Tasty logo

TAST - Tasty News Story

1.75p 0.0  0.0%

Last Trade - 24/09/20

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £2.47m
Enterprise Value £-449k
Revenue £44.6m
Position in Universe 1738th / 1808

Half Yearly Report

Tue 24th September, 2013 7:00am
RNS Number : 6691O
Tasty PLC
24 September 2013
 



Tasty plc

 

Interim Results (unaudited) for the 26 weeks ended 30 June 2013

 

Chairman's statement

 

I am pleased to report on the Group's half year results for the 26 weeks ended on 30 June 2013, which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS").

 

 

Results

 

Turnover for the 26 weeks ended 30 June 2013 was £10,979,000 (2012 - £8,868,000), a 24% increase over the corresponding period. 

 

The operating profit, before pre-opening costs, share based payments and interest, was £1,045,000 (2012 - £752,000), a 39% increase over last year.

 

Pre-opening costs have been highlighted in the income statement as they are necessarily incurred in the period prior to a new unit being opened and are specific to the opening but are not part of the Group's normal ongoing trading performance.

 

Pre-opening costs were £171,000 (2012 - £348,000), share based payments were £28,000 (2012 - £28,000) and finance expenses were £59,000 (2012 - £16,000).  The statutory profit before tax for the period was £787,000 (2012 - £360,000).

 

Basic and diluted earnings per share for the period were 1.28p and 1.25p (2012 - 0.75p and 0.74p).

 

Cash flows and financing

 

During the period capital expenditure of £2,511,000 (2012 - £2,450,000) was incurred.  Two new Wildwood restaurants were opened: at South Woodford and Newmarket in April plus a Wildwood Kitchen at Didcot in March.  A further Wildwood Kitchen was opened in July at Barnes.

 

Overall, the net cash outflow was £55,000 (2012 - £557,000).

 

To finance the growth, the Group drew down a further £1,500,000 of its bank loan facility taking the balance to £2,500,000. 

As at 30 June 2013, the Group had net cash balances of £1,556,000 (2012 - £1,451,000).

 

Outlook

 

The Group continues to move forward by increasing sales through updated menus and improving the food and labour margins, all of which are continually reviewed.

 

The new openings during the period, reported above, bring the number of restaurants to 27, consisting of 6 Dimts, 17 Wildwoods and 4 Wildwood Kitchens.

 

The Group continues to look at new sites and has the resources for further acquisitions.

 

Despite the on-going general economic conditions, the Group continues to grow and invest for the future.

 

 

 

K Lassman

Chairman

Tasty plc

 

24 September 2013



 

Consolidated Statement of Comprehensive Income

(unaudited)






 


26 weeks ended


26 weeks ended


52 weeks ended

 


30 June


1 July


30 December

 


2013


2012


2012

 


£'000


£'000


£'000

 

 






 

Revenue

10,979


8,868


19,315

 

 

Cost of sales

(9,704)


(8,113)


(17,221)

 


______


______


______

 







 

Gross profit

1,275


755


      2,094

 







 

Administrative expenses

(429)


(379)


(480)

 


______


______


______

 







 

     Operating profit excluding pre-opening costs and non trading items

 

1,045


 

752

 

 

 

1.773

 

     Pre-opening costs

(171)


(348)


(403)

 

     Reversal of impairment of property, plant and

        equipment

 

-


 

-


 

300

 

     Share based payment

(28)


(28)


(56)

 







 







 

Operating profit

846


376


1,614

 

 

Finance expense

(59)


(16)


(62)

 


______


______


______

 







 

Profit before taxation

787


360


1,522

 

 

Income tax expense

(173)


-


(275)

 


______


______


______

 



 

 



 

Profit and total comprehensive income for the period - attributable to equity shareholders

614


360


1,277

 


______


______


______

 







 

Profit per share - basic

1.28p


0.75p


2.67p

 

Profit per share - diluted

1.25p


0.74p


2.61p

 



 

Consolidated Statement of Changes in Equity

(unaudited)






 

 

                                                                                                                            Share           Share     Merger     Retained          Total

                                                                                                                           capital     premium    reserve          deficit        equity

                                                                                                                             £'000            £'000        £'000            £'000         £'000

 

 

Balance at 2 January 2012                                                                           4,784          10,350            992          (5,127)     10,999

 

 

Changes in equity for 26 weeks ended 1 July 2012

 

Profit for the period                                                                                                    -                     -                 -               360            360

                                                                                                                         ______        ______     ______        ______     ______

 

Total comprehensive income for the period                                                     -                     -                 -               360            360

 

Share based payments - credit to equity                                                             -                     -                 -                 28              28

