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Tasty PLC (TAST)

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Tuesday 08 September, 2015

Tasty PLC

Half Yearly Report

RNS Number : 3431Y
Tasty PLC
08 September 2015
 

Tasty plc

("Tasty" or the "Group")

 

Interim Results (unaudited) for the 26 weeks ended 28 June 2015

 

Highlights:

 

·     Revenue up 24% to £17,050,000 (H1 2014 - £13,794,000)

·     Operating profit, before pre-opening costs, share based payments and interest, up 39% to £1,684,000 (H1 2014 - £1,210,000)

·     Pre-tax profit up 36% to £1,327,000 (H1 2014 - £973,000)

·     Six new sites opened in the period and one site 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 28 June 2015, prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS").

 

Results

Turnover for the period was £17,050,000 (2014 - £13,794,000), a 24% increase over the corresponding period and operating profit, before pre-opening costs, share based payments and interest, was £1,684,000 (2014 - £1,210,000), a 39% increase over last year.

 

Pre-tax profit was £1,327,000 (2014 - £973,000) a 36% increase over the corresponding period.  Basic and diluted earnings per share for the period were 1.98p and 1.94p (2014 - 1.40p and 1.38p) a 41% and a 40% increase respectively over last year.

 

Cash flows and financing

During the period capital expenditure of £4,335,000 (2014 - £1,962,000) was incurred.  6   sites have been opened in the period, with a further site opened since the period end.  The Group is currently undertaking construction on 4 sites which are expected to open in Q4 of 2015.

 

Overall, the net cash outflow for the period was £731,000 (2014 - £474,000).   As at 28 June 2015, the Group had net borrowings of £1,737,000 (2014 - net cash £1,933,000).  The Group has an available banking facility of £8,000,000.

 

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 46, which will consist of 6 Dim t and 40 Wildwood and Wildwood Kitchens. The Group continues to look at new sites, has the resources for further acquisitions and expects to have opened a further 4 restaurants by the year end.

 

 

 

K Lassman

Chairman

Tasty plc

 

8 September 2015

 

 

 

 

 

 

Consolidated statement of comprehensive income
for the 26 weeks ended 28 June 2015 (unaudited)

 

 

 

26 weeks to

26 weeks to

 

52 weeks to

 

 

 

 

 

28 June

29 June

 

28 December

 

 

 

 

 

2015

2014

 

2014

 

 

 

 

 

£'000

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

17,050

 

13,794

 

29,734

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

(15,182)

 

(12,276)

 

(26,207)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,868

 

1,518

 

3,527

 

 

 

 

 

 

 

 

 

 

 

 

Administrative costs

 

(484)

 

(492)

 

(901)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,684

 

1,210

 

3,090

 

 

 

Pre-opening costs

 

(252)

 

(136)

 

(360)

 

 

 

Non-trading items

 

(48)

 

(48)

 

(104)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

1,384

 

1,026

 

2,626

 

 

 

 

 

 

 

 

 

 

 

 

Finance expense

 

(57)

 

(53)

 

(74)

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit before tax

 

1,327

 

973

 

2,552

 

 

 

 

 

 

 

 

 

 

 

 

Income tax

 

(275)

 

(230)

 

(500)

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit and total comprehensive income for period

 

 

 

 

 

 

 

 

 

attributable to equity shareholders

 

1,052

 

743

 

2,052

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit per ordinary share

 

 

 

 

 

 

 

 

 

Basic

 

1.98p

 

1.40p

 

4.20p

 

 

 

Diluted

 

1.94p

 

1.38p

 

4.13p

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of changes in equity
for the 26 weeks ended 28 June 2015 (unaudited)

 

 

Share capital

Share premium

Merger reserve

Retained deficit

Total

 

 

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

Balance at 28 December 2014

5,305

13,336

992

(1)

19,632

 

 

 

 

 

 

 

 

 

 

Issue of ordinary shares

14

31

-

-

45

 

 

Total comprehensive income for the period

-

-

-

1,052

1,052

 

 

Share based payments - credit to equity

-

-

-

48

48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 28 June 2015

5,319

13,367

992

1,099

20,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 29 December 2013

5,293

13,317

992

(2,157)

17,445

 

 

 

 

 

 

 

 

 

 

Issue of ordinary shares

12

19

-

-

31

 

 

Total comprehensive income for the period

-

-

-

2,052

2,052

 

 

Share based payments - credit to equity

-

-

-

104

104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 28 December 2014

5,305

13,336

992

(1)

19,632

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated balance sheet
At 28 June 2015 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

28 June 2015

 

 29 June 2014

 

28 December 2014

 

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

Intangible assets

 

443

 

445

 

444

 

 

 

Property, plant and equipment

 

24,025

 

16,641

 

20,391

 

 

 

Pre-paid operating lease charges

 

1,671

 

1,831

 

1,731

 

 

 

Other non-current assets

 

327

 

381

 

341

 

 

 

 

 

26,466

 

19,298

 

22,907

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

Inventories

 

1,328

 

821

 

1,051

 

 

 

Trade and other receivables

 

2,177

 

2,125

 

1,801

 

 

 

Pre-paid operating lease charges

 

152

 

152

 

152

 

 

 

Cash and cash equivalents

 

1,313

 

2,933

 

2,044

 

 

 

 

 

4,970

 

6,031

 

5,048

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

31,436

 

