REG - Everyman Media Grp - Interim Results
25/09/2024 07:00
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RNS Number : 5083F Everyman Media Group PLC 25 September 2024
25 September 2024
Everyman Media Group PLC
("Everyman" or the "Group")
Interim Results
Strong growth in revenue, EBITDA and market share, with financial performance
on track for full year
Everyman Media Group PLC, the independent, premium cinema group, reports its
unaudited interim results for the 26 weeks ended 27 June 2024.
Summary of financial performance
· Admissions of 1.9m (H1 2023: 1.6m)
· Revenue of £46.9m (H1 2023: £38.3m)
· Adjusted EBITDA(1) of £6.2m (H1 2023: £5.8m)
· Gross Profit Margin of 66.5% (H1 2023: 65.6%)
· Food & Beverage Spend per Head £10.47 (H1 2023: £10.25)
· Paid-for Average Ticket Price £11.76 (H1 2023: £11.49)
Strategic and operational progress
· Significant growth in market share to 5.6% (H1 2023: 4.2%)
· Opened a three-screen venue in Bury St Edmunds. The Group now operates 45
cinemas and 155 screens
· New iOS and Android app launched with added functionality and improved user
experience
· Record growth in membership, to 45,684 (H1 2023: 26,024), a 76% increase
Momentum building into the second half
· Excellent pipeline of content for the remainder of the year, including Joker:
Folie à Deux, Gladiator II, Paddington in Peru, Wicked, Moana 2 and Mufasa:
The Lion King
· A five screen venue in Cambridge is due to open in November 2024 and a three
screen venue in Stratford (London) is due to open in December 2024
· The Board remains confident that the financial performance of the Group for
the full year ending 2 January 2025 will be in line with market
expectations(2)
( )
(1)Adjusted for pre-opening costs, acquisition expenses, depreciation,
amortization and share based payments.
(2) Current market forecasts for the year ended 2 January 2025 are revenue of
£108.0m and Adjusted EBITDA of £19.3m.
Alex Scrimgeour, Chief Executive of Everyman Media Group PLC, said:
"Despite weathering the full impact of last year's actor and writer strikes,
we are pleased to report another period of financial and operational progress.
We achieved strong growth in revenue, increased EBIDTA and record market
share, driven by rising demand for Everyman's unique brand of hospitality.
The expansion of our footprint continues, with one new venue opened in the
period and two more openings to look forward to in the year, further
consolidating our position as the market leader in premium cinema.
We move into the second half with confidence, and look forward to an exciting
slate of high profile releases to come through the remainder of the year."
For further information, please contact:
Everyman Media Group plc Tel: 020 3145 0500
Alex Scrimgeour, Chief Executive
Will Worsdell, Finance Director
Canaccord Genuity Limited (NOMAD and Broker) Tel: 020 7523 8000
Bobbie Hilliam
Harry Pardoe
Alma (Financial PR Advisor) Tel: 020 3405 0205
Rebecca Sanders-Hewett
Joe Pederzolli
Emma Thompson
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
as it forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018 (as amended) ("UK MAR").
About Everyman Media Group PLC:
Everyman is the fourth largest cinema business in the UK by number of venues,
and is a premium, high growth leisure brand. Everyman operates a growing
estate of venues across the UK, with an emphasis on providing first class
cinema and hospitality.
Everyman is redefining cinema. It focuses on venue and experience as key
competitive strengths, with a unique proposition:
· Intimate and atmospheric venues, which become a destination in their own right
· An emphasis on a strong quality food and drink menu prepared in-house
· A broad range of well-curated programming content, from mainstream and
independent films to theatre and live concert streams, appealing to a diverse
range of audiences
· Motivated and welcoming teams
For more information visit http://investors.everymancinema.com/
(http://investors.everymancinema.com/)
Chief Executive's Statement
Trading in the first half of 2024 was in line with management expectations,
with revenue of £46.9m (H1 2023: £38.3m) and EBITDA of £6.2m (H1 2023:
£5.8m).
