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Tasty PLC (TAST)

  Print          Annual reports

Monday 27 September, 2021

Tasty PLC

Half-year Report

RNS Number : 9806M
Tasty PLC
27 September 2021
 

27 September 2021

 

 

Tasty plc

 

("Tasty", the "Group" or the "Company")

 

Unaudited Interim Results for the 26 weeks ended 27 June 2021

 

Key Points:

 

· Revenue £11.6m (2020: £8.7m); increase of 33%

· Adjusted EBITDA1 of £0.8m (2020: loss £0.1m)

· Impairment charge of £nil (2020: £7.6m)

· Loss after tax for the period of £2.7m (28 June 2020: loss of £11.0m)

· Bank loan as at 27 June 2021 of £1.25m (28 June 2020: £nil)

· Net cash after allowing for bank loan and aged creditors of £4.2m (28 June 2020: net debt of £0.4m)

· All sites closed from 5 January 2021 for indoor dining, re-opened in April 2021 for outdoor dining and dine-in from May 2021

· Currently trading from 49 of 54 restaurants - with temporary closures throughout the half-year due to Covid-19

· Staff shortages have also forced temporary closures and prevented the re-opening of some of the Group's sites

· Trading post period end to date has exceeded management's expectations

 

Adjusted for depreciation, amortisation and share based payments.

 

Chairman's statement

 

Introduction

 

The start of 2021 like 2020 has been a very challenging time but thanks to our dedicated teams, who have worked tirelessly to sustain the business, Tasty has been able to navigate its way through the issues caused by the pandemic. This included lockdowns, re-opening with restrictions and staff shortages.  Tasty has managed to adapt to the changing environment, the different UK Government guidelines whilst at the same time responding to customer preferences and feedback.

 

Our new bank facility and support from our creditors and landlords, as well as Government support, has seen us through this difficult period, and we now have a viable platform on which to build a successful business.

 

Since re-opening for dine-in in May 2021, sales have been encouraging. However, we remain cautious in our approach as we are mindful that performance has been assisted by VAT and rate support, staycations, pent-up demand and a higher level of disposable income.

 

Tasty is now in a good position to take advantage of the opportunities in the sector due to reduced competition and vacant restaurant and retail space.

 

Rent negotiations

The Group has been successful in achieving rent reductions and lease concessions across most of the estate. Landlords have, in the main, been extremely understanding and supportive.

The Group will continue to review its existing estate to consider further sales of underperforming restaurants. It is likely that certain underperforming sites will not re-open and may be sold or surrendered back to the landlord in future.

 

With the support of the majority of our landlords we have managed to avoid a Creditors Voluntary Arrangement (CVA) within the Group.  However, with the potential of rising infections as we head into the colder months, we will continue to monitor the situation closely in the coming months.

 

People

As we have re-opened for dine-in we have been delighted to be creating new jobs. However, like many in the hospitality industry, recruitment and retention has proved to be very difficult, and this continues to be the case.  With the increased sales volume and recruitment not keeping up with the needs of the business, our teams have played a huge part in ensuring that we continue to operate as "normal" as possible. We have been overwhelmed by the dedication and diligence of our teams.

 

Sam Kaye stepped down from the Board on 14 May 2021 to allow him to focus on his other commercial interests. The Board would once again like to thank Sam for the enormous support and invaluable experience that he has provided to the Group from inception. 

Harald Samúelsson was appointed as a Non-Executive Director in May 2021.    Harald has over 20 years of experience in the UK restaurant industry, including as joint managing Director of Côte Restaurants, and we are delighted to have him on our Board .

We currently have plans to strengthen our senior team to establish a structure that will allow us to expand the business.

Environmental, social and governance

From the onset of the pandemic the Board acted quickly to secure the survival of the business and the long-term financial position of the Group, whilst protecting the health of our employees and customers.  We have also retained our focus on sustainability and the environmental impact of the business, and we are an equal opportunities employer.

