 February 2017

 

Hotel Chocolat Group plc

("Hotel Chocolat", the "Company" or the "Group")

Interim Results

 

Hotel Chocolat Group plc, a premium British chocolatier and omni-channel retailer, today announces its Interim Results for the 26 weeks ended 25 December 2016.

 

Financial highlights:

·      Proforma revenue up 12% to £62.5m (H1 FY16: £55.7m)1

·      Reported revenue up 14% to £62.5m (H1 FY16: £54.9m)

·      Underlying EBITDA up 27% to £13.7m (H1 FY16: £10.8 m)2

·      Underlying EBITDA margin of 21.9% (H1 FY16: 19.7%)

·      Profit before tax up 28% to £11.2m (H1 FY16 £8.8m)

·      Strong balance sheet with net cash at period end of £16.2m (H1 FY16: net debt of £1m)

·      EPS of 7.8p (H1 FY16: adjusted 6.2p)3

 

Operational highlights:

·      Strong sales growth across retail, digital & corporate channels

·      Opened 10 new stores during the period, contributing 4% to Group sales year-on-year

·      Improved Christmas ranges and strong availability resulted in increases in footfall, items per basket  and a mix shift to higher priced gift items

·      Factory investment delivered improved gross margin in the period; +60bps year-on-year

·      Now have 10 Shop+Cafe format stores, giving the ability to flex customer offer for each catchment

·      New website launched January 2017, driving improved conversion

 

1 Hotel Chocolat Estates Limited, Saint Lucia (HCESL) was acquired by the Group in April 2016, proforma result includes HCESL in both years.

2 Underlying EBITDA in H1 FY17 excludes £0.3m of share-based compensation (H1 FY16: £ nil).

3 H1 FY16 profit divided by the number of shares in issue at the time of IPO in May 2016.

 

Angus Thirlwell, Co-founder and Chief Executive Officer of Hotel Chocolat said:

 

"This has been another period of good progress for Hotel Chocolat with strong growth in both sales and profitability. The critical Christmas period was very successful, helped by good availability, popular and innovative new ranges and significantly increased digital transactions.  We have strong plans in place for the key spring seasons of Mother's Day and Easter and are confident of further progress.

 

"I would like to thank everyone in the HC team for continuing to work tirelessly to build the business and strengthen our brand.

 

"We continue to make good headway against our three key strategic objectives of opening more stores, improving our digital capability and increasing our production capacity."

 

This announcement contains inside information for the purposes of the Market Abuse Regulation.

 

For further information:


Hotel Chocolat Group plc

c/o Citigate

+ 44 (0) 20 7638 9571

Angus Thirlwell, Co-founder and Chief Executive Officer



Peter Harris, Co-founder and Development Director



Matt Pritchard, Chief Financial Officer






Citigate Dewe Rogerson - Financial PR


+ 44 (0) 20 7638 9571

Simon Rigby



Ellen Wilton






Liberum Capital Limited - Nominated Advisor and Broker


+ 44 (0) 20 3100 2222

Clayton Bush



Jill Li



 

Notes to Editors:

Hotel Chocolat is a premium British chocolatier with a strong and distinct brand.  The business was founded in 1993 by Angus Thirlwell and Peter Harris and has traded under the Hotel Chocolat brand since 2003. The Group sells its products online and through a network of 93 stores in the UK and abroad. The Group has ten Shop+Cafe format stores, two restaurants in the UK and a cocoa plantation and hotel in Saint Lucia. The Group was admitted to trading on AIM in 2016. 

 

 Chief Executive's statement (inclusive of financial review)

 

RESULTS

 

 

 


Period ended

25 December 2016

£000


Period ended

27 December 2015

£000






Revenue


62,528


54,875

Gross profit


42,544


36,979

Operating expenses


(28,846)


(26,180)

Underlying EBITDA


13,698


10,799

Share-based payments


(277)


-

EBITDA


13,421


10,799

Depreciation & amortisation


(1,743)


(1,590)

Loss on disposal of property, plant & equipment


(16)


-

Operating profit


11,662


9,209

Finance income


3


96

Finance expense


(446)


(528)

Profit before tax


11,219


8,777

Tax expense


(2,422)


(1,782)

Profit for the period


8,797


6,995

Adjusted EPS*


7.8p


6.2p

* Adjusted EPS is calculated by dividing the profit in the prior period by the number of shares in issue at the time of IPO in May 2016.