The results reflect the impact of last year's WGA and SAG-AFTRA strikes, which
lasted for several months, and delayed the production and release of a number
of key titles during the first half of the year. Chief amongst these was
Deadpool & Wolverine, originally scheduled for a March 2024 release and
subsequently pushed back until July.
The Group has continued to gain significant market share during the first half
of the year, increasing to 5.6% (H1 2023: 4.2%), demonstrating the enduring
strength of the Everyman proposition.
With the impact of the strikes beginning to ease, the Group expects a strong
H2 weighting to the 2024 film slate, with a particularly strong pipeline of
titles scheduled for Q4. These include Joker: Folie à Deux in October,
Gladiator II, Paddington in Peru, Wicked and Moana 2 in November, and Mufasa:
The Lion King in December. As a result of this, the Group continues to have
confidence in the full year outlook.
Elevating the Everyman experience
During the period we have remained committed to investing in and elevating the
Everyman experience. Recognising that our most loyal customers are our
strongest advocates, we identified an opportunity to increase our membership
base and increase customer engagement. This has seen remarkable success, with
45,684 active members at the end of H1 2024, up from 26,024 at the end of H1
2023, a 76% increase.
As ever, we continue to invest in technology. Our new iOS and Android app
brings a whole host of new features to customers, including the ability to
purchase memberships and gift cards, multiple venue and seat-first selection,
and the ability to add future releases to a watchlist. With a unique design
and simplified framework, the new app promises to deliver a much improved user
experience.
We've made exciting innovations in our film programming, introducing new
concepts like Everyman Beyond, which showcases lesser-known films that our
Film team believe will resonate with the Everyman audience. Additionally, over
the Summer, and in partnership with Apple TV+, we invited guests to a series
of Children's Hour screenings, complete with juice boxes and popcorn. These
successful events introduced the Everyman experience to thousands of young
families, expanding this audience ahead of a series of blockbuster family
releases later this year.
We focus, as ever, on enhancing the Everyman brand. Our signature partnership
with Jaguar Land Rover continues to flourish, as demonstrated by Discovery's
sponsorship of our pop-up cinema at The Grove Hotel over the summer. This
year, we expanded our popular outdoor venues by launching a new screen at
Brentford Lock, setting the stage for the opening of a new cinema in this
location in Q1 2025. Screen on the Canal at King's Cross also made another
successful comeback, drawing thousands of visitors to Granary Square over the
summer and introducing popular new food and beverage options, including
crowd-favourite ice cream sundaes.
Continued organic expansion
Everyman currently has 45 cinemas and 155 screens. During the period, a
three-screen venue in Bury St Edmunds opened and is trading in line with
management expectations. Additionally, a new five-screen venue will open in
Cambridge in November followed by three-screen venue in Stratford
International (London) in December 2024. During 2025, new venues are planned
to open at The Whiteley in Bayswater, Brentford Lock and Lichfield.
We continually evaluate our rate of expansion whilst maintaining a prudent
approach to funding requirements. The reduced number of FY25 openings will
ensure availability of capital for a number of key projects scheduled for
2026, whilst maintaining a strong Balance Sheet.
Performance review
The Group uses the key performance indicators of Admissions, Paid-for Average
Ticket Price and Food & Beverage Spend per Head to monitor progress of the
Group's activities.
26 weeks 26 weeks
ended ended
27 June 2024 29 June 2023
Admissions 1.9m 1.6m
Paid-for Average Ticket Price £11.76 £11.49
Food & Beverage Spend per Head £10.47 £10.25
£10.47
£10.25
Admissions
Admissions in H1 2024 were 1.9m, compared to 1.6m in the same period last
year. The increase was driven in the main by a strong Q1 awards season, with
titles such as Poor Things, The Holdovers, One Life and All of Us Strangers
playing particularly well to the Everyman audience. We also saw further
benefit from high quality, original content, with key titles being Bob Marley:
One Love in February and Dune: Part Two in March. The Group also saw further
benefit from the four venues opened in the intervening period (Marlow, Bath,
Tivoli Cheltenham and Bury St Edmunds).