Re sults

Revenue increased by 33% to £11.6m (2020: £8.7m); several factors contributed to this. In H1 2021 even though the lockdown restrictions unexpectedly lasted longer than H1 2020, we were better positioned to take greater advantage of the takeaway and delivery market which has grown significantly throughout the pandemic and continues to remain strong after the re-opening of dine-in. The adjusted EBITDA for the period was £0.8m (2020: loss £0.1m).

 

Operating loss before highlighted items (as detailed below) was £1.4m (2020: loss £2.7m).

 

IFRS16 has resulted in depreciation on right-of-use (ROU) assets and the interest charge on lease liabilities being greater than the charge for rent that would have been reported pre-IFRS16; the net impact on reported loss is £0.8m. The interest charge on the lease liabilities is higher in the earlier years of a lease.

 

We have reviewed the impairment provision across the ROU assets, fixed assets and goodwill and have not made any provision for the period under review (2020: £7.6m). 

 

After taking into account all non-trade adjustments, the Group has a stated loss after tax for the period of £2.7m (2020: loss £11m).

 

Cash flows and financing

 

Cash inflow from operations was £2.4m (2020: £0.8m). During the period, the net proceeds from the sale of property were £nil (2020: £1.9m).  A bank loan of £1.25m was drawn down in January 2021 (2020: repayment of £1.7m).

 

Overall, the net cash inflow for the period was £1.8m (2020: outflow £1.4m).  As at 27 June 2021, the Group had net cash after bank loan of £8.6m (28 June 2020: net cash of £3.2m).  After allowing for aged creditors net cash was £4.2m (28 June 2020: net debt of £0.4m).

 

Going concern

Covid-19 and Government restrictions have had a significant impact on trading.  Since the onset of the pandemic the Group has minimised costs and cash outflows. This included negotiating rent reductions and lease concessions across most of the estate.  The Government Job Retention Scheme (CJRS) was used to support furloughed staff.  To improve liquidity, a £1.25m four year term loan was fully drawn down in January 2021.

 

The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion the Directors have considered the financial position of the Group, together with its forecasts for the next 12 months from the date of approval of these interim accounts and taking into account possible changes in trading performance. The going concern basis of accounting has, therefore, been adopted in preparing the interim financial report.

Outlook

Trading since re-opening for dine-in in May 2021 has been encouraging and exceeded the Board's expectations. We are hopeful that this will continue to remain positive as schools go back and more people return to the office.  However, we expect that the pent-up demand for eating out will naturally diminish in the winter months and any new Government restrictions on dealing with the pandemic may negatively impact the Group's performance. Despite these uncertainties the Board remains optimistic as to the outlook for the Group and expects to keep under review future opportunities for growth.

Finally thank you once again to all our people, shareholders, suppliers, landlords and other stakeholders who have helped our business in these very difficult times.

 

 

K Lassman

Chairman

Tasty plc

 


27 September 2021

 

 

Enquiries:

 

Tasty plc  Tel: 020 7637 1166

 

Jonny Plant, Chief Executive

 

Cenkos Securities   Tel: 020 7397 8900

 

Katy Birkin/Mark Connelly

 

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (596/2014). Upon publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

 

Consolidated statement of comprehensive income
for the 26 weeks ended 27 June 2021 (unaudited)

 

26 weeks

 to

 

26 weeks to

52 weeks

ended

 

27 June

 

28 June

27 December

 

2021

 

2020

2020

 

£'000

 

£'000

£'000

 

 

 

 

 

 

 

 

 

 

Revenue

11,629

 

8,723

24,228

 

 

 

 

 

Cost of sales

(14,526)

 

(14,304)

(30,330)

 

 

 

 

 

Gross loss

(2,897)

 

(5,581)

(6,102)

 

 

 

 

 

Other income

2,050

 

3,612

5,413

 

 

 

 

 

Total operating expenses

(628)

 

(7,673)

(9,328)

 

 

 

 

 

Operating loss before highlighted items

(1,410)

 

(2,671)

(2,235)

Highlighted items

(65)

 

(6,971)

(7,782)

 

 

 

 

 

Operating loss

(1,475)

 

(9,642)

(10,017)

Finance income

-

 

3

4

Finance expense

(1,263)

 

(1,284)

(2,548)

 

 

 

 

