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TAST - Tasty News Story

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Last Trade - 24/09/20

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £2.47m
Enterprise Value £-449k
Revenue £44.6m
Position in Universe 1736th / 1807

Preliminary Results

Wed 24th April, 2013 7:00am
RNS Number : 0521D
Tasty PLC
24 April 2013
 



Tasty plc

 

Preliminary results for the 52 weeks ended 30 December 2012

 

Highlights

 

*        Revenue up 33% to £19,315,000 (2011 - £14,565,000)

*        Operating profit excluding pre-opening costs of £1,717,000 (2011 -£1,164,000)

 

*        Statutory pre-tax profit of £1,552,000 (2011 -£1,066,000)

 

*        Further new units in pipeline and well positioned and financed to continue expansion

 

 

Enquiries

 

Tasty plc                                                               Tel: 020 7637 1166

Jonny Plant, Chief Executive

 

Cenkos Securities                                                Tel: 020 7397 8927

Bobbie Hilliam

 

 

Chairman's statement

 

I am pleased to be reporting on the Group's profitable results of some £1,277,000  (1 January 2012 - £1,276,000).  The results are for the 52 week period ended 30 December 2012 and a comparative to the 52 week period ended 1 January 2012.

 

During the year five new Wildwood restaurants were opened, and the former Cambridge Chez Gerard restaurant was converted into a Wildwood restaurant.  The Group had twenty-three restaurants in operation at the year-end - 6 DimTs, 17 Wildwoods. As of today, the Board is pleased to say it has twenty-six restaurants in operation - 6 DimTs and 20 Wildwoods.

 

Results

 

Revenue for the year was up 33% on last year to £19,315,000  (1 January 2012 - £14,565,000). 

Operating profit before pre-opening costs and non-trading items was £1,717,000 (1 January 2012 - £1,164,000).  Pre-opening costs for the period totalled £403,000 (1 January 2012 - £110,000).

 

The overall statutory pre-tax profit was £1,552,000 (1 January 2012 - £1,066,000).

 

The Board does not recommend the payment of a dividend at this stage of the Group's development.

 

Openings

 

Five new Wildwood restaurants were opened during the year: at Epping in March; Market Harborough in April; Ely and Bow St both in May and Canterbury in October.  The former Chez Gerard site at Cambridge acquired in December 2011 was closed in February and re-opened as a Wildwood restaurant in March 2012. 

 

Since the year end the Group's two Cafe Pasta restaurants at Shaftesbury Avenue and Stratford-upon-Avon acquired in November 2011, were successfully converted into a new sub-brand of Wildwood, Wildwood Kitchen.  We have also successfully opened a new Wildwood Kitchen at Didcot in March 2013 and two Wildwood restaurants in South Woodford and Newmarket in April 2013; with a number of other sites already in the pipeline, at various stages of completion and negotiation.

 

Cash flows

 

Net cash outflow for the period before financing was £1,370,000 (1 January 2012 - £911,000).  This is largely represented by capital expenditure on the expansion of the business through the opening and acquisition of the above sites. Cash flows from operating activities increased to £2,398,000 (1 January 2012 - £1,742,000). 

 

During the period a new loan facility of £2,500,000 was negotiated, of which at 30 December 2012 £1,000,000 was called down.  This gave rise to a £68,000 finance expense during the period (1 January 2012 - £Nil).

 

Net cash and cash equivalents held at the end of the year were £1,611,000 (1 January 2012 - £2,008,000).

 

Pre-opening costs

 

Pre-opening costs have been highlighted in the income statement as these costs represent revenue expenses, including rent free periods, which give rise to a charge under technical accounting rules, which are necessarily incurred in the period prior to a new unit being opened, but which are specific to the opening of that unit and not part of the Group's normal ongoing trading performance.

 

Review of the business

 

2012 has proved to be a year of considered expansion, with five new sites successfully opened, which will only show their true value on a full year of trading without the initial pre-opening costs.  Further new openings are in the pipeline for 2013.

 

The Group continually looks to update its menus and for much of the year has successfully offered promotions to encourage growth in sales although less aggressively than in previous years. Management have continued to focus on food and labour margins and these continue to be kept under constant review. This has resulted in a considerable improvement in the trading position of the Group despite the continuing challenging economic climate in the United Kingdom.

 

Staff

 

As ever, it is our dedicated staff that have contributed significantly throughout the year to the Group's much improved performance, and I would like to take this opportunity of thanking them again for their hard work and effort.

 

Current Trading

 

Since the year end trading has been in line with expectations.