The increase in admissions, revenue and EBITDA would have been greater if it
hadn't been for the adverse impact of a reduced Q2 film slate, driven by last
year's WGA and SAG-AFTRA strikes.
As was the case in 2023, the Group expects a significant H2 weighting to
admissions in 2024.
Average Ticket Price and Food & Beverage Spend per Head
Spend per Head increased to £10.47 compared to £10.25 in 2023, a 2.1%
increase. This was driven mainly by investment in new functionality to enable
our guests to order food and beverage to their seats from mobile devices which
has driven a higher proportion of second orders.
Paid-for Average Ticket Price increased to £11.76 compared to £11.49 in
2023, a 2.3% increase. This was pleasing given that four new venues opened
between H1 2023 and the end of the period. With some exceptions, new venues
open in lower pricing tiers, which can temporarily reduce average ticket price
until those venues mature.
Outlook
We remain optimistic about the future. Performance in the first half of the
year has been strong, with growth in admissions, revenue, EBITDA and market
share, despite disruption from last year's well documented WGA and SAG-AFTRA
strikes, and demonstrating the enduring appeal of the Everyman offer.
Having carefully evaluated our expansion opportunity, we are comfortable that
continuing to scale at current levels - three new venues in 2024, and four in
2025 - will provide a robust increase in footprint. Whilst this level of
openings will naturally reduce the rate of growth in 2025 from current market
expectations, this allows the company to strengthen its balance sheet and
reduce net debt moving forward. This will give us the scope and flexibility to
take advantage of excellent pipeline opportunities in 2026 and beyond.
The impact of the strikes is now easing, and we are excited about the robust
pipeline of content for the remainder of the year. Looking further ahead, we
anticipate a return to a full, uninterrupted film slate in 2025. As the volume
of content continues to improve, Everyman, with its distinctive, premium
offering, remains uniquely positioned to benefit.
Alex Scrimgeour
Chief Executive
25 September 2024
Finance Director's Statement
26 Weeks Ended 27 June 2024 26 Weeks Ended 29 June 2023
£000 £000
Revenue 46,856 38,253
Gross Profit 31,166 25,101
Gross Profit Margin 66.5% 65.6%
Other Operating Income 243 322
Administrative Expenses (33,181) (27,038)
Operating Profit / (Loss) (1,772) (1,615)
Financial Expenses (3,172) (2,696)
Profit / (Loss) Before Taxation (4,944) (4,311)
Tax Credit / (Charge) 1,091 -
Profit / (Loss) For the Period (3,853) (4,311)
Adjusted EBITDA* 6,178 5,782
*Adjusted EBITDA refers to Operating Profit adjusted for the removal of
depreciation, amortisation, profit / loss on disposal of fixed assets,
pe-opening expenses, lease termination costs, impairment charges and
share-based payment expenses.
Revenue and operating profit
Group Revenue in H1 2024 was £46.9m (H1 2023: £38.3m). The increase was
driven by higher admissions, which grew to 1.9m (H1 2023: 1.6m), as a result
of a strong Q1 awards season and high-quality original releases such as Dune:
Part Two and Bob Marley: One Love. This was compounded by the four new venues
that opened in the second half of 2023 and first half of 2024.
Gross Profit Margin increased to 66.5% (H1 2023: 65.6%). This was as a result
of a stronger film margin, mainly due to the mix of content, which skewed
towards smaller awards titles that typically carry a higher margin than larger
blockbuster releases. We also saw improvement in our Food & Beverage
margin, owing both to the growth in spend per head, as well as strong cost
control by our Procurement team.
Administrative Expenses increased to £33.2m (H1 2023: £27.0m). This was
driven by the number of venues growing from 41 at the end of H1 2023 to 45 at
the end of H1 2024, contributing to an increase in the Group's fixed cost
base, depreciation, and associated pre-opening expenses. It is also worth
noting that new venues in Salisbury, Northallerton and Plymouth opened during
May and June 2023, and as a result did not have a significant impact on the
Group's fixed cost base in the first half of last year.