 

Loss before tax

(2,738)

 

(10,923)

(12,561)

 

 

 

 

 

Income tax

-

 

(105)

(105)

Loss and total comprehensive income for period and attributable to owners of the parent

(2,738)

 

(11,028)

(12,666)

Loss per share attributable to the ordinary equity owners of the parent

 

 

 

 

Basic

(1.94p)

 

(7.82p)

(8.98p)

Diluted

(1.85p)

 

(7.82p)

(8.98p)

 

The table below gives additional information to shareholders on key performance indicators: 

 

Post IFRS 16

 

Pre IFRS 16

 

Post IFRS 16

Pre IFRS 16

 

26 weeks

to

 

26 weeks to

 

26 weeks

 to

26 weeks

 to

 

27 June

 

27 June

 

28 June

28 June

 

2021

 

2021

 

2020

2020

 

£'000

 

£'000

 

£'000

£'000

 

 

 

 

 

 

 

EBITDA before highlighted items

824

 

(1,207)

 

(131)

(2,492)

Depreciation and amortisation

(663)

 

(689)

 

(694)

(694)

Incremental depreciation resulting due to IFRS16

(1,571)

 

 

(1,846)

 

 

 

 

 

 

 

Operating loss before highlighted items

(1,410)

 

(1,896)

 

(2,671)

(3,186)

 

Analysis of highlighted items

26 weeks

 to

 

26 weeks to

52 weeks ended

 

27 June

 

28 June

27 December

 

2021

 

2020

2020

 

£'000

 

£'000

£'000

Profit on disposal of property plant and equipment

-

 

1,061

1,184

Restructuring costs

-

 

(15)

(408)

Impairment of right-of-use assets

-

 

(10,466)

(10,043)

Impairment of goodwill

-

 

(326)

(326)

Impairment of property, plant and equipment

-

 

3,195

2,255

Share based payments

(65)

 

(20)

(44)

Impairment of stock due to Covid-19

 

-

 

(400)

(400)

Total highlighted items

(65)

 

(6,971)

(7,782)

 

 

Consolidated statement of changes in equity
for the 26 weeks ended 27 June 2021 (unaudited)

 

Share

Share

Merger

Retained

Total

 

Capital

Premium

Reserve

Deficit

Equity

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

Balance at 27 December 2020

6,061

24,251

992

(30,708)

596

Issue of ordinary shares

-

3

-

-

3

Total comprehensive income for the period

-

-

-

(2,738)

(2,738)

Share based payments - credit to equity

-

-

-

65

65

Balance at 27 June 2021

6,061

24,254

992

(33,381)

(2,074)

 

 

 

 

 

 

Balance at 29 December 2019

6,061

24,251

992

(18,018)

13,286

Issue of ordinary shares

-

-

-

-

-

Total comprehensive income for the period

-

-

-

(11,028)

(11,028)

Share based payments - credit to equity

-

-

-

20

20

Balance at 28 June 2020

6,061

24,251

992

(29,026)

2,278

 

 

 

 

 

 

Balance at 29 December 2019

6,061

24,251

992

(18,018)

13,286

Issue of ordinary shares

-

-

-

-

-

Cost of placing of ordinary shares

-

-

-

(68)

(68)

Total comprehensive income for the period

-

-

-

(12,666)

(12,666)

Share based payments - credit to equity

-

-

-

44

44

Balance at 27 December 2020

6,061

24,251

992

(30,708)

596

 

In January 2021 Daniel Jonathan Plant was awarded 15,676,640 'B' shares in Tasty plc which can be converted to 'A' shares subject to achievement of certain hurdle rates. These 'B' shares were issued at nominal value of 0.00001 pence.