 

CHIEF EXECUTIVE'S STATEMENT

I am pleased to report continued progress for the Hotel Chocolat brand during the 26 weeks to 25 December 2016. Revenue in the period grew by 14% (12% on a proforma basis) and profit before tax for the period increased by 28%. Hotel Chocolat delivered growth across all channels, benefitting from improved seasonal ranges including new gift hampers, which encouraged customers to "trade up" to higher price points.  The business remains focused on the three key pillars of its growth strategy:

 

1) Open stores including new Shop+Cafe format

We opened 10 new stores in the period and completed one relocation. Of the new stores, seven included variations of our Hot Chocolat-led cafe offer. The modular design of the cafe allows us to tailor the offer to the site and the catchment; for example our new store at Euston station includes a takeaway-only cafe, whereas our new store in Worcester includes 50 seats and a separate space for tasting experiences. The Group also signed a further lease on a 1,500 sq ft unit in a prime location on Buchanan Street in Glasgow, which will open later in 2017.

 

2) Increase capacity and capture efficiencies from the vertically integrated supply chain

Significant capital investments at our factory were completed in September, on time and on budget, this increased manufacturing capacity by 20%. This increase enabled the Group to produce more stock and thus maintain strong availability right up to the end of the Christmas season. Improved efficiency supported a gross margin increase of 0.6 percentage points.

 

3) New digital proposition to grow customer base and improve gifting proposition 

Digital revenues, comprising website plus subscription club, grew 11% overall.

The website delivered a 23% year-on-year growth driven by a strong increase in customer numbers and increased average transaction value. A new website launched in January 2017 and initial indications are encouraging with mobile conversion increasing significantly, the new site is faster and dwell time has also increased.

Subscription club sales declined 6%, while operating profit increased. New customer recruitment activities into the club have been scaled back whilst the model is being improved and reformed around the new website, which launched in January 2017. The next phase of the Tasting Club evolution will improve the online customer experience and integrate product despatch into the central distribution centre, rather than outsource. A new subscription clubs team is now in place to add focus and drive behind this important channel, with good growth opportunities ahead.

 

Other developments

This is the first reporting period for which Hotel Chocolat Estates Limited, Saint Lucia (HCESL) was part of the Group for the full period. Development of a new visitor attraction is progressing well and expected to open in 2018.

 

The Group has a Cocoa Spa in Saint Lucia and also sells a range of Cocoa Beauty products. Currently these products represent less than 1% of total sales. The Group has entered into a joint venture with its Chairman Andrew Gerrie to further develop and grow this category. The Group owns 30% of the venture "Rabot 1745 Limited" and Andrew Gerrie holds 49%, with the balance held by other parties. It is envisaged that the venture will operate as a low cost start-up, with the goal of developing an enhanced beauty product range with a view to growth in the medium to long term.

 

 

FINANCIAL REVIEW

Revenue

10 new stores opened during the period, contributing 4% to the Group's year-on-year growth in revenue. Retail, digital and corporate wholesale all delivered like for like sales growth.

 

Gross margin, operating expense and underlying EBITDA

Gross margin increased 60 basis points to 68.0%, supported by the efficiency investments at the factory.  A tight focus on operating expenses meant that expenditure of £28.8m represented an improved ratio of 46.1% of sales (H1 FY16: 47.7%). The combined effect of increased sales, improved gross margins and a reduction in operating costs as a percent of sales, was a 27% increase in underlying EBITDA to £13.7m (H1 FY16 £10.8m).

 

Share based payments

Share-based payment expense of £0.3m (H1 FY16: £ nil) related to a new share-based Long-Term Incentive Plan and an all-employee Save As You Earn Plan. Both these schemes were detailed in the admission document.

 

Foreign currency

The business manufactures the majority of its products in the UK, however it does purchase some ingredients in foreign currencies, predominantly in Euros. The Group hedges its forecast Euro purchases 18 months ahead.