                                                                                                                         ______        ______     ______        ______     ______

 

Balance at 1 July 2012                                                                                   4,784          10,350            992          (4,739)     11,387

                                                                                                                         ______        ______     ______        ______     ______

 

 

 

Changes in equity for 26 weeks ended 30 December 2012

 

Issue of shares                                                                                                        6                    9                 -                     -              15

 

Profit for the period                                                                                                    -                     -                 -               917            917

                                                                                                                         ______        ______     ______        ______     ______

 

Total comprehensive income for the period                                                     -                     -                 -               917            917

 

Share based payments - credit to equity                                                             -                                        -                 28              28

                                                                                                                         ______        ______     ______        ______     ______

 

Balance at 30 December 2012                                                                    4,790          10,359            992          (3,794)     12,347

                                                                                                                         ______        ______     ______        ______     ______

 

 

Changes in equity for 26 weeks ended 30 June 2013

 

Issue of shares                                                                                                        6                    6                 -                     -              12

 

Profit for the period                                                                                                    -                     -                 -               614            614

                                                                                                                         ______        ______     ______        ______     ______

 

Total comprehensive income for the period                                                     -                     -                 -               614            614

 

Share based payments - credit to equity                                                             -                     -                 -                 28              28

                                                                                                                         ______        ______     ______        ______     ______

 

Balance at 30 June 2013                                                                               4,796          10,365            992          (3,152)     13,001

                                                                                                                         ______        ______     ______        ______     ______

 

 

 

 

 

 



 

Consolidated Balance Sheet

 

 

(unaudited)

30 June


1 July


30 December


2013


2012


2012


£'000


£'000


£'000

Non-current assets






Intangible assets

448


450


448

Property, plant and equipment

13,795


10,623


11,791

Pre-paid operating lease charges

2,011


1,586


1,747

Deferred tax asset

12


460


185

Other receivables

437


437


486


______


______


______








16,703


13,556


14,657







Current assets






Inventories

733


647


689

Pre-paid operating lease charges

100


78


87

Trade and other receivables

1,573


1,258


1,107

Cash and cash equivalents

1,556


1,451


1,611


______


______


______








3,962


3,434


3,494


______


______


______













Total assets

20,665


16,990


18,151


______


______


______







Non current liabilities






Accruals for lease incentives

(199)


(194)


(206)

Provisions

(72)


(79)


(75)


______


______


______








(271)


(273)


(281)


______


______


______







Current liabilities






Trade and other payables

Bank borrowings

(4,893)

(2,500)


(4,330)

(1,000)


(4,523)

(1,000)


______


______


______







Total current liabilities

(7,393)


(5,330)


(5,523)


______


______


______













Total liabilities

(7,664)


(5,603)


(5,804)

 

______


______


______













Total net assets

13,001


11,387


12,347


______


______


______







Capital and reserves attributable to equity shareholders



 

Share capital

4,796


4,784


4,790

Share premium

10,365


10,350


10,359

Merger reserve

992


992


992

Retained deficit

(3,152)


(4,739)


(3,794)

 

______


______


______







Total equity

13,001


11,387


12,347


______


______


______









 

Consolidated Cash Flow

(unaudited)

26 weeks ended


26 weeks ended


52 weeks ended

 


30 June


1 July


30 December

 


2013


2012


2012

 


£'000


£'000


£'000

 

 






 

Net cash inflow from operating activities






 

Profit  for the period before taxation

787


360


1,552

 







 

Adjustments for






 

Depreciation

506


373


830

 

Amortisation

-


-


2

 

Impairment reversal

Onerous lease provision movement

Equity settled share-based payment expense

-

(3)

28

 

 

-

-

28


(300)

(10)

56

 

Net finance expense

59


16


62

 


______


______


______

 

Net cash inflow from operating activities






 

Before changes in working capital

1,377


777


2,192

 







 

(Increase) / decrease in trade and other receivables

(520)


(748)


(816)

 

(Increase) / decrease in inventories

(44)


(148)


(190)

 

Increase / (decrease) in trade and other payables

156


1,028


1,212

 


______


______


______

 

 






 

Cash generated from operations

969


909


2,398

 







 

Income tax received

-


-


-

 


______


______


______

 

 






 

Net cash flows from operating activities

969


909


2,398

 







 

 

Investing activities






 

Purchase of property, plant and equipment

(2,511)


(2,450)


(3,774)

 

Interest received

-


-


6

 

 






 

 

______


______


______

 







 

Net cash outflow from investment activities

(2,511)


(2,450)


(3,768)

 







 

 

Financing activities

Issue of ordinary shares

Bank  loan receipt

Bank loan repaid

Interest paid

 