 

Consolidated balance sheet
At 27 June 2021 (unaudited)

 

 

26 weeks to

 

26 weeks to

 

52 weeks ended

 

 

27 June

 

28 June

 

27 December

 

 

2021

 

2020

 

2020

 

 

£'000

 

£'000

 

£'000

Non-current assets

 

 

 

 

 

 

Intangible assets

 

30

 

25

 

26

Property, plant and equipment

 

15,098

 

17,120

 

15,572

Right-of-use- assets

 

38,337

 

41,525

 

39,811

Other non-current assets

 

129

 

147

 

129

Deferred Tax

 

-

 

-

 

-

Total non-current assets

 

53,594

 

58,817

 

55,538

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Inventories

 

1,834

 

2,208

 

1,822

Trade and other receivables

 

1,397

 

2,038

 

1,363

Cash and cash equivalents

 

9,884

 

3,160

 

8,028

Total current assets 

 

13,115

 

7,406

 

11,213

 

 

 

 

 

 

 

Total assets

 

66,709

 

66,223

 

66,751

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

 

(12,210)

 

(7,668)

 

(10,617)

Lease liabilities

 

(3,620)

 

(2,768)

 

(2,904)

Borrowings

 

(104)

 

-

 

-

Total current liabilities

 

(15,934)

 

(10,436)

 

(13,521)

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Provisions

 

(335)

 

(5)

 

(335)

Lease liabilities

 

(51,288)

 

(53,376)

 

(52,219)

Long-term borrowings

 

(1,146)

 

-

 

-

Other payables

 

(80)

 

(128)

 

(80)

Total non-current liabilities

 

(52,849)

 

(53,509)

 

(52,634)

 

 

 

 

 

 

 

Total liabilities

 

(68,783)

 

(63,945)

 

(66,155)

 

 

 

 

 

 

 

Total net (liabilities)\assets

 

(2,074)

 

2,278

 

596

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Share capital

 

6,061

 

6,061

 

6,061

Share premium

 

24,254

 

24,251

 

24,251

Merger reserve

 

992

 

992

 

992

Retained deficit

 

(33,381)

 

(29,026)

 

(30,708)

Total equity

 

(2,074)

 

2,278

 

596

 

 

Consolidated cash flow statement
for the 26 weeks ended 27 June 2021 (unaudited)

 

 

 

26

weeks to

 

26

weeks to

 

52

weeks ended

 

 

27 June

 

28 June

 

27 December

 

 

2021

 

2020

 

2020

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Cash generated from operations

 

2,365

 

913

 

7,575

Corporation tax paid

 

-

 

(105)

 

(105)

Net cash inflow from operating activities

2,365

 

808

 

7,470

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Proceeds from sale of property, plant and equipment

-

 

1,862

 

2,039

Purchase of property, plant and equipment

 

(192)

 

(28)

 

(120)

Interest received

 

-

 

3

 

4

Net cash flows used in investing activities

(192)

 

1,837

 

1,923

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Net proceeds from issues of ordinary shares

 

3

 

-

 

-

Bank loan receipts

 

1,250

 

-

 

-

Bank loan repayment

 

-

 

(1,652)

 

(1,652)

Interest paid

 

(1,263)

 

(1,284)

 

(2,548)

Principal paid on lease liabilities

 

(307)

 

(1,119)

 

(1,735)

Net cash flows used in financing activities

(317)

 

(4,055)

 

(5,935)

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

1,856

 

(1,410)

 

3,458

Cash and cash equivalents at beginning of the period

8,028

 

4,570

 

4,570

Cash and cash equivalents as at 27 June 2021

9,884

 

3,160

 

8,028

 

Notes to the condensed financial statements
for the 26 weeks ended 28 June 2021 (unaudited)

General information

Tasty plc is a public limited company incorporated in the United Kingdom under the Companies Act (registration number 05826464).  The Company is domiciled in the United Kingdom and its registered address is 32 Charlotte Street, London, W1T 2NQ.  The Company's ordinary shares are traded on the AIM Market of the London Stock Exchange ("AIM").  Copies of this Interim Report and the Annual Report and Financial Statements may be obtained from the above address or on the investor relations section of the Company's website at www.dimt.co.uk .

Basis of accounting

The condensed set of financial statements included in this interim financial report has been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the European Union and accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the European Union. The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Company's latest annual audited financial statements.

 

The financial information for the 26 weeks ended 27 June 2021 has not been subject to an audit nor a review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Financial Reporting Council.

The financial information for the period ended 27 December 2020 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2020 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2020 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 condensed 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.