The Group's largest cost increase was labour, a £2.6m increase vs. H1 2023,
due to the aforementioned new openings, as well as a 9.8% increase in the
National Living Wage driving pay increases across our teams.
Net finance costs
The Group's finance charge included £2.1m (H1 2023 £1.6m) representing
interest charges relating to the unwinding of the IFRS 16 lease liability
during the period and £1.1m of bank interest (H1 2023: £1.0m). The increase
is due predominantly due to the number of new venues opened in the intervening
period.
Taxation
The Group's tax credit was £1.1m (H1 2023: Nil) and relates to the
recognition of an increase in the Group's deferred tax asset as a result of
further unrelieved carried forward taxable losses. The recognition of the
deferred tax asset is supported by sufficient forecast future taxable profits.
Share based payments
The share-based payment expense for the period was £0.6m (H1 2023: £0.6m)
reflecting share option incentives provided to the Group's management and
employees.
Cash flows
Cash held at the end of the period was £2.2m (H1 2023: £1.7m).
Net cash generated in operating activities was £3.3m (H1 2023: £7.2m). The
higher prior year balance was mainly driven by a £3.3m working capital
movement relating to an increase in trade and other payables. This arose due
to the high level of capital expenditure at the end of H1 2023, with three new
venues opening during May and June 2023, as well as the timing of payments.
Net cash used in investing activities was £5.3m (H1 2023: £8.5m) and mainly
represents spend on the new venue in Bury St Edmunds, which opened in February
2024, as well as initial payments for venues currently under construction in
Cambridge and Stratford International
Net cash used in financing activities was £2.4m (H1 2023: £0.6m). The higher
balance is predominantly driven fewer landlord contributions received during
the period, as a result of the lower level of capital activity in the current
year and the timing of receipts.
As a result of the above, the net cash outflow for the period was £4.5m (H1
2023: £2.0m outflow).
The Board does not recommend the payment of a dividend at this stage in the
Group's development.
Net Debt
Net debt at the end of the period was £25.8m, mainly as a result of the
timing of content, with the Group expecting a strong H2 weighting to the 2024
film slate. As a result, the Group is forecasting net debt and leverage at
year end to be reduced from the current position.
Will Worsdell
Finance Director
25 September 2024
Consolidated statement of profit and loss and other comprehensive income for
the period ended 27 June 2024 (unaudited)
26 weeks ended 26 weeks ended Year
ended
27 June 29 June 28 December
2024 2023 2023
Note £000 £000 £000
Revenue 3 46,856 38,253 90,859
Cost of Sales (15,690) (13,152) (32,724)
Gross profit 31,166 25,101 58,135
Other Operating Income 243 322 647
Administrative expenses (33,181) (27,038) (58,834)
Operating loss (1,772) (1,615) (52)
Financial expenses (3,172) (2,696) (5,449)
Loss before taxation (4,944) (4,311) (5,501)
Tax credit 4 1,091 - 2,805
Total comprehensive loss for the period (3,853) (4,311) (2,696)
Basic loss per share (pence) 5 (4.23) (4.73) (2.96)
Diluted loss per share (pence) 5 (4.23) (4.73) (2.96)
All amounts relate to continuing activities.