 

Finance income and expense

Finance income of £3k in H1 FY17 represents interest on bank deposits, in the prior period income of £96k represented related-party loan interest receivable from Hotel Chocolat Estates Limited, Saint Lucia (HCESL). Following the acquisition of HCESL in April 2016 the outstanding loans were capitalised.

 

Earnings per share

Earnings per share in the period were 7.8p. To facilitate a meaningful comparison dividing the profit in the prior period by the number of shares in issue at the time of IPO in May 2016 gives an adjusted prior period EPS of 6.2p.

 

Dividend

The Board does not propose an interim dividend. The Board's objective is to pay a maiden final dividend, subject to the continued performance of the business in the balance of the year.

 

Cash flow and closing cash position

Net cash inflow from operating activities was £22.1m (H1 FY16: £16.2m).

 

Net cash at the end of the period was £16.2m, an improvement of £17.2m on the prior period. The Group has access to an £18m revolving credit facility with Lloyds Bank plc to fund seasonal working capital requirements. The facility matures in April 2018.

 

Major capital projects in the period included 10 new shops, one re-location, the Group's new website and upgrades to the manufacturing facility in Huntingdon.

 

OUTLOOK

Since the end of the period, trading has continued in line with expectations. The plans for the key Mother's Day and Easter seasons build upon the successes of Christmas, including improved gifts and children's ranges. The pipeline for new stores is encouraging with the new formats providing increased flexibility to adapt to different locations. We are in the process of finalising our next set of capacity and capability investments for our production facility in order to ensure we can both meet our growth aspirations and improve efficiency in the years ahead. The transition to the new website happened on time and now provides us with exciting growth potential.

 

The headwinds facing all retailers in the UK are widely projected to drive input cost inflation, however the Group seeks to mitigate these headwinds through a combination of vertical integration, UK-based manufacturing, and currency hedging. A strong differentiated brand that offers great products and customer service, priced as an affordable luxury also provides further mitigation, giving the Board confidence in the Group's continued progress.

 

Angus Thirlwell

Co-founder and Chief Executive Officer

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the period ended 25 December 2016

 


 

 

 

Notes

Unaudited

26 weeks ended

25 December 2016

£


Unaudited

26 weeks ended

27 December 2015

£






Revenue


62,527,738


54,874,984

Cost of sales


(19,983,960)


(17,895,950)



42,543,778


36,979,034






Administrative expenses

2

(30,881,742)


(27,769,970)



11,662,036


9,209,064

Finance income

3

3,068


96,276

Finance expenses

3

(445,871)


(528,098)

Profit before tax


11,219,233


8,777,242






Tax expense


(2,421,861)


(1,782,000)

Profit for the period


8,797,372


6,995,242






Other comprehensive income:





Derivative financial liabilities


(198,302)


-

Deferred tax charge on equity items


113,975


-

Currency translation differences arising from consolidation


 

780,993


 

67,095

Total comprehensive income for the period


9,494,038


7,062,337






Earnings per share - Basic and Diluted (Adjusted*)

4

7.8p


68.6p (6.2p*)

* Adjusted EPS is calculated by dividing the profit in the prior period by the number of shares in issue at the time of IPO in May 2016.

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 25 December 2016

 


 

 

 

 

