Interim Results for the Half Year ended 30 April 2025

Hydro Hotel Eastbourne

16/07/2025 09:20

16 July 2025

 

Hydro Hotel, Eastbourne, Plc

(“Hydro Hotel” or the “Company”)

 

Interim Results for the Half Year ended 30 April 2025

 

YOUR CHAIRMAN'S LETTER

Dear Shareholder,

SIX MONTHS TO 30 APRIL 2025

I am pleased to report on the company’s results for the six months to 30 April 2025. The total turnover for the six month period to 30 April 2025 was £2,130,974 compared to £1,961,479 for the same period in the previous year, an increase of 9% (compared to an increase in the six months to 30 April 2024 of 9%).

The gross profit percentage for the period was 9% higher than in the six months to 30 April 2024 despite staff costs increasing by 10% compared to the figure for the period to 30 April 2024 (6% increase in staff costs in the half year to 30 April 2024).

Overheads increased by 8% (1% increase in the half year ended 30 April 2024). There was an increase in repair costs of £45,944 for this period compared to the same period in the previous year, as a result of repairs to the hotel’s boiler flue, the replacement of windows and fire doors and other essential repair work to the fabric of the building. This contributed to the increase in overhead expenses during the period. There is an increase in the loss for the half year to 30 April 2025 to £97,225 compared to a loss of £76,957 for the half year to 30 April 2024.

During the period the air conditioning in the Wedgwood Room, the garden furniture on the Coastal Terrace and 2 boilers were replaced. General refurbishment of the bedrooms and public areas continued.

The Board and the management of the company continue to monitor cash resources and have paid the dividend of £78,000 declared on 25 February 2025. No further dividends were declared in the period.

The Board wishes to express its thanks to the management and staff of the hotel for their co-operation and efforts during the period. The Hydro team look forward to welcoming new and returning guests in this our 130th year of operation.

Yours sincerely,

Christopher J Bean  LL.B (Hons) 

15 July 2025

 

 

 

 

SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 APRIL 2025
Half year to
Half year to
Year ended
30 April 2025
30 April 2024
31 October 2024
(Unaudited)
(Unaudited)
(Audited)
£
£
£
TURNOVER
2,130,974
1,961,479
4,850,970
OPERATING (LOSS)/PROFIT
(135,914)
(111,562)
393,319
INTEREST RECEIVABLE
38,689
34,605
76,196
(LOSS)/PROFIT BEFORE TAXATION
(97,225)
(76,957)
469,515
TAXATION
-
-
(119,269)
(LOSS)/PROFIT FOR PERIOD
£(97,225)
£(76,957)
£350,246
(Loss)/Earnings per share
(16.20)p
(12.83)p
58.37p


 

STATEMENT OF FINANCIAL POSITION
AT 30 APRIL 2025
30 April 2025
30 April 2024
31 October 2024
(Unaudited)
(Unaudited)
(Audited)
£
£
£
FIXED ASSETS
Tangible Assets
2,481,102
2,550,478
2,497,935
CURRENT ASSETS
Stocks
41,699
41,284
47,810
Debtors
126,806
130,626
154,155
Investments – 6 month notice deposit account
500,000
476,373
-
Cash at bank and in hand
1,679,811
1,352,585
2,462,830
2,348,316
2,000,868
2,664,795
CREDITORS
Amounts falling due within one year
(836,611)
(732,858)
(994,698)
NET CURRENT ASSETS
1,511,705
1,268,010
1,670,097
TOTAL ASSETS LESS
CURRENT LIABILITIES
3,992,807
3,818,488
4,168,032
PROVISION FOR LIABILITIES
(148,905)
(148,564)
(148,905)
NET ASSETS
£3,843,902
£3,669,924
£4,019,127
CAPITAL AND RESERVES
Called up share capital
600,000
600,000
600,000
Revaluation reserve
389,814
394,093
389,814
Profit and loss reserves
2,854,088
2,675,831
3,029,313
£3,843,902
£3,669,924
£4,019,127

 

STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 APRIL 2025
Half year to
Half year to
Year ended
30 April 2025
30 April 2024
31 October 2024
(Unaudited)
(Unaudited)
(Audited)
£
£
£
NET CASH (USED IN)/INFLOW FROM OPERATING ACTIVITIES (Note 1)
(174,050)
(107,376)
610,313
NET CASH (USED IN) INVESTINGACTIVITIES(Note 2)
(530,969)
(94,627)
375,929


 

FINANCING ACTIVITIES
Dividends paid
(78,000)
(72,000)
(150,000)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(783,019)
(274,003)
836,242
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
2,462,830
1,626,588
1,626,588
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
£1,679,811
£1,352,585
£2,462,830
RELATING TO:
Cash at bank and in hand
£1,679,811
£1,352,585
£2,462,830

 

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 APRIL 2025
Half year to
30 April 2025
Half year to
30 April 2024
Year ended
31 October 2024
(Unaudited)
(Unaudited)
(Audited)
£
£
£
Note 1
CASH FLOWS FROM OPERATING
ACTIVITIES
(Loss)/profit after tax
(97,225)
(76,957)
350,246
Adjustments for:
Taxation
-
-
119,269
Depreciation
86,236
93,545
193,496
Loss on disposal of fixed assets
255
132
132
Interest receivable
(38,689)
(34,605)
(76,196)
OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES
(49,423)
(17,885)
586,947
MOVEMENTS IN WORKING CAPITAL
Decrease/increase) in stocks
6,111
(1,256)
(7,782)
Decrease/(increase) in debtors
27,349
58,532
35,003
(Decrease)/increase in creditors
(158,087)
(146,767)
45,038
Income taxes paid
-
-
(48,893)
NET CASH (USED IN)/GENERATED FROM OPERATING ACTIVITIES
£(174,050)
£(107,376)
£610,313
Note 2
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(69,658)
(118,839)
(166,247)
Interest received
38,689
34,605
76,196
(Payment)/repayment for other investments
(500,000)
(10,393)
465,980
NET CASH FLOW (USED IN) INVESTING ACTIVITIES
£(530,969)
£(94,627)
£375,929


 

NOTES TO THE ACCOUNTS
1
The results are prepared on the basis of the accounting policies set out in the Company’s Annual Report and Accounts for the year ended 31 October 2024.
2
The earnings per share are based on a loss of £97,225 (2024: loss of £76,957) being the loss on ordinary activities after taxation.
3
The movement in retained Profit and Loss Reserves from £3,029,313 at 31 October 2024 to £2,854,088 at 30 April 2025 includes the loss for the period and dividends paid of £78,000 (2024: £72,000 paid in the period and £Nil accrued).
4
All dividends in 2025 were paid in the period and no accrual is included in creditors, amounts falling due within one year as at 30 April 2025 (2024: £72,000 dividends paid and no accrual included in creditors, amounts falling due within one year as at 30 April 2024).
5
A copy of the interim report and accounts and the Chairman’s statement thereto, which were approved by the Board of Directors on 15 July 2025, will be posted to all registered shareholders shortly thereafter.
6
The financial information set out above does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.Statutory accounts for the year ended 31 October 2024, on which the report of the auditor was unqualified and did not contain a statement under section 498 of the Companies Act 2006, have been filed with the Registrar of Companies.
7
The company’s auditor, UHY Hacker Young LLP, has not reviewed these unaudited interim accounts.

Enquiries:

 

Hydro Hotel, Eastbourne, Plc
Sally Gausden
Company Secretary
Telephone: +44 1323 431 200
Peterhouse Capital Limited
Aquis Corporate Adviser
Mark Anwyl
Telephone: +44 20 7469 0930

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).