Non-GAAP measure: adjusted EBITDA
Adjusted EBITDA 6,178 5,782 16,180
Before:
Depreciation and amortisation (7,088) (6,328) (13,152)
Exceptional items (70) (39) (481)
Disposal of property, plant and equipment - 149 (121)
Impairment - - (724)
Pre-opening expenses (225) (588) (934)
Share-based payment expense (567) (591) (820)
Operating loss (1,772) (1,615) (52)
Consolidated balance sheet at 27 June 2024 (unaudited)
Registered in England and Wales
08684079
27 June 29 June 28 December
2024 2023 2023
£000 £000 £000
Assets
Non-current assets
Property, plant and equipment 101,701 99,784 101,544
Right-of-use assets 66,613 61,841 68,088
Deferred tax assets 3,896 - 2,805
Intangible assets 9,485 9,231 9,388
Trade and other receivables 258 173 173
181,953 171,029 181,998
Current assets
Inventories 779 757 858
Trade and other receivables 7,518 7,113 5,216
Cash and cash equivalents 2,190 1,702 6,645
10,487 9,572 12,719
Total assets 192,440 180,601 194,717
Liabilities
Current liabilities
Trade and other payables 19,177 20,884 19,455
Lease liabilities 3,751 2,511 2,824
22,928 23,395 22,279
Non-current liabilities
Other interest-bearing loans and borrowings 28,000 22,750 26,000
Other provisions 1,631 1,362 1,631
Lease liabilities 98,774 90,545 100,414
128,405 114,657 128,045
Total liabilities 151,333 138,052 150,324
Net assets 41,107 42,549 44,393
Equity attributable to owners of the Company
Share capital 9,118 9,118 9,118
Share premium 57,112 57,112 57,112
Merger reserve 11,152 11,152 11,152
Other reserve 83 83 83
Retained earnings (36,358) (34,916) (33,072)
Total equity 41,107 42,549 44,393
Consolidated statement of changes in equity for the period ended 27 June 2024
(unaudited)
Share Share Merger Other Retained Total
capital Premium reserve Reserve earnings equity
£000 £000 £000 £000 £000 £000
Balance at 28 December 2023 9,118 57,112 11,152 83 (33,072) 44,393
Loss for the period - - - - (3,853) (3,853)
Total comprehensive income - - - - (3,853) (3,853)
Share-based payments - - - - 567 567
Total transactions with owners of the parent - - - - 567 567
Balance at 27 June 2024 9,118 57,112 11,152 83 (36,358) 41,107
Balance at 29 December 2022 9,118 57,112 11,152 83 (31,196) 46,269
Loss for the year - - - - (2,696) (2,696)
Total comprehensive income - - - - (2,696) (2,696)
Share- based payments - - - - 820 820
Total transactions with owners of the parent - - - - 820 820
Balance at 28 December 2023 9,118 57,112 11,152 83 (33,072) 44,393
Consolidated cash flow statement for the period ended 27 June 2024 (unaudited)
27 June 29 June 29 December
2024 2023 2023
£000 £000 £000
Cash flows from operating activities
(Loss) for the period (3,853) (4,311) (2,696)
Adjustments for:
Financial expenses 3,172 2,696 5,449
Tax credit (1,091) - (2,805)
Operating profit / (loss) (1,772) (1,615) (52)
Depreciation and amortisation 7,088 6,328 13,152
Loss/(gain) on disposal of property, plant and equipment - (149) 122
Impairment - - 724
Loss/(gain) on modification - - 15
Equity-settled share-based payment expenses 567 591 820
5,883 5,155 14,781
Changes in working capital
Decrease/(increase) in inventories 79 (67) (168)
Decrease/(increase) in trade and other receivables (2,387) (1,273) 850
Increase/(decrease) in trade and other payables (304) 3,349 2,423
Net cash generated from operating activities 3,271 7,164 17,886
Cash flows from investing activities
Proceeds from sale of assets - 3,900 6,490
Business combinations - - (1,250)
Acquisition of property, plant and equipment (5,050) (12,148) (18,586)
Acquisition of intangible assets (263) (300) (829)
Net cash used in investing activities (5,313) (8,548) (14,175)
Cash flows from financing activities
Repayment of existing loan facility - - (24,000)
Drawdown of bank borrowings 2,000 750 28,000
Lease payments - interest (2,116) (1,645) (3,410)
Lease payments - capital (1,840) (1,549) (3,103)
Landlord capital contributions 575 2,826 4,054
Loan arrangement fee - - (263)
Interest paid (1,032) (997) (2,045)
Net cash generated/(used in) from financing activities (2,413) (615) (767)
Cash and cash equivalents at the beginning of the period 6,645 3,701 3,701
Net increase / (decrease) in cash and cash equivalents (4,455) (1,999) 2,944
Cash and cash equivalents at the end of the period 2,190 1,702 6,645
Notes to the financial statements
1 General information
Everyman Media Group PLC and its subsidiaries (together, 'the Group') are
engaged in the ownership and management of cinemas in the United Kingdom.
