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Tasty PLC (TAST)

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Thursday 04 September, 2014

Tasty PLC

Half Yearly Report

RNS Number : 7867Q
Tasty PLC
04 September 2014
 



Tasty plc

("Tasty" or the "Group")

 

Interim Results (unaudited) for the 26 weeks ended 29 June 2014

 

Highlights:

 

·     Revenue up 26% to £13,794,000 (H1 2013 - £10,979,000)

·     Operating profit, before pre-opening costs, up 16% to £1,210,000 (H1 2013 - £1,045,000)

·     Pre-tax profit up 24% to £973,000 (H1 2013 - £787,000)

·     Four new sites opened in the period and three sites opened since the period end

 

Chairman's Statement

 

I am pleased to report on the Group's half year results for the 26 weeks ended on 29 June 2014, which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS").

 

Results

Turnover for the 26 weeks ended 29 June 2014 was £13,794,000 (2013 - £10,979,000), a 26% increase over the corresponding period. 

 

The operating profit, before pre-opening costs, share based payments and interest, was £1,210,000 (2013 - £1,045,000), a 16% increase over last year.

 

Pre-tax profit was £973,000 (2013 - £787,000) a 23.6% increase on the corresponding period.  Basic and diluted earnings per share for the period were 1.40p and 1.38p (2013 - 1.28p and 1.25p) a 9% and a 10% increase over last year.

 

Cash flows and financing

During the period capital expenditure of £1,962,000 (2013 - £2,511,000) was incurred.  4   sites have been opened in the period, with a further 3 sites opened since the period end.  The Group is currently undertaking construction on 2 sites which are expected to open in Q4 of 2014.

 

Overall, the net cash outflow for the period was £474,000 (2013 - £55,000).   As at 29 June 2014, the Group had a net cash balance of £1,933,000 (2013 - net borrowings £944,000).  The Group has an available banking facility of £4,000,000.

 

Outlook

The Group continues to expand its operations through new openings.  Actions are regularly taken to improve profitability at all sites, increasing sales through updated menus and improving food and labour margins.

 

The new sites, as reported above, will bring the total number of restaurants operated by the Group to 37, which will consist of 6 Dim t, 29 Wildwood and Wildwood Kitchens and 2 others. The Group continues to look at new sites and has the resources for further acquisitions.

 

 

 

K Lassman

Chairman

Tasty plc

 

 

Consolidated statement of comprehensive income

for the 26 weeks ended 29 June 2014 (unaudited)

 

 

 

 

 


26 weeks to


26 weeks to


52 weeks to

 

 

 



29 June


30 June


29 December

 

 

 



2014


2013


2013

 

 

 



£'000


£'000


£'000

 

 

 







 

 

 

Revenue


13,794


10,979


 

 

 








 

 

 

Cost of sales


(12,276)


(9,704)


(20,386)

 

 

 








 

 

 

Gross profit


1,518


1,275


 

 

 








 

 

 

Administrative costs


(492)


(429)


 

 

 








 

 

 

Operating profit excluding pre-opening costs and  non-trading items


1,210


1,045


2,301

 

 

 

Pre-opening costs


(136)


(171)


 

 

 

Non-trading items


(48)

 

(28)


(180)

 

 

 








 

 

 

Operating profit


1,026


846


 

 

 








 

 

 

Finance expense


(53)


(59)


 

 

 








 

 

 

Profit before tax


973


787


1,742

 

 

 








 

 

 

Income tax


(230)


(173)


 

 

 








 

 

 

Profit and total comp income for period







 

 

 

attributable to equity shareholders


743


614


1,442

 

 

 








 

 

 

Profit per ordinary share







 

 

 

Basic


1.40p


1.28p


2.95p

 

 

 

Diluted


1.38p


1.25p


2.90p

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Consolidated statement of changes in equity

for the 26 weeks ended 29 June 2014 (unaudited)

 

 

 

Share capital

Share premium

Merger reserve

Retained deficit

Total

 

 

 

£'000

£'000

£'000

£'000

£'000

 

 

 






 

 

Balance at 29 December 2013

5,293

13,317

992

(2,157)

17,445

 

 







 

 

Issue of ordinary shares

1

1

-

-

2

 

 

Total comprehensive income for the period

-

-

-

743

743

 

 

Share based payments - credit to equity

-

-

-

48

48

 

