Publication of FY22 Results
29/09/2022 07:00
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RNS Number : 1336B Hotel Chocolat Group PLC 29 September 2022
29 September 2022
HOTEL CHOCOLAT GROUP PLC
("Hotel Chocolat", the "Company" or the "Group")
Publication of FY22 Results
Hotel Chocolat Group plc, a direct-to-consumer premium chocolate brand,
previously communicated on 28 July 2022 that the Japan joint venture (Japan
JV) in which it holds an equity interest of 20% had entered restructuring
proceedings ("Minji Saisei") resulting in the potential for the full
impairment by the Group of loans to the Japan JV of £23m and guarantees of
£6m in respect of its third-party debt, which is now increasingly certain.
The directors of the Company are reviewing the judgments and estimations
relating to the historic accounting for the loans to the JV in the FY21 annual
report and accounts. The Group is also working to address this in the FY22
annual report and accounts with its new auditor, RSM UK Audit LLP (RSM), who
were appointed on 2 March 2022. Given the potential for full impairment of the
loans and the guarantees of the third-party debt as previously communicated,
this is not expected to have any material impact on the Group's reported
trading or underlying profit performance for FY22 or any impact on the future
cashflows or prospects for the Group.
The Group is preparing to finalise the FY22 annual report and accounts with
RSM and will update on the timing for their publication in due course.
Enquiries:
Hotel Chocolat Group PLC Tel: +44 (0) 1763 257 746
Angus Thirlwell, Co-Founder and CEO
Peter Harris, Co-Founder and Development Director
Matt Pritchard, CFO
Liberum (Nominated Adviser and Sole Broker) Tel: +44 (0) 20 3100 2000
Clayton Bush
Edward Thomas
Miquela Bezuidenhoudt
Citigate Dewe Rogerson Tel: + 44 (0) 20 7638 9571
Angharad Couch
Ellen Wilton
Alex Winch
Notes to Editors:
Hotel Chocolat is a premium British chocolate maker with a strong and
distinctive D2C brand. The business was founded by Angus Thirlwell and Peter
Harris, who are still executives within the business, and has traded under the
Hotel Chocolat brand since 2003. The Group is unusual in being a grower
(organic cacao farm in Saint Lucia), a manufacturer (Cambridgeshire) and
owning its extensive direct to consumer channels (branded stores, websites).
The Group was admitted to trading on AIM in 2016.
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