REG - Cooks Coffee Company - Interim Results
28/11/2025 08:30
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RNS Number : 4454J Cooks Coffee Company Limited 28 November 2025
28 November 2025
Cooks Coffee Company Limited
("Cooks Coffee", or the "Company" or the "Group")
Interim Results
Cooks Coffee Company (NZX:CCC; AQUIS:COOK), the international coffee focused
café chain, announces its results for the six months ended 30 September 2025.
Period Highlights
· Group revenues increased by 111% to NZ$5.77m (2025: NZ$2.74m)
· Significant increase in growth was derived from Company managed stores in
Ireland following the partnership with Dairygold.
· excluding the Dairygold partnership the like-for-like revenue was
$3.27m with a 19.3% growth.
· new flagship location in Mallow, Cork opened in June 2025 and is
now the second highest sales store in the Group and was selected in the final
grouping for stores in the prestigious national annual Retail Excellence
Ireland Awards.
· Group EBITDA for the period was NZ$0.61m, compared with NZ$0.81m last year.
The previous year contained a credit adjustment of $166k if normalised the
EBITDA is down 5% from the prior year.
· Company Net Profit before tax from Continuing business was NZ$0.068m compared
to a Net Profit of NZ$0.53m last year.
· Total store sales in the UK increased by 26.7% to NZ$33.2m as the development
in suburban areas and smaller market towns gained further momentum. Like for
like sales in the UK were up +3.5%.
· Total sales in Ireland increased +27.4% to NZ$12.3m. Like for like sales in
Ireland were up +6.4%.
· Overall store sales for UK & Ireland increased +26.9% to NZ$45.5m.
· Operating stores at the end of September were 96 in UK & Ireland, up from
85 at the end of March 2025.
· The first of the stores in partnership with Tesco in Ireland
opened in Tullamore a town of almost 16,000 population in County Offaly in
Leinster Province.
· This opening brings total stores open between UK & Ireland to
100 at the date of preparing this report.
· During the period NZ$1.769m of debt reduction has occurred, with interest
costs reducing by NZ$66k compared to FY25.
Post Period Trading
Group store sales for the eight-week period to 24(th) November have maintained
the positive momentum seen over the past six months with total store sales in
the UK up 18.6% and in Ireland store sales up 29.8% compared to the previous
year with total sales for the core business up 21.8% for the eight week
period.
The Company remains dedicated to building the business based on ethical
principles and community values.
Aiden Keegan, CEO of Cooks Coffee Company, commented: "The Board is pleased to
report a strong period of growth. This is testament to the hard work of all
our franchisees, Regional Developers in the UK and strong offering that we
provide. The Group continues to open new stores in desirable locations in
market towns and suburbs plus new housing developments. We are also delighted
with the new partnership arrangements with Dairygold and TESCO and the Group
expects to deliver a robust set of numbers for the full year."
Enquiries:
Cooks Coffee Company Limited +64 21 702 509 (New Zealand)
Keith Jackson (Executive Chairman) keith.jackson@cookscoffeecompany.com
(mailto:keith.jackson@cookscoffeecompany.com)
Aiden Keegan (Chief Executive)
+44 (0) 7980 608 440 (UK)
aiden@esquirescoffee.co.uk (mailto:aiden@esquirescoffee.co.uk)
+44 (0) 20 3934 6630 (UK)
ukinvestorrelations@cookscoffeecompany.com
(mailto:ukinvestorrelations@cookscoffeecompany.com)
IFC Advisory Limited (Financial PR & IR) +44 (0) 20 3934 6630
Graham Herring, Florence Staton cookscoffee@investor-focus.co.uk (mailto:cookscoffee@investor-focus.co.uk)
Allenby Capital (AQSE Corporate Adviser and Broker) +44 (0) 20 3179 5300
James Reeve, Nick Harriss, Dan Dearden-Williams
Tony Quirke (Sales and Corporate Broking)
Chairman's Statement
The strong trading performance in the first half of the financial year built
on last year's momentum and has continued into the second half. Given this
encouraging momentum, the Directors expect second-half results to exceed
first-half performance, as certain one-off costs that affected the first half
are not expected to recur.
The Company's revenues are primarily derived from royalties tied to individual
site sales. The Directors' priority is to support franchisees' growth
profitability and to maintain a robust pipeline of new stores in the UK and
Ireland to sustain ongoing expansion.
