REG - Fulham Shore PLC - Half-year Report <Origin Href="QuoteRef">FULH.L</Origin> - Part 2
15/12/2017 07:05
- Part 2: For the preceding part double click ID:nRSO4341Za
tax expense (164)
Profit for the year from continuing operations 1,209
Assets 7,979 48,914 4,065 60,958
Liabilities (4,073) (10,872) (7,365) (22,310)
Net assets 3,906 38,042 (3,300) 38,648
Capital expenditure 2,185 10,716 246 13,147
Headline EBITDA is defined as EBITDA before amortisation of brand, impairment
of property, plant and equipment, impairment of goodwill and intangible
assets, onerous lease costs, restructuring costs, costs of reverse
acquisition, cost of acquisition, share based payments, loss on disposal of
property, plant and equipment and pre-opening costs.
Six months ended 24 September 2017 Six months ended 25 September 2016 Year ended 26 March 2017
Unaudited £'000 Unaudited £'000 Audited £'000
Operating profit from continuing activities 1,207 983 1,507
Share based payments 345 297 631
Pre-opening costs 819 855 1,914
Amortisation of brand 411 411 821
Exceptional costs - cost of acquisition - 26 26
Depreciation and amortisation 1,718 1,235 2,375
Headline EBITDA 4,500 3,807 7,274
4. Income Tax Expense
Six months ended 24 September 2017 Unaudited £'000 Six months ended 25 September 2016 Unaudited £'000 Year ended 26 March 2017 Audited £'000
Based on the result for the period:
UK Corporation tax at 19% (2016: 20%) 384 385 463
Adjustment in respect of prior periods - - (302)
Total current tax 384 385 161
Deferred taxation:
Origination and reversal of temporary differences (359) (109) 3
Total deferred tax (359) (109) 3
Total taxation charge 25 276 164
5. Earnings per share
Six months ended 24 September 2017 Unaudited £'000 Six months ended 25 September 2016 Unaudited £'000 Year ended 26 March 2017 Audited £'000
Profit for the purpose of basic and diluted earnings per share: 580 510 947
Add back loss for the purposes of basic and diluted earnings per share (discontinued operations): 475 130 240
Profit for the purposes of basic and diluted earnings per share (continuing operations): 1,055 640 1,187
Share based payments 345 297 631
Deferred tax on share based payments (255) (50) (236)
Pre-opening costs 819 855 1,915
Loss on disposal of property, plant and equipment - 1 -
Amortisation of brand 411 411 821
Deferred tax on amortisation of brand (68) (68) (137)
Exceptional costs - acquisition costs - 26 26
Headline profit for the period for the purposes of Headline basic and diluted earnings per share 2,307 2,112 4,207
Six months ended 24 September 2017 Unaudited No. '000 Six months ended 25 September 2016 Unaudited No. '000 Year ended 26 March 2017 Audited No. '000
Weighted average number of ordinary shares in issue for the purposes of basic earnings per share 571,385 569,468 570,371
Effect of dilutive potential ordinary shares:- Share options 29,467 30,668 30,855
Weighted average number of shares for the purpose of diluted earnings per share 600,852 600,136 601,226
Six months ended 24 September 2017 Unaudited Six months ended 25 September 2016 Unaudited Year ended 26 March 2017 Audited
Earnings per share:
Basic
From continuing operations 0.2p 0.1p 0.2p
From discontinued operations (0.1p) - -
Total basic earnings per share 0.1p 0.1p 0.2p
Diluted
From continuing operations 0.2p 0.1p 0.2p
From discontinued operations (0.1p) - -
Total diluted earnings per share 0.1p 0.1p 0.2p
Headline basic 0.4p 0.4p 0.7p
Headline diluted 0.4p 0.4p 0.7p
6. Investments
As at 24 September 2017 Unaudited £'000 As at 25 September 2016 Unaudited £'000 As at 26 March 2017 Audited £'000
Unlisted equity securities
Cost and net book value
Opening position - - -
Investment addition 200 - -
Closing position 200 - -
Unlisted equity investments are recorded at fair value where appropriate.
7. Cash and cash equivalents
As at 24 September 2017 Unaudited £'000 As at 25 September 2016 Unaudited £'000 As at 26 March 2017 Audited £'000
Cash at bank and in hand 1,374 748 271
Cash and cash equivalents as presentedin the balance sheet 1,374 748 271
Bank overdraft (513) - (180)
861 748 91
Bank balances comprise cash held by the Group on a short term basis with
maturity of three months or less. The carrying amount of these assets
approximates their fair value.
8. Reconciliation of net cash flows from operating activities
Six months ended 24 September 2017 Unaudited £'000 Six months ended 25 September 2016 Unaudited £'000 Year ended 26 March 2017 Audited £'000
Profit for the period 595 526 969
Adjustments:
Income tax expense 29 277 175
Finance income - (1) (1)
Finance costs 112 53 135
Depreciation and amortisation 2,169 1,673 3,269
Loss on disposal of property, plant and equipment - 1 2
Share based payments expense 345 297 631
Impairment of property, plant and equipment 312 - -
Provision against inventory 19 - -
Cost of acquisition - 26 26
Operating cash flows before movement in working capital 3,581 2,852 5,206
Increase in inventories (308) (150) (365)
Increase in trade and other receivables (690) (1,090) (1,166)
Increase in trade and other payables 748 4,765 6,866
Cash generated from operations 3,331 6,377 10,541
Income taxes (paid)/received (4) 14 (268)
Net cash from operating activities 3,327 6,391 10,273
9. Discontinued operations
During the period, the Group committed to the disposal of the property and
business of the Bukowski franchise at D'Arblay Street, Soho, London within the
next 12 months. A search is underway for a buyer. An impairment loss was
recognised on reclassification of the property, plant and equipment as held
for sale.
Six months ended 24 September 2017 Unaudited £'000 Six months ended 25 September 2016 Unaudited £'000 Year ended 26 March 2017 Audited £'000
Revenue 342 351 833
Expenses (501) (479) (1,062)
Operating profit (159) (128) (229)
Net finance costs - (1) -
Loss before taxation (159) (129) (229)
Income taxation expense (4) (1) (11)
(163) (130) (240)
Impairment (312) - -
Loss from discontinued operations (475) (130) (240)
Cash flows from discontinued operations included in the consolidated cash flow statement are as follows:
Net cash used in operating activities (114) (136) (163)
Net cash used in investing activities (18) (110) (114)
Net cash used in financing activities - (1) -
(132) (247) (277)
Property, plant and equipment held for sale 213 - -
The impairment charge above relates to the impairment of the property, plant
and equipment for the D'Arblay Street restaurant business.The Group expect the
fair value (estimated based on the recent market prices of similar properties
in similar locations and initial offers from potential buyers) less costs to
be approximately £213,000. There are no liabilities expected to be held for
sale.
This information is provided by RNS
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