 

 

 

 

……………………………………

Keith Lassman

Chairman

 

Date: 23 April 2013



Tasty plc

 

 

Consolidated Statement of Comprehensive Income for the 52 weeks ended 30 December 2012

 

 

 



          2012


        2011



         £'000


      £'000






Revenue


19,315


14,565






Cost of sales


(17,221)


(12,946)






Gross profit


2,094


1,619






Administrative costs


(480)


(565)






Operating profit excluding pre-opening costs


1,717


1,164

Pre-opening costs


(403)


(110)

Reversal of impairment of property, plant and equipment


300


-






Operating profit


1,614


1,054






Finance income


6


12

Finance expense


(68)


-






Profit before taxation


1,552


1,066






Income tax (charge) / credit


(275)


210






Profit and total comprehensive income for the period





- attributable to equity shareholders


1,277


1,276






Profit per ordinary share





Basic


2.67p


2.67p

Diluted


2.61p


2.64p

 



Tasty plc

 

Consolidated statement of changes in equity as at 30 December 2012

 

 

 



Share


    Share


  Merger


Retained


  Total



capital


premium


  reserve


    deficit


Equity



  £'000


     £'000


     £'000


     £'000


  £'000












Balance at 2 January 2011


4,784


10,350


992


(6,432)


9,694












Total comprehensive income for the period


-


-


-


1,276


1,276












Share based payments - credit to equity


-


-


-


29


29























Balance at 1 January 2012


4,784


10,350


992


(5,127)


10,999























Total comprehensive income for the period


-


-


-


1,277


1,277

Issue of share capital


6


9


-


-


15

Share based payments - credit to equity


-


-


-


56


56


































Balance at 30 December 2012


4,790


10,359


992


(3,794)


12,347























 



Tasty plc

Consolidated balance sheet 30 December 2012

 

 

 


Note

       2012


        2012


       2011


      2011



     £'000


      £'000


      £'000


     £'000










Assets









Non-current assets









Intangible assets


448




450



Property, plant and equipment


11,791




8,546



Pre-paid operating lease charges


1,747




1,382



Deferred tax asset


185




460



Other receivables


486




451












Total non-current assets




14,657




11,289










Current assets









Inventories


689




499



Trade and other receivables


1,107




711



Pre-paid operating lease charges


87




67



Cash and cash equivalents


1,611




2,008












Total current assets




3,494




3,285










Total assets




18,151




14,574










Liabilities









Non-current liabilities









Accrual for lease incentives


206




200



Provisions


75




85












Total non-current liabilities




281




285










Current liabilities









Trade and other payables


4,523




3,290



Bank loan


1,000




-












Total current liabilities




5,523




3,290










Total liabilities




5,804




3,575










TOTAL NET ASSETS




12,347




10,999










Capital and reserves attributable









  to equity holders of the parent









Share capital




4,790




4,784

Share premium reserve




10,359




10,350

Retained deficit




(3,794)




(5,127)

Merger reserve




992




992










TOTAL EQUITY




12,347




10,999










 



Tasty plc

 

Consolidated cash flow statement for the 52 weeks ended 30 December 2012

 

 

 



       2012


       2012


        2011


      2011



     £'000


      £'000


      £'000


     £'000










Cash flows from operating activities


















Profit for the period before taxation


1,552




1,066



Adjustments for:









   Depreciation


830




582



   Amortisation


2




2



   Impairment reversal


(300)




-



   Onerous lease provision movement


(10)




(15)



   Equity settled share-based payment









    expense


56




29



   Finance income


(6)




(12)



   Finance expense


68




-












Cash flows from operating activities









before changes in working capital


2,192




1,652












Increase in trade and other receivables


(816)




(537)



Increase in inventories


(190)




(43)



Increase in trade and other payables


1,212




670












Cash generated from operations




2,398




1,742










Income tax received




-




-










Net cash flows from operating activities









carried forward




2,398




1,742










 



Tasty plc

 

Consolidated cash flow statement for the 52 weeks ended 30 December 2012 (Continued)

 

 

 

 



       2012


        2012


        2011


      2011



     £'000


      £'000


      £'000


     £'000










Cash flows from operating activities









brought forward




2,398




1,742










Investing activities before taxation









   Purchases of property, plant and









   equipment


(3,774)




(1,607)



   Acquisition


-




(1,058)



   Interest received


6




12












Net cash outflow from investing









activities




(3,768)




(2,653)










Financing activities









   Issue of ordinary shares


15




-



   Bank loan receipt


1,500




-



   Bank loan payment


(500)




-



   Interest paid


(42)




-












Net cash from financing activities




973




-










Net (decrease)/increase in cash and cash









equivalents




(397)




(911)










Cash and cash equivalents at beginning









of period




2,008




2,919










Cash and cash equivalents at end of









period




1,611




2,008










 

 

 



Notes to the preliminary announcement

 

 

1.     Basis of preparation

 

The financial information has been prepared in accordance with the accounting policies and presentation required by International Financial Reporting Standards, incorporating International Accounting Standards ("IAS") and Interpretations (collectively 'IFRS') as endorsed by the EU. They are presented in pounds sterling, rounded to the nearest thousand. The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Company's 2011 Report and Accounts.