During the six-month period to the end of September 2025, the Company added a
net nine franchised stores in the UK and Ireland (14 openings and five
closures of under-performing stores). Further growth is expected in the second
half, with eight additional UK openings and four in Ireland planned, bringing
the Group total to an anticipated 108 stores by the end of March 2026.
The Group is positioned well for future growth. Esquires UK & Ireland
together recorded a systemwide weekly sales high of over NZ$2.0m in the week
ended 2 November 2025. After a strong first half, the Directors are confident
the business models remain well suited to current consumer conditions, despite
wider economic concerns. The Regional Development model's expansion across the
UK will help accelerate network growth; the Company is actively seeking
Regional Development partners for Scotland and Northern Ireland.
Business Performance
Esquires Coffee United Kingdom
UK store numbers were 77 at the end of September 2025, up from 71 as of 31
March 2025. Sales from the Esquires outlets for the six-month period were up
26.7% compared to the same period in FY25.
The Regional Developer model in the UK has proved to be a significant driver
of store growth, especially in the South & East of England.
During the six months the St Neots store was renovated with sales showing a
gain more than 22% for the first three months of opening post renovation
compared to prior year sales. This store in a buoyant market town demonstrates
the Group's ability to adapt and respond to changing consumer patterns.
As of January 2025, industry research company Allegra reported that the UK
branded café market comprised of 11,456 stores with store sales of £6.1
billion which is projected to grow to £8.1 billion by 2030 at a compound
growth rate of 5.7%. Store numbers are projected to grow to 13,260 by 2030 at
a compound growth rate of 3.0%. Esquires share is currently 0.8% and we are
planning for this to grow to 1.9% by 2030.
Esquires Ireland
The Irish business is experiencing strong growth driven by the addition of
three of the company managed stores in the Dairygold Superstores for the full
period and with the fourth store opening in Mallow, Cork in June 2025. The
Dairygold contract is for an initial period of 10 years and the cafes are
based in Midleton, Carrigaline and Mallow in Cork and Raheen in Limerick.
Dairygold's retail business operates 26 stores across Munster under the Co-op
Superstores brand.
Thie Mallow store has set new standards for the brand internationally and to
be selected in the finals of Retail Excellence Ireland for 2025 for such a new
store is an achievement of which the Company is extremely proud.
In October, the Company announced a partnership with Tesco, Ireland to open
five Esquires Cafes in selected Tesco stores. The first store opened in
Tullamore on 19(th) November and a further four stores are expected to open by
the end of January 2026. Esquires store numbers at the date of the report are
21 which is up from 18 as at the end of March 2025.
According to Allegra, the Irish branded café market is reported to have 768
stores as at March 2025 and is projected to grow at 2.4% CAGR to 2030 when the
numbers of branded stores are estimated to be 866. The Esquires current share
of stores is 2.5% and the Company is planning to increase this to 40m stores
or 4.6% by March 2030.
International
A master franchise agreement was signed with Sterling Coffee Houses to develop
the Esquires brand for India in May 2025. Under the terms of the agreement
Sterling Coffee Houses will be responsible for the establishment and
operations of the business in India with ongoing support from Cooks Coffee.
This support will include providing systems, processes and best practice
related to the Esquires brand, enabling the Master Franchisee to maintain the
high standards synonymous with the brand. The first stores are expected to be
open before the end of the financial year.
Store sales in Portugal where Esquires has two stores in Porto are slightly
down on last year whilst in Pakistan the eighth outlet is in construction and
due to open before the new year compared to the 6 at the same time last year.
Saudi Arabian sales are in line with last year's levels with store numbers now
at three outlets with the Airport store being the busiest in the Esquires
global network in terms of transaction numbers.
Overall international store numbers were 14 at the report date.
ESG
The Board has established a formal ESG Committee, chaired by Elena Garside and
comprising Directors and Senior Management. The Committee provides structured
governance and oversight of the Company's ESG priorities, ensuring
accountability and measurable progress.
Key ESG initiatives currently in place include:
· Carbon-neutral sourcing: The Company maintained its partnership
with one of the world's first carbon-neutral roasteries, certified to the
Carbon Neutral Gold Standard.
· Ethical coffee standards: All coffee supplied across the
portfolio remained 100% Fairtrade and organic, supporting ethical and
environmentally responsible supply chains.