Everyman Media Group PLC (the Company) is a public company limited by shares
domiciled and incorporated in England and Wales (registered number 08684079).
The address of its registered office is Studio 4, 2 Downshire Hill, London NW3
1NR.
2 Basis of preparation and accounting policies
These condensed interim financial statements of the Group for the period ended
27 June 2024 have been prepared using accounting policies consistent with UK
adopted International Accounting Standards. The same accounting policies,
presentation and methods of computation are followed in the condensed set of
financial statements as applied in the Group's latest audited financial
statements for the year ended 28 December 2023.
The financial statements presented in this report have been prepared in
accordance with IFRSs applicable to interim periods. However, as permitted,
this interim report has been prepared in accordance with the AIM Rules for
Companies and does not seek to comply with IAS34 "Interim Financial
Reporting".
These condensed interim financial statements have not been audited, do not
include all of the information required for full annual financial statements
and should be read in conjunction with the Group's statutory consolidated
annual financial statements for the year ended 28 December 2023. The auditor's
opinion on these financial statements was unqualified, did not draw attention
to any matters by way of emphasis and did not contain a statement under
s498(2) or s498(3) of the Companies Act 2006.
Going Concern
Current trading is in line with management expectations. Given the increased
number of wide releases year-on-year, commitment to the theatrical window from
distributors and new investment from streamers in content for cinema,
management expect admissions to continue to recover towards pre-pandemic
levels. Paid for Average Ticket Price and Spend per Head have continued to
grow steadily despite well-publicised concerns over consumer spends.
On 17 August 2023, the Group signed a new three-year loan facility of £35m
with Barclays Bank Plc and National Westminster Bank Plc, repayable on 16
August 2026. The facility is extendable by up to a further two years, subject
to lender consent. The RCF has leverage and fixed charge cover covenants. The
Board has reviewed forecast scenarios and is confident that the business can
continue to operate with sufficient headroom.
In light of the above, the Board consider it appropriate to adopt the going
concern basis of accounting in preparing the financial statements.
3 Revenue 26 weeks ended 26 weeks ended Year ended 28
27 June 29 June December
2024 2023 2023
£000 £000 £000
Film and entertainment 22,506 17,644 44,718
Food and beverages 19,772 16,085 38,563
Other income 4,578 4,524 7,578
46,856 38,253 90,859
Revenue
26 weeks ended
26 weeks ended
Year ended 28
27 June
29 June
December
2024
2023
2023
£000
£000
£000
Film and entertainment
22,506
17,644
44,718
Food and beverages
19,772
16,085
38,563
Other income
4,578
4,524
7,578
46,856
38,253
90,859
In the 26-week period ended 27 June 2024, £0.2m Other Operating Income was
received (H1 2023: £0.3m). This consisted mainly of landlord compensation
payments.