Notes

Unaudited

As at

25 December 2016

£


Unaudited

As at

27 December 2015

£


Audited

As at

26 June

2016

£

ASSETS







Non-current assets







Intangible assets


2,144,098


1,452,623


1,856,800

Property, plant and equipment

5

29,194,640


13,528,867


26,111,111

Investment in joint ventures


300


-


-

Derivative financial assets


9,346


-


85,075

Prepayments


5,034


-


7,461

Deferred tax asset


-


194,342


-



31,353,418


15,175,832


28,060,447

Current assets







Derivative financial assets


523,385


-


439,239

Inventories


7,569,092


6,115,599


6,604,104

Trade and other receivables


6,194,439


15,023,642


5,534,835

Cash and cash equivalents


23,522,550


14,132,905


6,475,446



37,809,466


35,272,146


19,053,624

Total assets


69,162,884


50,447,978


47,114,071








LIABILITIES







Current liabilities







Trade and other payables

6

25,799,854


21,337,985


16,334,191

Corporation tax payable


2,396,211


1,573,564


611,051

Derivative financial liabilities


144,974


-


-

Bank overdraft


-


2,199,586


-

Borrowings

7

391,994


1,857,347


432,544

Provisions


-


73,932


-



28,733,033


27,042,414


17,377,786

Non-current liabilities







Other payables and accruals

6

1,850,884


1,017,194


1,485,090

Derivative financial liabilities


102,824


-


-

Deferred tax liabilities


10,729


-


78,989

Borrowings

7

6,924,131


11,046,193


6,643,212

Provisions


705,513


487,344


464,486



9,594,081


12,550,731


8,671,777

Total liabilities


38,327,114


39,593,145


26,049,563








NET ASSETS


30,835,770


10,854,833


21,064,508








EQUITY







Share capital


112,838


103,548


112,838

Share premium


11,749,487


-


11,749,487

Retained earnings


16,884,722


10,998,788


8,087,350

Translation reserve


1,134,119


(475,832)


353,126

Merger reserve


223,251


223,251


223,251

Capital redemption reserve


6,301


5,078


6,301

Other reserves


725,052


-


532,155

Total equity attributable to shareholders


 

30,835,770


 

10,854,833


 

21,064,508

 

 

CONSOLIDATED STATEMENT OF CASH FLOW 

For the period ended 25 December 2016

 


 

 

 

Notes

Unaudited

26 weeks ended

25 December 2016

£


Unaudited

26 weeks ended

27 December 2015

£






Profit before tax for the period


11,219,233


8,777,242

Adjusted by:





Depreciation of property, plant and equipment

5

1,605,009


1,227,321

Amortisation of intangible assets


137,983


362,230

Net interest expense


442,803


431,822

Share-based payments


277,224


-

Loss on disposal of property, plant and equipment and intangible assets


 

15,852


 

-

Operating cash flows before movements in working capital


 

13,698,104


 

10,798,615

Increase in inventories


(657,176)


(1,621,758)

Increase in trade and other receivables


(1,036,358)


(1,351,046)

Increase in trade and other payables and provisions


10,842,602


8,861,696

Cash inflow generated from operations


22,847,172


16,687,507

Interest received


3,068


-

Income tax paid


(590,985)


13,925

Interest paid on:





-       finance leases and hire purchase loans


(7,153)


-

-       bank loans and overdraft


(113,417)


(543,575)

Cash flows from operating activities


22,138,685


16,157,857






Purchase of property, plant and equipment


(4,435,006)


(2,759,334)

Proceeds from disposal of property, plant and equipment


 

12,000


 

-

Purchase of intangible assets


(414,299)


(349,860)

Cash flows used in investing activities


(4,837,305)


(3,109,194)






Buy back of Chocolate bonds


(118,000)


(123,000)

Capital element of hire purchase and finance leases repaid


 

(296,827)


 

(219,525)

Proceeds from bank loans


-


4,993,226

Cash flows (used in)/from financing activities


(414,827)


4,650,701






Net change in cash and cash equivalents


16,886,553


17,699,364

Cash and cash equivalents at beginning of period


6,475,446


(5,697,390)

Foreign currency movements


160,551


(68,655)

Cash and cash equivalents at end of period


23,522,550


11,933,319

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 

For the period ended 25 December 2016

 


Share capital

£

 

Share Premium

£

 

Retained earnings

£

 

Translation reserve

£

 

Merger reserve

£

Capital redemption reserve

£

 

Other reserves

£

 

 

Total

£










As at 28 June 2015

103,418

-

4,003,546

(542,927)

223,251

5,078

-

3,792,366

Shares issued in the period

130

-

-

-

-

-

-

130

Profit for the period

-

-

6,995,242

-

-

-

-

6,995,242

Other comprehensive income for the period

-

-

-

67,095

-

-

-

67,095

Equity as at 27 December 2015

103,548

-

10,998,788

(475,832)

223,251

5,078

-

10,854,833










Loss for the period

-

-

(2,911,438)

-

-

-

-

(2,911,438)

Capital redemption

(1,223)

-

-

-

-

1,223

-

-

Shares issued in the period

10,513

11,989,487

-

-

-

-

-

12,000,000

Costs of issue of equity shares

-

(240,000)

-

-

-

-

-

(240,000)