· Waste reduction: The rollout of eco-friendly refillable cup
programmes continued, offering customers discounts to reduce single-use waste.
· Sustainable packaging: All takeaway packaging including cups,
lids, paper bags and serviettes remained 100% recyclable. Further reductions
in plastics were achieved using biodegradable straws, paper-based plates and
wooden cutlery.
· Cleaner operations: Increased adoption of Bio Ferma plant-based
cleaning products reduced reliance on chemical-based alternatives and
supported safer in-store environments.
· Digitalisation: Additional digital menu screens were installed,
significantly cutting paper usage across the business.
· Community impact: Stores continued to serve as local community
hubs, supporting charitable partnerships, mental-wellbeing initiatives and a
range of local programmes.
The ESG Committee will continue to review progress, enhance data collection
and guide the Company's evolving sustainability strategy ahead of the next
reporting period.
Corporate - Transition to UK
The Company is continuing its planned transition to relocate the business to
the UK where the largest market in the business operates. This will improve
efficient working practices and focus the business on its growth strategy in
the core markets of UK and Ireland. Share trading liquidity in the UK is still
low, and transaction numbers are small but growing albeit from a small base.
The key focus is on building the business so that the improved performance
will drive interest from the investor community.
Summary and Outlook
The prospects for the Company for the remainder of the financial year and
beyond are encouraging as the trading momentum has continued and store sales
trends have been very positive. There is a solid pipeline of new stores in
both core markets of UK & Ireland.
The Cooks Coffee model being operated by Esquires is based on a locally
focused franchised network and is very scalable in a capital light manner.
With the focus on core markets, we believe that we have critical mass with an
ability to grow rapidly in exciting growth markets.
The target of having 300 stores in the UK and Ireland by 2034 remains, and the
solid base being established in these core markets will enable expansion in
other attractive markets and provide the base for potential value enhancing
opportunities that will add to shareholder value.
The development in India is an exciting opportunity for the company, and we
expect the first outlets to be opened before the end of the financial year.
The Group is working actively to grow on the base of business in the Middle
East, but the focus remains on UK & Ireland.
Given the solid pipeline of new stores, the Company expects that we will
continue to grow the number of Esquires outlets operating in UK & Ireland
by the end of March 2026 to 108. With the Company now firmly back into growth
and encouraged by current trading the Board remains confident about the
prospects of the Group and views the future with optimism.
Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the six months ended 30 September 2025
30 September 30 September
2025 2024
Notes $'000 $'000
Continuing operations
Revenue 5,596 2,579
Grant and other income 170 163
Raw materials and consumables used (836) (22)
Depreciation and amortisation (228) (11)
Impairment loss on receivables (60) (72)
Net foreign exchange (losses)/gains 3 (19)
Employee costs (2,228) (976)
Other expenses (2,099) (918)
Operating profit 318 724
Interest Income 795 765
Finance Costs on leases (921) (765)
Finance costs on loans (124) (190)
Profit before income tax 68 534
Income tax (expense)/credit - -
Profit for the period from continuing operations 68 534
Net profit/(loss) for the period from discontinued operations (219) -
Net profit for the period attributable to shareholders (151) 534
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Change in foreign currency translation reserve 104 23
Total comprehensive profit/(loss) for the period attributable to (47) 557
shareholders
Total comprehensive income/(loss) for the period attributable to Shareholders
of the parent arises from:
- Continuing operations 172 557
- Discontinued operations (219) -
(47) 557
Profit/(loss) per share:
Basic and diluted profit/(loss) per share (New Zealand Cents) from continuing 3 (0.24) 0.87
and discontinued operations:
Basic and diluted profit/(loss) per share (New Zealand Cents) from continuing 3 0.11 0.87
operations:
Basic and diluted profit/(loss) per share (New Zealand Cents) from 3 (0.37) -
discontinued operations:
The attached notes form part of and are to be read in conjunction with these
financial statements.