 

The financial information set out in this announcement does not constitute the Company's statutory accounts for the 52 weeks ended 30 December 2012 or the 52 weeks ended 1 January 2012. Statutory accounts for the 52 weeks ended 30 December 2012 and the 52 weeks ended 1 January 2012 have been reported on by the Independent Auditors. The Independent Auditors' Report on the Annual Report and Financial Statement for both periods 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 Annual Report and Financial Statements for 2011 have been filed with the Registrar of Companies. The statutory accounts for the 52 weeks ended 30 December 2012 will be delivered to the registrar in due course.

 



2.

Revenue

 

 

Revenue is wholly attributable to the principal activity of the Group and arises solely in the United Kingdom.

 

3.

Operating profit





52 weeks

52 weeks

 



ended

ended

 



30 December

1 January

 


Group

2012

2012

 



£'000

£'000

 


This has been arrived at after charging:



 





 


Staff costs (see note 7)

6,954

5,126

 


Share based payments (see notes 7 and 28)

56

29

 


Operating lease rentals

2,304

1,540

 


Amortisation of intangible fixed assets

2

2

 


Depreciation

830

582

 


Pre-opening costs

403

110

 


Auditors' remuneration



 


Audit fee



 


- Audit of parent Company

8

8

 


- Audit of Group financial statements

10

10

 


- Audit of subsidiary undertaking

20

20

 


Other services



 


- Taxation services

7

5

 


- Others

10

9

 



________

________

 

 

 

4.

Finance expense





52 weeks

52 weeks

 



ended

ended

 



30 December

1 January

 



2012

2012

 



£'000

£'000

 





 


Loan interest payable

 68

________

-

________

 

 



68

_______

 

-

________

 

 

 

5.

Staff costs








Staff costs for all employees, including directors, consist of





52 weeks

52 weeks

 



ended

ended

 



30 December

1 January

 



2012

2012

 



£'000

£'000

 





 


Wages and salaries

6,426

4,730

 


Social security costs

501

362

 


Other pension costs

27

34

 


Equity settled share based payment expense (note 28)

56

29

 



________

________

 





 



7,010

5,155

 



________

________

 

 

The average number of persons, including executive directors, employed by the Group during the period was 453, of which 444 were restaurant staff and 9 were administration staff, (1 January 2012 - 325 of which 317 were restaurant staff and 8 were administration staff).  No staff  are employed by the Company.

 

Of the total staff costs £6,396,000 was classified as cost of sales (1 January 2012 - £4,769,000) and £614,000  as administrative expenses (1 January 2012 - £387,000).



 

 

 

 

 

6.

Tax on profit on ordinary activities




 



              2012


          2011

 



             £'000


         £'000

 






 


(a)   Analysis of charge for the period




 






 


       Current tax

               



 


       UK corporation tax on profits of the period

-


-

 






 


       Current tax charge for the period

-


-

 






 


      Deferred tax




 


      (Utilisation) / recognition of tax losses

(120)


210

 


      Origination and reversal of temporary differences

(110)


-

 


      Impact of change in future rate of taxation

(45)


-

 






 


      Total deferred tax

(275)


210

 






 


      Total income tax (charge) / credit

(275)


210

 






 






 


(b)  Factors affecting tax charge for the period




 



 


      The tax charge for the period is lower than the standard rate of corporation tax in the UK.

      The differences are explained below:

 


 



              2012


          2011

 



             £'000


         £'000

 






 


       Profit on ordinary activities before tax

1,552


1,066

 






 


       Profit on ordinary activities multiplied by average




 


          standard rate of corporation tax in the UK of 24.5%




 


          (2011 - 26.5%)

380


282

 






 


      Effects of:




 


      Expenses not deductible for tax purposes

47


16

 


      Utilisation of tax losses

(152)


(298)

 


      Recognition of losses carried forward

-


(210)

 


     




 


      Total tax charge / (credit) (see (a) above)

275


(210)

 






 






 

7.

Profit per ordinary share (EPS)

                       



 



               2012


          2011

 



              £'000


         £'000

 


Numerator




 






 


Profit for the period

1,277


1,276

 






 


Denominator




 






 



        Number


      Number

 



               '000


            '000

 






 


Weighted average number of ordinary shares (basic)

47,841


47,836

 


Weighted average number of ordinary shares (diluted)

48,890


48,328

 






 


Basic profit per ordinary share (pence)

2.67p


2.67p

 


Diluted profit per ordinary share (pence)

2.61p


2.64p

 






 


2,015,000 share options have been excluded when calculating the diluted EPS as they were anti-dilutive (1 January 2012 - 2,553,460).

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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