Share-based payments

-

-

-

-

-

-

64,642

64,642

Derivative financial instruments

-

-

-

-

-

-

581,959

581,959

Deferred tax charge on derivative financial instruments

-

-

-

-

-

-

(114,446)

(114,446)

Other comprehensive income for the period

-

-

-

828,958

-

-

-

828,958

Equity as at 26 June 2016

112,838

11,749,487

8,087,350

353,126

223,251

6,301

532,155

21,064,508










Profit for the period

-

-

8,797,372

-

-

-

-

8,797,372

Share-based payments

-

-

-

-

-

-

277,224

277,224

Derivative financial instruments

-

-

-

-

-

-

(198,302)

(198,302)

Deferred tax charge on equity items

-

-

-

-

-

-

113,975

113,975

Other comprehensive income for the period

-

-

-

780,993

-

-

-

780,993

Equity as at 25 December 2016

112,838

11,749,487

16,884,722

1,134,119

223,251

6,301

725,052

30,835,770

 

 

NOTES TO THE INTERIM FINANCIAL INFORMATION

 

1.             Basis of preparation

The consolidated interim financial information has been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs), as adopted by the European Union.

 

The accounts have been prepared in accordance with accounting policies that are consistent with the Group's Annual Report and Accounts for the period ended 26 June 2016 and that are expected to be applied in the Group's Annual Report and Accounts for the period ended 2 July 2017. There are new or revised standards that apply to the period beginning 27 June 2016 but they do not have a material effect on the financial statements for the period ended 25 December 2016.

 

The comparative financial information for the period ended 26 June 2016 in this interim report does not constitute statutory accounts for that period under 435 of the Companies Act 2006.


Statutory accounts for the period ended 26 June 2016 have been delivered to the Registrar of Companies.


The auditors' report on the accounts for 26 June 2016 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

 

The results for the period ended 26 June 2016 have been adjusted to reflect a restatement of fair value of foreign currency forward contracts. The impact of this restatement has been to increase net assets by £935,026 (impacting the derivative financial instruments and deferred tax balances) and increase total comprehensive income by £935,026. Profit after tax and earnings per share are unchanged.

 

2.             Profit from operations

Profit from operations is arrived at after charging:


 

 

Unaudited

26 weeks ended

25 December 2016

£


Unaudited

26 weeks ended

27 December 2015

£






Staff cost


14,477,191


12,215,185

Depreciation of property, plant and equipment


1,605,009


1,227,321

Amortisation of intangible assets


137,983


362,230

Loss on disposal of property, plant and equipment and intangible assets


 

15,852


 

-

Operating leases:





-       Property


4,194,423


4,197,701

-       Plant and equipment


94,548


109,146

Exchange differences


149,253


84,669

Bad debt expense


23,228


37,422

 

 

3.             Finance income and expenses


 

 

Unaudited

26 weeks ended

25 December 2016

£


Unaudited

26 weeks ended

27 December 2015

£






Interest from related party


-


96,260

Interest on bank deposits


3,068


16

Finance income


3,068


96,276






Interest on bank borrowings


157,795


359,810

Interest on derivative financial liabilities


106,802


-

Finance leases and hire purchase contracts


7,153


15,668

Finance charges on Chocolate bonds


174,121


152,620

Finance expenses


445,871


528,098






 

 

4.             Earnings per share

Profit for the period used in the calculation of the basic and diluted earnings per share:


 

 

Unaudited

26 weeks ended

25 December 2016

£


Unaudited

26 weeks ended

27 December 2015

£






Profit after tax for the period


8,797,372


6,995,242






 

The weighted average number of shares for the purposes of diluted earnings per share reconciles to the weighted average number of shares used in the calculation of basic earnings per share as follows:


 

 

Unaudited

26 weeks ended

25 December 2016

£


Unaudited

26 weeks ended

27 December 2015

£






Weighted average number of shares in issue used in the calculation of earnings per share (number)


 

112,837,828


 

10,200,040






Earnings per share (pence) - Basic and Diluted


7.8


68.6

 

Due to the nature of the options granted under the Hotel Chocolat Group plc 2016 Long-Term Incentive Plan, they are considered contingently issuable shares and therefore have no dilutive effect.  