Unaudited Condensed Interim Statement of Change in Equity
For the six months ended 30 September 2025
Attributable to Equity holders of the Company
Share Capital Foreign Currency Translation Reserve Share Based Payment Reserve Accumulated Profit/(Loss) Total Equity
Notes $'000 $'000 $'000 $'000 $'000
Balance at 1 April 2024 58,845 2,068 - (64,914) (4,001)
Comprehensive income/(loss) for the year
Gain/(Loss) for the year - - - 813 813
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Change in foreign currency translation reserve - (232) - - (232)
Total comprehensive income/(loss) for the year - (232) - 813 581
Transactions with owners of the Company
Issue of ordinary shares 529 - - - 529
Change in share-based payment reserve - - - -
Total contributions by owners of the Company 529 - - - 529
Balance at 31 March 2025 59,374 1,836 - (64,101) (2,891)
Balance at 1 April 2025
Comprehensive income/(loss) for the period
Gain/(Loss) for the period - - - (151) (151)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Change in foreign currency translation reserve - 104 - - 104
Total comprehensive income/(loss) for the period - 104 - (151) (47)
Transactions with owners of the Company
Issue of ordinary shares 220 - - - 220
Total contributions by owners of the Company 220 - - - 220
Balance at 30 September 2025 59,594 1,940 - (64,252) (2,718)
The attached notes form part of and are to be read in conjunction with these
financial statements.
Unaudited Condensed Interim Statement of Financial Position
For the six months ended 30 September 2025
30 September 31 March
2025 2025
Notes $'000 $'000
Assets
Current Assets
Cash and cash equivalents 833 2,686
Trade and other receivables 2,222 1,604
Lease receivables 4,274 4,072
Other current assets 753 696
Current Assets 8,082 9,058
Non-Current Assets
Property, plant and equipment 843 415
Right-of-use assets 2,531 2,449
Lease receivables 20,255 21,624
Intangible assets 2,831 2.831
Other non-current financial assets 15 15
Black Goo JV Investments 13 13
Non-Current Assets 26,488 27,347
Total Assets 34,570 36,405
Liabilities
Current Liabilities
Trade and other payables 4,261 3,334
Deferred Revenue 488 614
Lease liabilities 4,720 4,422
Borrowing - 881
Bank Loans - 148
Current Liabilities 9,469 9,399
Non-Current Liabilities
Deferred Revenue 2,086 2,198
Lease liabilities 22,474 23,885
Borrowings - 900
Bank Loans 2,567 2,407
Other Liabilities 692 507
Non-Current Liabilities 27,819 29,897
Total Liabilities 37,288 39,296
Net Assets/(Liabilities) (2,718) (2,891)
Equity
Share capital 4 59,594 59,374
Accumulated losses (64,252) (64,101)
Foreign currency translation reserve 1,940 1,836
Total Equity (2,718) (2,891)
Net tangible assets per share (New Zealand Cents) (8.68) (9.06)
The attached notes form part of and are to be read in conjunction with these
financial statements.
Unaudited Condensed Interim Statement of Cash Flows
For the six months ended 30 September 2025
30-Sept 31-Mar
2025 2025
Notes $'000 $'000
Operating activities
Cash was provided from:
Receipts from customers 4,800 5,736
Dividend Received - 163
Cash was applied to:
Interest cost (124) (386)
Payments to suppliers (2,187) (3,267)
Payments to employees (2,135) (2,520)
Discontinued operations (219) -
Net cash provided from/(applied to) operating activities 135 (274)
Investing activities
Cash was provided from:
Disposal of property, plant and equipment - -
Cash was applied to:
Purchase of property, plant and equipment (512) (366)
Acquisition of intangible assets - -
Principal elements of lease receipts 2,029 564
Discontinued operations - -
Net cash provided from/(applied to) investing activities 1,517 198
Financing activities
Cash was provided from:
Proceeds from borrowings 325 2,554
Proceeds from share issue 220 478
Cash was applied to:
Principal elements of lease payments (2,121) (573)
Repayment of borrowings (1,871) (940)
Net cash provided from/(applied to) financing activities (3,447) 1,519
Net increase/(decrease) in cash and cash equivalents held (1,795) 1,443
Cash & cash equivalents at beginning of the year 2,686 1,174
Effect of exchange rate changes on foreign currency balances (58) 69
Cash & cash equivalents at end of the year 833 2,686
Composition of cash and cash equivalents:
Bank balances 833 2,686
The attached notes form part of and are to be read in conjunction with these
financial statements.
Unaudited Condensed Interim Statement of Cash Flows
For the six months ended 30 September 2025
The following is a reconciliation between profit after taxation for the period
shown in the statement of comprehensive income and net cash flows applied to
operating activities from continuing operations.