25,329

 

27,955

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

Trade and other payables

 

(6,236)

 

(5,435)

 

(6,536)

 

 

 

Borrowings

 

(375)

 

(375)

 

(500)

 

 

 

 

 

(6,611)

 

(5,810)

 

(7,036)

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

Provisions

 

(55)

 

(65)

 

(55)

 

 

 

Lease incentives

 

(478)

 

(246)

 

(367)

 

 

 

Deferred tax liability

 

(890)

 

(345)

 

(615)

 

 

 

Long-term borrowings

 

(2,625)

 

(625)

 

(250)

 

 

 

 

 

(4,048)

 

(1,281)

 

(1,287)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

(10,659)

 

(7,091)

 

(8,323)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net assets

 

20,777

 

18,238

 

19,632

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

Share capital

 

5,319

 

5,294

 

5,305

 

 

 

Share premium

 

13,367

 

13,318

 

13,336

 

 

 

Merger reserve

 

992

 

992

 

992

 

 

 

Retained deficit

 

1,099

 

(1,366)

 

(1)

 

 

 

Total equity

 

20,777

 

18,238

 

19,632

 

 

 

 

 

Consolidated cash flow statement
for the 26 weeks ended 28 June 2015 (unaudited)

 

 

 

 

26 weeks to

 

26 weeks to

 

52 weeks to

 

 

 

 

 

 

28 June

 

29 June

 

28 December

 

 

 

 

 

 

2015

 

2014

 

2014

 

 

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

 

 

 

 

Cash generated from operations

 

 

1,526

 

1,539

 

5,308

 

 

 

Corporation tax paid

 

 

-

 

-

 

-

 

 

 

Net cash inflow from operating activities

 

 

1,366

 

1,539

 

5,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(4,495)

 

(1,962)

 

(6,378)

 

 

 

Interest received

 

 

-

 

-

 

9

 

 

 

Net cash flows used in investing activities

 

 

(4,495)

 

(1,962)

 

(6,369)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

 

 

Net proceeds from issues of ordinary shares

 

 

45

 

2

 

31

 

 

 

Bank loan receipt

 

 

2,250

 

-

 

-

 

 

 

Bank loan repayment

 

 

-

 

-

 

(250)

 

 

 

Interest paid

 

 

(57)

 

(53)

 

(83)

 

 

 

Net cash flows generated / (used) in financing activities

 

 

2,238

 

(51)

 

(302)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(731)

 

(474)

 

(1,363)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of the period

 

 

2,044

 

3,407

 

3,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents as at 29 June 2014

 

 

1,313

 

2,933

 

2,044

 

 

 

 

 

 

Notes to the condensed financial statements
for the 26 weeks ended 28 June 2015 (unaudited)

 

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.

The financial information for the period ended 28 December 2014 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2014 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2014 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

 

 

 

 

 

 

28 June

 

29 June

 

28 December

 

 

 

 

 

 

2015

 

2014

 

2014

 

 

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share based payments

 

 

(48)

 

(48)

 

(104)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(48)

 

(48)

 

(104)

 

 

 

 

4      Income tax

The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates of 21.5% (2014 - 23.5%).

 

5      Earnings per share

 

 

 

 

 

26 weeks to

 

26 weeks to

 

52 weeks to

 

 

 

 

 

 

28 June

 

29 June

 

28 December

 

 

 

 

 

 

2015

 

2014

 

2014

 

 

 

 

 

 

Pence

 

pence

 

Pence

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per ordinary share

 

 

1.98

 

1.40

 

3.88

 

 

 

Diluted earnings per ordinary share

 

 

1.94

 

1.38

 

 

3.83

 

 



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

 

 

 

 

 

 

28 June

 

29 June

 

28 December

 

 

 

 

 

 

2015

 

2014

 

2014

 

 

 

 

 

 

number '000

 

number '000

 

number     '000

 

 

 

Weighted average ordinary shares (basic)

 

 

53,171

 

52,928

 

52,954

 

 

 

Weighted average ordinary shares (diluted)

 

 

54,278

 

53,788

 

53,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26 weeks to

 

26 weeks to

 

52 weeks to

 

 

 

 

 

 

28 June

 

29 June

 

28 December

 

 

 

 

 

 

2015

 

2014

 

2014

 

 

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

Profit for the financial period

 

 

1,052

 

743

 

2,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

26 weeks to

 

26 weeks to

 

52 weeks to

 

 

 

 

 

 

28 June

 

29 June

 

28 December

 

 

 

 

 

 

2015

 

2014

 

2014

 

 

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit before tax

 

 

1,327

 

973

 

2,552

 

 

 

Finance income

 

 

-

 

-

 

(9)

 

 

 

Finance expense

 

 

57

 

53

 

83

 

 

 

Share based payment charge

 

 

48

 

48

 

104

 

 

 

Depreciation and amortisation and impairment

 

 

922

 

770

 

1,310

 

 

 

Loss on disposal

 

 

-

 

-

 

63

 

 

 

Onerous lease provision movement

 

 

-

 

-

 

(10)

 

 

 

Increase in inventories

 

 

(277)

 

(10)

 

(240)

 

 

 

Increase in trade and other receivables

 

 

(362)

 

(775)

 

(411)

 

 

 

Increase in trade and other payables

 

 

(189)

 

480

 

1,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,526

 

1,539

 

5,308

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 


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