 

 

 

 

12

1,500

-

(25)

 

______


 

 

-

1,000

-

(16)

 

______


 

 

15

1,500

(500)

(42)

 

______

 

Net cash inflow from financing

1,487


984


973

 

 

______


______


______

 







 

Net (decrease) / increase in cash and cash equivalents

(55)


(557)


(397)

 







 

Cash and equivalents at beginning of period

1,611


2,008


2,008

 

 

______


______


______

 







 

Cash and equivalents at end of period

1,556


1,451


1,611

 

 

______


______


______

 







 

 



 

Notes to the financial statements

 

1              General information

 

Tasty plc ("Tasty") is a public limited company incorporated in the United Kingdom under the Companies Act (registration number 5826464).  The Company is domiciled in the United Kingdom and its registered address is 19 Cavendish Square London W1A 2AW.  The Company's ordinary shares are traded on the Alternative Investment Market ("AIM").  Copies of this Interim Report or the Annual Report and Accounts may be obtained from the above address or on the investor relations section of the Company's website at www.dimt.co.uk.

 

2              Basis of accounting

 

Tasty plc ("Tasty"') has prepared its results under International Financial Reporting Standards and International Financial Reporting Council "IFRIC" interpretations as adopted by the European Union ("IFRS").  Tasty  adopted IFRS with effect from 1 January 2007. 

 

These standards remain subject to ongoing amendment and/or interpretation and are, therefore, still subject to change.  Accordingly, information contained in these interim financial statements may need to be updated for subsequent amendments to IFRS or for new standards issued after the balance sheet date.

 

                The basis of preparation and accounting policies followed in the interim report are the same as those set out in the annual report and accounts for the year ended 30 December 2012, however, for the current period the Group has adopted IFRS 13 "Fair value measurement" which has had no significant impact on the results or financial position.  As permitted this interim report has not been prepared in accordance with IAS 34 "Interim Financial Reporting", nor has it been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.

 

The financial information for the period ended 30 December 2012 does not constitute the full statutory accounts for that period.  The Annual Report and Financial Statements for 2012 have been filed with the Registrar of Companies.  The Independent Auditors' Report on the Annual Report and Financial Statement for 2012 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£'000) except when otherwise indicated.

 

The consolidated accounts incorporate the financial statements of Tasty plc and its subsidiary, Took Us A Long Time Limited made up to the relevant period end.

 

 

 

 



3              Income tax expense

 

The taxation charge for the 26 weeks ended 30 June 2013 has been calculated by applying the estimated effective tax rate for the period ending 30 December 2012

 


    Unaudited

    Unaudited

Audited


26 weeks to

 26 weeks to

52 weeks to


        30 June

        1 July

30 December


2013

2012

2012


£'000

£'000

£'000





UK corporation tax




Current tax credit on profit/(loss) for the period

-

-

-

 Adjustment in respect of prior period

-

-

-


_______

_______

_______

Current tax credit for period

-

-

-





Deferred taxation




Reversal of temporary differences

(173)

-

(275)


_______

_______

_______





Total income tax

(173)

-

(275)


_______

_______

_______

 

 

4              Earnings per share

 


    Unaudited

    Unaudited

Audited


26 weeks to

 26 weeks to

52 weeks  to


       30 June

        1 July

30 December


2013

2012

2012


Pence

Pence

Pence





Basic earnings per share

1.28

0.75

2.67


_______

_______

_______

 

Diluted earnings per share

 

1.25

 

0.74

 

2.61


_______

_______

_______

 

The basic earnings per share figures are calculated by dividing the net profit for the period attributable to shareholders by the weighted average number of ordinary shares in issue during the period.  The diluted earnings per share figure allows for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period. Options are only taken into account when their effect is to reduce basic earnings per share.

 

Earnings per share has been calculated using the numbers shown below:-

 


  Unaudited

Unaudited

Audited


26 weeks to

 26 weeks to

52 weeks to


        30 June

        1 July

30 December


2013

2012

2012


£'000

£'000

£'000





Profit  for the period

614

360

1,277


_______

_______

_______






Number

Number

Number


' 000

' 000

' 000





Basic weighted average number of ordinary shares

47,963

47,836

47,841

Effect of dilution - share options

1,049

492

1,049


_______

_______

_______

Diluted weighted average number of ordinary shares

49,012

48,328

48,890


_______

_______

_______

 

 

 

Enquiries

 

Tasty plc

Jonny Plant                                           Tel: 020 7637 1166

 

 

Cenkos Securities plc

Bobbie Hilliam                                     Tel: 020 7071 4300 

NOMAD and Broker

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR DMGZLFFDGFZM
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.