30 September 31 March
2025 2025
$'000 $'000
Profit/(Loss) after tax (151) 813
Add non-cash items:
Depreciation and amortisation 228 117
Impairment loss on receivables 60 106
Net foreign exchange gains/(losses) (3) 14
Lease interest on right of use 126 78
asset
Release of director fee accrual - 166
Joint venture share of profits excluding actual dividends 1 (13)
received
Add/(Less) movements in assets/liabilities: (126) (1,555)
Net cash flow applied to operating activities 135 (274)
The attached notes form part of and are to be read in conjunction with these
financial statements.
Notes to and forming part of the Unaudited Interim Financial Statements
For the six months ended 30 September 2025
The Group's reportable segments are business units deriving Royalties, Product
Sales, Franchise Fees and New Store Construction Revenue from Franchisees in
geographical locations.
The New Zealand segment represents the head office operation for the Group.
The franchise coffee store business, operating under the Esquires brand,
covers the New Zealand Global Franchise trading entity and all regions owned
by third party Master Franchisees; and the UK and Ireland franchising business
segment owned directly by the Group.
There was discontinued operations in the six months ended 30 September 2025,
due to 3 store closures in the amount of $219k; consisting of bad debts in the
amount of $151k and legal fees $68k.
Segment information for the reporting period is as follows:
Continuing Operations
30 September 2025 Global Franchising & Retail UK & IRE Franchising New Zealand Managed Cafes Total
$'000 $'000 $'000 $'000 $'000
Global operational splits
Revenue 41 3,056 - 2,499 5,596
Grant and other income - 170 - - 170
Raw materials and consumables used - (35) - (801) (836)
Depreciation and amortisation - (60) - (168) (228)
Impairment loss on receivables - (35) (25) - (60)
Net foreign exchange (losses)/gains (1) 3 1 - 3
Employee costs - (1,066) (44) (1,118) (2,228)
Other expenses (15) (898) (786) (400) (2,099)
Operating profit/(loss) 25 1,135 (854) 12 318
Interest income - 795 - - 795
Finance costs on leases - (795) - (126) (921)
Finance costs on loans - (11) (110) (3) (124)
Profit/(loss) before income tax 25 1,124 (964) (117) 68
Income tax (expense)/credit - - - - -
Profit/(loss) for the period from continuing operations 25 1,124 (964) (117) 68
Non-current assets
Intangible assets 42 1,308 1,481 - 2,831
Property, plant and equipment - 466 - 377 843
Discontinued Operations
30 September 2025 UK Franchising
$'000
Global operational splits
Revenue -
Grant and other income -
Raw materials and consumables used -
Depreciation and amortisation -
Impairment loss on receivables (151)
Net foreign exchange (losses)/gains -
Employee costs -
Other expenses (68)
Operating profit/(loss) (219)
Interest income -
Finance costs on leases -
Finance costs on loans -
Profit/(loss) before income tax (219)
Income tax (expense)/credit -
Profit/(loss) for the period from continuing operations (219)
Non-current assets
Intangible assets -
Property, plant and equipment -
Continuing Operations
30 September 2024 Global franchising & retail UK & IRE franchising New Zealand Total
$'000 $'000 $'000 $'000
Global operational splits
Revenue 99 2,480 - 2,579
Grant and other income 10 153 - 163
Raw materials and consumables used - (22) - (22)
Depreciation and amortisation - (11) - (11)
Impairment loss on receivables (41) (31) - (72)
Net foreign exchange (losses)/gains (3) - (16) (19)
Employee costs - (807) (169) (976)
Other expenses - (534) (384) (918)
Operating profit/(loss) 65 1,228 (569) 724
Interest income - 765 - 765
Finance costs - (788) (167) (955)
Profit/(loss) before income tax 65 1,205 (736) 534
Income tax (expense)/credit - - - -
Profit/(loss) for the period from continuing operations 65 1,205 (736) 534
Non-current assets
Intangible assets 42 1,308 1,481 2,831
Property, plant and equipment - 91 1 92
1. General information
Cooks Coffee Company Limited ("Company" or "Parent"), together with its
subsidiaries (the "Group") operate in the food and beverage industry.
The Company is a limited liability company incorporated and domiciled in New
Zealand and is listed on the NZX Main Market board of the New Zealand stock
exchange.
Statutory base
The Company is registered under the Companies Act 1993 and is an FMC reporting
entity under part 7 of the Financial Markets Conduct Act 2013.