 







 

 







 

 

Balance at 29 June 2014

5,294

13,318

992

(1,366)

18,238

 

 







 

 







 

 







 

 







 

 

Balance at 30 December 2012

4,790

10,359

992

(3,794)

12,347

 

 







 

 

Issue of ordinary shares

6

6

-

-

12

 

 

Total comprehensive income for the period

-

-

-

614

614

 

 

Share based payments - credit to equity

-

-

-

28

28

 

 







 

 







 

 

Balance at 30 June 2013

4,796

10,365

992

(3,152)

13,001

 

 







 

 







 

 







 

 







 

 

Balance at 30 December 2012

4,790

10,359

992

(3,794)

12,347

 

 







 

 

Issue of ordinary shares

503

2,958

-

-

3,461

 

 

Total comprehensive income for the period

-

-

-

1,442

1,442

 

 

Share based payments - credit to equity

-

-

-

195

195

 

 







 

 







 

 

Balance at 29 December 2013

5,293

13,317

992

(2,157)

17,445

 

 

 

 






 

 

 

Consolidated balance sheet

At 29 June 2014 (unaudited)

  

 

 


29 June


30 June


29 December

 

 

 

 

 

 

2014


2013


2013

 

 

 

 


£'000


£'000


£'000

 

 

 

Non-current assets







 

 

 

Intangible assets


445


448


446

 

 

 

Property, plant and equipment


16,641


13,795


15,384

 

 

 

Pre-paid operating lease charges


1,831


2,011


1,895

 

 

 

Deferred tax asset


-


12


-

 

 

 

Other non-current assets


381


437


381

 

 

 



19,298


16,703


18,106

 

 

 








 

 

 

Current assets







 

 

 

Inventories


821


733


811

 

 

 

Trade and other receivables


2,125


1,573


1,350

 

 

 

Pre-paid operating lease charges


152


100


152

 

 

 

Cash and cash equivalents


2,933


1,556


3,407

 

 

 



6,031


3,962


5,720

 

 

 








 

 

 

Total assets


25,329


20,665


23,826

 

 

 








 

 

 

Current liabilities







 

 

 

Trade and other payables


(5,435)


(4,893)


(5,009)

 

 

 

Borrowings


(375)


(2,500)


(250)

 

 

 



(5,810)


(7,393)


(5,259)

 

 

 








 

 

 

Non-current liabilities







 

 

 

Provisions


(65)


(72)


(65)

 

 

 

Lease incentives


(246)


(199)


(192)

 

 

 

Deferred tax liability


(345)


-


(115)

 

 

 

Long-term borrowings


(625)


-


(750)

 

 

 



(1,281)


(271)


(1,122)

 

 

 








 

 

 

Total liabilities


(7,091)


(7,664)


(6,381)

 

 

 








 

 

 

Total net assets


18,238


13,001


17,445

 

 

 








 

 

 

Equity







 

 

 

Share capital


5,294


4,796


5,293

 

 

 

Share premium


13,318


10,365


13,317

 

 

 

Merger reserve


992


992


992

 

 

 

Retained deficit


(1,366)


(3,152)


(2,157)

 

 

 

Total equity


18,238


13,001


17,445

 

 

 

 

 

Consolidated cash flow statement

for the 26 weeks ended 29 June 2014 (unaudited)

 

 




26 weeks to


26 weeks to


52 weeks to

 

 

 




29 June


30 June


29 December

 

 

 




2014


2013


2013

 

 

 




£'000


£'000


£'000

 

 

 









 

 

 

Operating activities








 

 

 

Cash generated from operations



1,539


969


3,238

 

 

 

Corporation tax paid



-


-


-

 

 

 

Net cash inflow from operating activities



1,539


969


3,238

 

 

 









 

 

 









 

 

 

Investing activities








 

 

 

Purchase of property, plant and equipment



(1,962)


(2,511)


(4,783)

 

 

 

Interest received



-


-


14

 

 

 

Net cash flows used in investing activities



(1,962)


(2,511)


(4,769)

 

 

 









 

 

 









 

 

 

Financing activities








 

 

 

Net proceeds from issues of ordinary shares



2


12


3,461

 

 

 

Bank loan receipt



-


1,500


1,500

 

 

 

Bank loan repayment



-


-


(1,500)

 

 

 

Interest paid



(53)