 

 

5.             Property, plant and equipment


 

 

 

 

Freehold property

£

 

 

 

 

Leasehold property

£

Furniture & fittings, Equipment, Computer software & hardware

£

 

 

 

 

Plant & machinery

£

 

 

 

 

 

Total

£







26 weeks ended 27 December 2015






Cost:






As at 28 June 2015

2,840,841

734,999

21,319,086

9,512,635

34,407,561

Additions

-

-

1,208,234

1,253,690

2,461,924

As at 27 December 2015

2,840,841

734,999

22,527,320

10,766,325

36,869,485







Accumulated depreciation:






As at 28 June 2015

279,491

731,356

13,422,487

7,679,963

22,113,297

Depreciation charge

14,204

475

790,833

421,809

1,227,321

As at 27 December 2015

293,695

731,831

14,213,320

8,101,772

23,340,618







Net book value






As at 27 December 2015

2,547,146

3,168

8,314,000

2,664,553

13,528,867







26 weeks ended 25 December 2016






Cost:






As at 26 June 2016

11,469,455

734,999

22,899,192

14,662,588

49,766,234

Additions

132,410

-

3,201,724

639,882

3,974,016

Disposals

-

-

-

(49,900)

(49,900)

Translation differences

675,049

-

113,095

-

788,144

As at 25 December 2016

12,276,914

734,999

26,214,011

15,252,570

54,478,494







Accumulated depreciation:






As at 26 June 2016

408,612

732,306

14,013,001

8,501,204

23,655,123

Depreciation charge

79,564

475

1,035,145

489,825

1,605,009

Disposal

-

-

-

(22,048)

(22,048)

Translation differences

7,168

-

38,602

-

45,770

As at 25 December 2016

495,344

732,781

15,086,748

8,968,981

25,283,854







Net book value






As at 25 December 2016

11,781,570

2,218

11,127,263

6,283,589

29,194,640







 

Included above are assets held under finance leases and hire purchase agreements which, as at 25 December 2016 had a net book value of £465,351 (27 December 2015: £706,749).

 

 

6.             Trade and other payables


 

 

Unaudited

26 weeks ended

25 December 2016

£


Unaudited

26 weeks ended

27 December 2015

£

Current





Trade payables


5,351,132


4,197,655

Other payables


4,140,000


2,310,713

Other taxes payable


5,985,535


5,706,288

Accruals


10,323,187


9,123,329



25,799,854


21,337,985

Non-current





Other payables


1,850,884


1,017,194



1,850,884


1,017,194






 

 

7.             Borrowings


 

 

Unaudited

26 weeks ended

25 December 2016

£


Unaudited

26 weeks ended

27 December 2015

£






Current





Finance and lease hire purchase liabilities


433,244


397,350

Chocolate bonds


6,000


110,000

Bank loans


-


1,349,997



439,244


1,857,347

Unamortised costs of issue


(47,250)


-

Total current borrowings


391,994


1,857,347






Non-current





Finance and lease hire purchase liabilities


336,131


222,193

Chocolate bonds


6,588,000


6,624,000

Bank loans


-


4,200,000

Total non-current borrowings


6,924,131


11,046,193






Total borrowings


7,316,125


12,903,540






Chocolate bonds pay a return either in boxes of luxury chocolates or by way of a Hotel Chocolat gift card. For those bonds with a return in the form of chocolate, the coupon is fixed by number of boxes. For bonds where there is a return paid by way of a Hotel Chocolat gift card, there is a fixed rate of interest. The interest as stated on issue of the bonds ranged between 6.7% and 7.3%.    

 

Chocolate bonds are repayable subject to formal notice given six months prior to a redemption note. In order to redeem the bond, notice must be given by January and payment is made in July of the same year. For all chocolate bonds, where notice has been given, the amount repayable is shown within current liabilities. The remaining bonds for which notice has not yet been given are shown within non-current liabilities. Both bonds are unsecured.

 

On 27 April 2016, the Group negotiated a two-year, bilateral revolving credit facility (RCF). Interest is charged at 1.9% over base rate and a commitment fee of 0.8% is due on the available commitment, not yet drawn down.

 

The existing hire purchase and finance leases are secured by a charge over the related fixed assets and have incurred interest at an effective annual rate of 2.0%. A new finance lease was signed during the period.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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