Reporting framework
The unaudited interim financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply
with New Zealand equivalents to International Financial Reporting Standards
("IFRS") and other applicable New Zealand Reporting Standards as appropriate
for profit-oriented entities. The financial statements comply with IFRS. These
policies have been consistently applied to all periods presented, unless
otherwise noted.
These financial statements for the six months ended 30 September 2025 have
been prepared in accordance with NZ IAS 34, Interim Financial Reporting and
should be read in conjunction with the financial statements published in the
Annual Report for the year ended 31 March 2025. They also comply with the
International Accounting Standard 34 interim Financial Reporting (IAS 34).
2. Changes in significant accounting policies
Except as described below, the accounting policies applied by the Group in
these consolidated interim financial statements are the same as those applied
by the Group in its consolidated financial statements for the year ended 31
March 2025. The Group has not applied any standards, amendments and
interpretations that are not yet effective.
3. Profit/(loss) per share
Basic profit/(loss) per share is calculated by dividing the profit/(loss)
attributable to ordinary shareholders of the Company by the weighted average
number of ordinary shares outstanding for the period.
Diluted profit/(loss) per share is determined by dividing the profit/(loss)
attributable to ordinary shareholders and the weighted average number of
shares outstanding for the effects of any dilutive potential ordinary shares.
Net tangible assets per share is determined by dividing the net asset value of
the Group, adjusted by the intangible assets, and the number of shares issued
at the end of the period.
The weighted average numbers of shares are calculated below:
30 September 2025 31 March 2025
Weighted average ordinary shares issued 64,902,698 62,517,827
Weighted average potentially dilutive options issued - -
Basic and diluted profit/(loss) per share (New Zealand Cents) from continuing (0.24) 1.30
and discontinued operations:
Basic and diluted profit/(loss) per share (New Zealand Cents) from continuing 0.11 1.30
operations:
Basic and diluted profit/(loss) per share (New Zealand Cents) from (0.37) -
discontinued operations:
Net tangible assets per share (New Zealand Cents) (8.68) (9.06)
4. Share Capital
The share capital of Cooks Global Foods Limited consists of issued ordinary
shares, each share representing one vote at the company's shareholder
meetings. The par value is nil (2024: nil). All shares are equally eligible to
receive dividends and the repayment of capital.
Movement of share capital 30 September 2025 31 March 2025
Number of Shares issued: No. of Shares No. of Shares
Ordinary shares opening balance 64,738,670 60,002,448
Ordinary shares issued 1,680,672 4,736,222
Total ordinary shares authorised at end of period 66,419,342 64,738,670
Movements of share capital 30 September 2025 31 March 2025
Value of Shares issued: $'000 $'000
Ordinary shares opening balance 59,374 58,845
Ordinary shares issued less share issue expenses 220 529
Total ordinary shares authorised at period end 59,594 59,374
The company now has 66,377,342 quoted shares and 42,000 non-voting shares on
issue at 30 September 2025. During the year 1,680,672 shares were issued on 21
July 2025 at a value of $111,265. An additional 686,887 shares were also
transferred from the CCC Employee Share Trust at a value of $108,600.
At 30 September 2025, $nil of the ordinary share capital is unpaid (31 March
2025: $nil).
5. Related party transactions
The Group's related parties include the directors and senior management
personnel of the Group, and any associated parties as described below.
Unless otherwise stated, none of the transactions incorporate special terms
and conditions and no guarantees were given or received.
Keith Jackson is a director of Cooks Investment Holdings Limited, Jackson
& Associates Limited, Arana Holdings Limited, Weihai Station Limited and a
trustee of Nikau Trust.
Michael Ambrose is a director of Ashville Consultancy Limited, Fiord Lobster
Company Limited, Senior Move Managers Limited, Australia Quota Holdings GP
Limited, Australian Lobster Company (GP) Limited, Deltop Holdings Limited, FLC
Trustee Limited, Lobster Management GP Limited, New Zealand Dairy Goats
Limited.
Peihuan Wang is a director of Jiajiayue Holding Group Limited and Weihai
Station Limited.
Elena Garside is a director of Garside & Garside Ltd.
Aiden Keegan is a director of Esquires Coffee UK Limited.
Gareth Lloyd-Jones is a director of Argentine Steak House, Buenasado
(Reading), High Road Restaurant Group, The Small & Friendly Pub Co, Taga
Restaurant, The Arnold Foundation for Rugby School.