Use of judgements and estimates

In preparing these interim financial statements management has made judgements and estimates that affect the application of accounting policies and measurement of assets and liabilities, income and expense provisions.  Actual results may differ from these estimates. 

Going concern

Covid-19 and Government restrictions have had a significant impact on trading.  Since the onset of the pandemic the Group has minimised costs and cash outflows. This includes negotiating rent reductions and lease concessions across most of the estate.  The Government Job Retention Scheme (CJRS) was used to support furloughed staff.  To improve liquidity a £1.25m four-year term loan was fully drawn down in January 2021.  The Group has also secured a £0.25m overdraft facility which has not been utilised.

The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion the Directors have considered the financial position of the Group, together with its forecasts for the next 12 months from the date of approval of these interim accounts and taking into account possible changes in trading performance should Government restrictions be reintroduced.  The Group monitors cash balances closely to ensure there is sufficient liquidity. Accordingly, t he Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

IFRS 16 'Leases'

The Group adopted IFRS 16 for its period starting 30 December 2019 using the modified retrospective approach on transition, recognising leases at the carried forward value had they been treated as such from inception, without restatement of comparative figures.

 

The right-of-use assets all relate to property leases. The right-of-use assets as at 27 June 2021 were £38.3m (28 June 2020: £41.5m). During the period ended 27 June 2021 the Group made a provision for impairment of the right-of-use assets against a number of sites totalling £nil (period ended 28 June 2020: £10.5m). 

 

Lease liabilities are measured at the carried forward present value of the remaining lease payments discounted using the Group's incremental borrowing rate of 4.5% plus the Bank of England base rate of 0.1%. The lease liabilities as at 27 June 2021 were £54.9m (28 June 2020: £56.1m).

 

Included in profit and loss for the period is £1.6m depreciation of right-of-use assets and £1.2m financial expenses on lease liabilities.

 

Amounts Recognised in the Balance Sheet

 

 

26 weeks

to

 

26 weeks to

52 weeks ended

 

27 June

 

28 June

27 December

 

2021

 

2020

2020

 

£'000

 

£'000

£'000

Right-of-use assets

 

 

 

 

Recognition of adoption of IFRS 16

-

 

55,119

55,119

Balance at beginning of the period

39,811

 

-

-

Additions

541

 

-

-

Reassessment of leases

(444)

 

(1,244)

(814)

Reassessment due to disposal

-

 

-

(859)

Provided for the period

(1,571)

 

(1,846)

(3,592)

Impairment of right-of-use assets

-

 

(10,504)

(10,043)

 

 

 

 

 

Balance at end of the period

38,337

 

41,525

39,811

 

 

 

 

 

Lease liabilities

 

 

 

 

Recognition of adoption of IFRS 16

-

 

(57,408)

(57,408)

Balance at beginning of the period

(55,123)

 

-

-

Additions

(535)

 

-

-

Reassessment of leases

447

 

1,264

814

Reassessment due to disposal

-

 

-

1,039

Interest

(1,237)

 

(1,278)

(2,514)

Lease payment

1,540

 

1,278

2,946

 

 

 

 

 

Balance at end of the period

(54,908)

 

(56,144)

(55,123)

 

 

 

 

 

 

 

 

 

 

Current

(3,620)

 

(2,768)

(2,904)

Non-current

(51,288)

 

(53,376)

(52,219)

Total

(54,908)

 

(56,144)

(55,123)

 

 

 

 

 

 

Amounts Recognised in the Income Statement

 

 

26 weeks

to

 

26 weeks to

52 weeks ended

 

27 June

 

28 June

27 December

 

2021

 

2020

2020

 

£'000

 

£'000

£'000

 

 

 

 

 

Depreciation charge of right-of-use assets

1,571

 

1,846

3,592

Interest expense (included in finance cost)

1,237

 

1,278

2,514

 

 

 

 

 

Total

2,808

 

3,124

6,106

 

Impairments

 

All assets (ROU, fixed assets and goodwill) are reviewed for impairment in accordance with IAS 36 Impairment of Assets, when there are indications that the carrying value may not be recoverable.

Assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.  Where the carrying value of an asset or a cash generating unit (CGU) exceeds its recoverable amount, i.e. the higher of value in use and fair value less costs to dispose of the asset, the asset is written down accordingly.  The Group views each restaurant as a separate CGU.  Value in use is calculated using cash flows excluding outflows from financing costs over the remaining life of the lease for the CGU discounted at 6% (2020: 6%), being the rate considered to reflect the risks associated with the CGUs.  A growth rate of 0.5% has been applied (2020: 0.5%).

An impairment review was undertaken which resulted in an impairment charge of £nil (2020: £7.6m), this is mainly due to trading outside of lockdown being favourable.

The assumptions will be reviewed at year-end to ensure that the cashflow expectations are in line with the latest outlook.

 

Other income

 

The Group has received Government grants in relation to the Coronavirus Job Retention Scheme (CJRS) and Covid-19 Business Grants, provided by the Government in response to Covid-19's impact on the business.

In accordance with IAS 20 (Accounting for Government Grants and Disclosure of Government Assistance) guidelines, the Group has recognised the salary expense as normal and recognised the grant income in profit and loss as the Group becomes entitled to the grant.

Other income includes Government Coronavirus Job Retention Scheme ("CJRS") (£1.9m) and sub-let property income (£0.1m). The Group has also received £1.8m of Government Grants which at the present time have not been recognised in other income while Group assesses when the recognition conditions are met in full.

 Income tax

The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates of 19% (2020: 19%).

Tax charge £nil (2020: £0.1m).

 

Loss per share

 

 

 

 

26 weeks to

 

26 weeks to

 

52 weeks ended

 

 

 

 

27 June

 

28 June

 

27 December

 

 

 

 

2021

 

2020

 

2020

 

 

 

 

Pence

 

Pence

 

Pence

 

 

 

 

 

 

 

 

 

Loss per ordinary share (basic)

 

 

(1.94p)

 

(7.82p)

 

(8.98p)

Loss per ordinary share (diluted)

 

 

(1.85p)

 

(7.82p)

 

(8.98p)

 

 

 

 

 

 

 

 

The basic and diluted loss per share figures are calculated by dividing the net loss for the period attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The diluted earnings per share figure allows for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period. Options are only taken into account when their effect is to reduce basic earnings per share.

Loss per share is calculated using the numbers shown below:

 

 

 

 

 

26 weeks

 to

 

26 weeks to

 

52 weeks ended

27 June

 

28 June

 

27 December

 

 

 

 

2021

 

2020

 

2020

 

 

 

 

number
 '000

 

number
 '000

 

number 
'000

Weighted average ordinary shares (basic)

 

141,090

 

141,090

 

141,090

Weighted average ordinary shares (diluted)

 

148,067

 

141,090

 

141,090

 

 

 

 

 

 

 

 

 

 

 

 

 

26 weeks to

 

26 weeks to

 

52 weeks ended

27 June

 

28 June

 

27 December

 

 

 

 

2021

 

2020

 

2020

 

 

 

 

£'000

 

£'000

 

£'000

Loss for the financial period

 

 

 

(2,738)

 

(11,028)

 

(12,666)

 

 

Reconciliation of result before tax to net cash generated from operating activities

 

 

26 weeks to

 

26 weeks to

 

52 weeks ended

 

27 June

 

28 June

 

27 December

 

2021

 

2020

 

2020

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

Loss before tax

(2,738)

 

(10,923)

 

(12,561)

Finance income

-

 

(3)

 

(4)

Finance expense

26

 

6

 

34

Finance expense (IFRS 16)

1,237

 

1,278

 

2,514

Share based payment charge

65

 

20

 

44

Share issue costs

-

 

-

 

(68)

Depreciation

2,232

 

2,540

 

4,934

Amortisation of intangible assets

2

 

2

 

3

Impairment of goodwill

-

 

326

 

326

Impairment of property, plant and equipment

-

 

(3,195)

 

(2,255)

Impairment of Right-of-use assets

-

 

10,466

 

10,043

Profit from sale of property plant and equipment

-

 