4 Taxation 26 weeks ended 26 weeks ended Year ended 28
27 June 29 June December
2024 2023 2023
£000 £000 £000
Deferred tax (credit)/expense
Temporary differences on property, plant and equipment 432 - 7,794
Temporary differences on IFRS 16 accumulated restatement 23 - (552)
Available losses (1,425) - (10,302)
Adjustment in respect of previous years (222) - -
Other temporary and deductible differences 101 - 255
Total tax (credit)/charge (1,091) - (2,805)
The reasons for the difference between the actual tax charge for the period
and the standard rate of corporation tax in the United Kingdom applied to the
loss for the period are as follows:
Reconciliation of effective tax rate 26 weeks ended 26 weeks ended Year ended 28
27 June 29 June December
2024 2023 2023
£000 £000 £000
(Loss) before taxation (4,944) (4,311) (5,501)
Tax at the UK corporation effective tax rate of 25%(HY1: 23.5%) (1,236) (1,013) (1,293)
Permanent differences (expenses not deductible for tax purposes) 367 662 1,313
Deferred tax not previously recognised - - (2,632)
Impact of difference in overseas tax rates - - 3
De-recognition of losses - 351 -
Effect of change in expected future statutory rates on deferred tax - - (196)
Adjustment in respect of previous periods (222) - -
Total tax (credit)/charge (1,091) - (2,805)
5 Earnings per share 26 weeks ended 26 weeks ended Year
ended
27 June 29 June 28
December
2024 2023 2023
£000 £000 £000
Profit/(Loss) used in calculating basic and diluted earnings per share (3,853) (4,311) (2,696)
Number of shares (000's)
Weighted average number of shares for the purpose of basic earnings per share 91,178 91,178 91,178
Number of shares (000's)
Weighted average number of shares for the purpose of diluted earnings per 91,178 91,178 91,178
share
Basic earnings per share (pence) (4.23) (4.73) (2.96)
Diluted earnings per share (pence) (4.23) (4.73) (2.96)
Basic earnings per share amounts are calculated by dividing net profit/(loss)
for the period attributable to Ordinary equity holders of the parent by the
weighted average number of Ordinary shares outstanding during the year.
The Company has 7.7m potentially issuable shares (H1 2023: 7.8m) all of which
relate to the potential dilution from the Group's share options issued to the
Directors and certain employees and contractors, under the Group's incentive
arrangements. In the current period these options are anti-dilutive as they
would reduce the loss per share and so haven't been included in the diluted
earnings per share.
Taxation
26 weeks ended
26 weeks ended
Year ended 28
27 June
29 June
December
2024
2023
2023
£000
£000
£000
Deferred tax (credit)/expense
Temporary differences on property, plant and equipment
432
-
7,794
Temporary differences on IFRS 16 accumulated restatement
23
-
(552)
Available losses
(1,425)
-
(10,302)
Adjustment in respect of previous years
(222)
-
-
Other temporary and deductible differences
101
-
255
Total tax (credit)/charge
(1,091)
-
(2,805)
The reasons for the difference between the actual tax charge for the period
and the standard rate of corporation tax in the United Kingdom applied to the
loss for the period are as follows:
Reconciliation of effective tax rate
26 weeks ended
26 weeks ended
Year ended 28
27 June
29 June
December
2024
2023
2023
£000
£000
£000
(Loss) before taxation
(4,944)
(4,311)
(5,501)
Tax at the UK corporation effective tax rate of 25%(HY1: 23.5%)
(1,236)
(1,013)
(1,293)
Permanent differences (expenses not deductible for tax purposes)
367
662
1,313
Deferred tax not previously recognised
-
-
(2,632)
Impact of difference in overseas tax rates
-
-
3
De-recognition of losses
-
351
-
Effect of change in expected future statutory rates on deferred tax
-
-
(196)
Adjustment in respect of previous periods
(222)
-
-
Total tax (credit)/charge
(1,091)
-
(2,805)
5
Earnings per share
26 weeks ended
26 weeks ended
Year
ended
27 June
29 June
28
December
2024
2023
2023
£000
£000
£000
Profit/(Loss) used in calculating basic and diluted earnings per share
(3,853)
(4,311)
(2,696)
Number of shares (000's)
Weighted average number of shares for the purpose of basic earnings per share
91,178
91,178
91,178
Number of shares (000's)
Weighted average number of shares for the purpose of diluted earnings per
share
91,178
91,178
91,178
Basic earnings per share (pence)
(4.23)
(4.73)
(2.96)
Diluted earnings per share (pence)
(4.23)
(4.73)
(2.96)
Basic earnings per share amounts are calculated by dividing net profit/(loss)
for the period attributable to Ordinary equity holders of the parent by the
weighted average number of Ordinary shares outstanding during the year.
The Company has 7.7m potentially issuable shares (H1 2023: 7.8m) all of which
relate to the potential dilution from the Group's share options issued to the
Directors and certain employees and contractors, under the Group's incentive
arrangements. In the current period these options are anti-dilutive as they
would reduce the loss per share and so haven't been included in the diluted
earnings per share.
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