Gordon Robinson is a director of Sterling BAPC Ltd, KCR Residential REIT PLC
and Falconedge PLC.
Transactions with related parties
30 September 31 March
2025 2025
$'000 $'000
Purchases of goods and services
Purchase of management services 120 260
Interest paid to related parties 63 233
Other transactions
Subscriptions for new ordinary shares - 50
Balances outstanding with related parties
30 September 31 March
2025 2025
$'000 $'000
Outstanding balances arising from purchases of goods and services
Entities controlled by key management personnel 896 818
Loans to related parties
Beginning of the year 1,779 1,952
Loans advanced - -
Loans repaid (1,717) (11)
Net foreign exchange effects - 6
Loan converted to shares - (50)
Interest charged 4 233
Interest paid (63) (351)
Balance end of period 3 1,779
Director transactions
30 September 31 March
2025 2025
$'000 $'000
Directors' fees 138 197
Salaries, wages and contractor payments 576 1,154
Share based payments 24 -
738 1,351
6. Capital Commitments, Contingent Liabilities
There were no capital commitments as at 30 September 2025 (31 March 2025:
$nil).
There were no changes in capital commitments, contingent liabilities and
contingent assets that would require disclosure for the six months ended 30
September 2025 (31 March 2025: $nil).
7. Going Concern
The Group reported a comprehensive Loss of $(47,000) (2024: $557,000) for the
six-month period to 30 September 2025.
Operating net cash inflow for the six-month period to 30 September 2025 was
$135,000. For the twelve-month period ended 31 March 2025 the net cash outflow
for continuing operations was $(274,000).
As at 30 September 2025 the Group has reported Net Liabilities of $(2,718,000)
(at 31 March 2025: $(2,891,000) and current liabilities exceed current assets
by an amount of $1,387,000 (at 31 March 2025: $341,000).
The ability of the Group to pay its debts as they fall due and to realise
their assets and extinguish their liabilities in the normal course of business
at the amounts stated in the consolidated financial statements and to continue
trading has been considered by the Directors in the adoption of the going
concern assumption during the preparation of these financial statements
The Directors forecast that the Group can manage its cash flow requirements at
levels appropriate to meet its cash commitments for the foreseeable future
being a period of at least 12 months from the date of authorisation of these
consolidated financial statements. In reaching this conclusion, the Directors
have considered the achievability of the plans and assumptions underlying
those forecasts. The key assumptions include:
• Opening multiple new stores in the United Kingdom in FY25, with
a net nine new sites opened in the first half of the year, and a further eight
sites confirmed for the second half of the year.
• Based on the company's current performances the average store
sales in the UK are GBP£400,000 and the income that the Group derives per
store in the first full year of trading is £20,000.
• The group is currently marketing the Regional Development rights
for Scotland and Northern Ireland and expects to sell both regions in FY26.
• As of January 2025, industry specialists Allegra reported that
the UK branded café market comprised of 11,456 stores with store sales of
£6.1 billion which is projected to grow to £8.1 billion by 2030 at a
compound growth rate of 5.7%. Store numbers are projected to grow to 13,260 by
2030 at a compound growth rate of 3.0%.
The Directors have reasonable expectation that the Group has sufficient
headroom in its cash resources to allow the Group to continue to operate for
the foreseeable future or alternatively it can manage its working capital
requirements to create additional required headroom.
Whilst the Directors acknowledge that there are capital raising, credit,
exchange and liquidity risks in the global economic market in which the Group
operates. They note the Group has a track record of obtaining financial
support from cornerstone investors and related parties and, where necessary,
negotiating the deferment of debt repayments.
After considering all available information, the Directors have concluded that
there are reasonable grounds to believe that the forecasts and plans are
achievable, the Group will be able to pay its debts as and when they become
due and payable, there is sufficient headroom in available cash resources, and
the basis of preparation of the financial report on a going concern basis is
appropriate.
Should the Group be unable to continue as a going concern it may be required
to realise its assets and discharge its liabilities other than in the normal
course of business and at amounts different to those stated in the
consolidated financial statements. The consolidated financial statements do
not include any adjustments relating to the recoverability and classification
of asset carrying amounts or the amount of liabilities that might result
should the Group be unable to continue as a going concern and meets its debts
as and when they fall due.
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