(1,061)

 

(1,184)

Dilapidations provision

-

 

-

 

335

Other non cash

-

 

-

 

1

(Increase) / decrease in inventories

(12)

 

442

 

827

(Increase) / decrease in trade and other receivables

(34)

 

1,159

 

1,852

Increase / (decrease) in trade and other payables

1,587

 

(144)

 

2,734

Net cash inflow from operating activities

2,365

 

913

 

7,575

 

Property, plant and equipment and right-of-use assets

 

Leasehold improvements

Furniture fixtures and computer equipment

Total fixed assets

 

ROU assets

 

Grand total

 

£'000

£'000

£'000

 

£'000

 

£'000

Cost

 

 

 

 

 

 

 

At 29 December 2019

38,661

10,107

48,768

 

  - 

 

48,768

Recognition on adoption of IFRS16

-

-

-

 

55,119

 

55,119

 

 

 

 

 

 

 

 

At 30 December 2019

38,661

10,107

48,768

 

55,119

 

103,887

 

 

 

 

 

 

 

 

Additions

2

118

120

 

-

 

120

Reassessment of leases

-

-

-

 

(1,673)

 

(1,673)

Disposal

(1,487)

(333)

(1,820)

 

-

 

(1,820)

At 27 December 2020

37,176

9,892

47,068

 

53,446

 

100,514

 

 

 

 

 

 

 

 

Additions

13

174

187

 

541

 

728

Reassessment of leases

-

-

-

 

(444)

 

(444)

At 27 June 2021

37,189

10,066

47,255

 

53,543

 

100,798

 

 

 

 

 

 

 

 

Depreciation

 

 

 

 

 

 

 

At 29 December 2019

26,674

7,524

34,198

 

  - 

 

34,198

Provided for the period

757

585

1,342

 

3,592

 

4,934

Impairments

(2,133)

(122)

(2,255)

 

10,043

 

7,788

Disposal

(1,464)

(325)

(1,789)

 

-

 

(1,789)

At 27 December 2020

23,834

7,662

31,496

 

13,635

 

45,131

 

 

 

 

 

 

 

 

Provided for the period

381

280

661

 

1,571

 

2,232

At 27 June 2021

24,215

7,942

32,157

 

15,206

 

47,363

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

At 27 June 2021

12,974

2,124

15,098

 

38,337

 

53,435

 

 

 

 

 

 

 

 

At 27 December 2020

13,342

2,230

15,572

 

39,811 

 

55,383

Borrowings

 

26 weeks to

 

26 weeks to

 

52 weeks ended

 

27 June 2021

 

28 June 2020

 

27 December 2020

 

£'000

 

£'000

 

£'000

Current

 

 

 

 

 

Secured bank borrowings

104

 

-

 

800

Non-current

 

 

 

 

 

Secured bank borrowings

1,146

 

-

 

852

Total

1,250

 

-

 

1,652

 

The £1.25m loan is a four year term loan which has a capital repayment holiday of 12 months and carries interest at a rate of 4.5% per annum over the Bank of England Base Rate. The facility was fully drawn down in January 2021.

 

Reconciliation of financing activity

 

 

Lease liabilities

Lease liabilities

Bank Loan

Bank Loan

 

Total

 

 

 

Due within 1 year

Due after 1 year

Due within 1 year

Due after 1 year

 

 

 

£'000

£'000

£'000

£'000

£'000

 

Net debt as at 29 December 2019

-

-

800

852

1,652

 

IFRS 16 transitional adjustment

1,647

55,761

-

-

57,408

 

Net debt as at 30 December 2019

1,647

55,761

800

852

59,060

 

Cashflow

(1,735)

-

(800)

(852)

(3,387)

 

Addition / (decrease) to lease liability

 

2,992

 

(3,542)

 

-

 

-

 

(550)

 

Net debt as at 27 December 2020

2,904

52,219

-

-

55,123

 

Cashflow

(305)

-

104

1,146

945

 

Addition / (decrease) to lease liability

1,021

(931)

-

-

90

 

Net debt as at 27 June 2021

3,620

51,288

104

1,146

56,158

 

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