(25)


(134)

 

 

 

Net cash flows used in financing activities



(51)


1,487


3,327

 

 

 









 

 

 









 

 

 

Net increase/(decrease) in cash and cash equivalents



(474)


(55)


1,796

 

 

 









 

 

 

Cash and cash equivalents at beginning of the period



3,407


1,611


1,611

 

 

 









 

 

 









 

 

 

Cash and cash equivalents as at 29 June 2014



2,933


1,556


3,407

 

 

 

 

 

Notes to the condensed 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 32 Charlotte Street, London, W1T 2NQ.  The Company's ordinary shares are traded on the Alternative Investment Market of the London Stock Exchange ("AIM").  Copies of this Interim Report or 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.

 

2      Basis of accounting

The condensed financial statements have been prepared using 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 however, for the current period the Group has adopted IFRS 13 "Fair value measurement" which has had no significant impact on the results or financial position.

The financial information for the period ended 29 December 2013 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2013 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2013 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.

 

3      Non-trading items

 

 

 

 

 

26 weeks to


26 weeks to


52 weeks to

 

 

 

 


 

29 June


30 June


29 December

 

 

 

 


 

2014


2013


2013

 

 

 

 


 

£'000


£'000


£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reversal of Impairment of property, plant and equipment

 

 

-

 

-

 

15

 

 

 

Share based payments

 

 

(48)

 

(28)

 

(195)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(48)

 

(28)

 

(180)

 

 

 

 

4      Income tax

The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates for the 52 weeks to 28 December 2014 applied to the profit before tax for the 26 weeks ending 29 June 2014. The full-year effective tax rate on profit before tax is estimated to be 23.5% (2013 - 23.75%).

 

5      Earnings per share

 

 

 

 

 

26 weeks to


26 weeks to


52 weeks to

 

 

 

 


 

29 June


30 June


29 December

 

 

 

 


 

2014


2013


2013

 

 

 

 


 

pence


pence


pence

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per ordinary share

 

 

1.40

 

1.28

 

2.95

 

 

 

Diluted earnings per ordinary share

 

 

1.38

 

1.25

 

 

2.90

 

 



The basic earnings per share figures are calculated by dividing the net profit 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.

Earnings per share have been calculated using the numbers shown below:

 

 

 

 

 

 

 

26 weeks 
to


26 weeks 
to


52 weeks 
to

 

 

 

 


 

29 June


30 June


29 December

 

 

 

 


 

2014


2013


2013

 

 

 

 


 

number '000


number '000


number 
'000

 

 

 

Weighted average ordinary shares (basic)

 

 

52,928

 

47,963

 

48,896

 

 

 

Weighted average ordinary shares (diluted)

 

 

53,788

 

49,012

 

49,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26 weeks to


26 weeks to


52 weeks 
to

 

 

 

 


 

29 June


30 June


29 December

 

 

 

 


 

2014


2013


2013

 

 

 

 


 

£'000


£'000


£'000

 

 

 

Profit for the financial period

 

 

743

 

614

 

1,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6      Reconciliation of profit before tax to net cash inflow from operating activities

 

 

 

 

 

26 weeks to


26 weeks to


52 weeks 
to

 

 

 

 


 

29 June


30 June


29 December

 

 

 

 


 

2014


2013


2013

 

 

 

 


 

£'000


£'000


£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit before tax



973


787


1,742

 

 

 

Finance income



-


-


(14)

 

 

 

Finance expense



53


59


134

 

 

 

Share based payment charge



48


28


195

 

 

 

Depreciation and amortisation and impairment



770


506


1,124

 

 

 

Loss on disposal



-


-


68

 

 

 

Onerous lease provision movement



-


(3)


(10)

 

 

 

Increase in inventories



(10)


(44)


(122)

 

 

 

Increase in trade and other receivables



(775)


(520)


(138)

 

 

 

Increase in trade and other payables



480


156


259

 

 

 









 

 

 




1,539


969


3,238

 

 

 










 

 

 

7      Related party transactions

During the period the Group has entered into one new operating lease with a related party. The rent paid under this lease (£32,000 per annum) is considered to be a reasonable reflection of the market rent for the property concerned. Other than annual commitments under ongoing lease arrangements which were disclosed in note 29 of the 2013 annual report and financial statements, there were no other related party transactions in the period.

 

 

 


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