REG - Tasty PLC - Half-year Report
30/09/2024 07:00
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RNS Number : 1251G Tasty PLC 30 September 2024
30 September 2024
Tasty plc
("Tasty", the "Group" or the "Company")
Unaudited Interim Results for the 26 weeks ended 30 June 2024 and Directorate
Change
Tasty (AIM: TAST), the owner and operator of restaurants in the casual dining
sector, announces its interim results for the 26 week period ended 30 June
2024 ("H1 2024").
Key Points:
· Revenue of £19.1m (H1 2023: £21.7m); decrease of 12.0%
· Adjusted EBITDA(1) of £1.9m (H1 2023: £1.1m)
· Impairment charge of £0.8m (H1 2023: £4.0m)
· Profit before highlighted items for the period of £0.6m (H1 2023:
loss £1.0m)
· Cash balance of £3.0m (H1 2023: £2.8m)
· Started the period with 51 trading restaurants, 14 closed, ending the
period with 37 trading restaurants
· Restructuring Plan sanctioned on 4 June 2024
· £750,000 loan received to fund Restructuring Plan and provide
additional working capital
· Cost of living crisis, rapid decline in consumer confidence and
interest rates expected to further impact revenue in H2 2024
· Inflationary pressure on labour and food continues to adversely
affect profitability but is being kept under control
(1 ) Adjusted for depreciation,
amortisation and share based payments.
Post period
· Harald Samúelsson to step down from the Board with effect from 1
October 2024 to focus on other business interests
Chairman's statement
Introduction
H1 2024 was a period of significant change for the Group. Following a period
of external challenges which impacted the Group's business and trading
performance, the Board explored strategic and restructuring options available
to it. The Board concluded that it was in the best interests of the Group to
enter a Court and creditor approved Restructuring Plan alongside a number of
additional measures to be implemented across the Group, to restructure the
Group to return it to profitability and secure its long-term future, in order
to deliver the best outcome for stakeholders. The Restructuring Plan was
launched on 9 April 2024 with the immediate closure of nine trading
restaurants and a further two restaurants closed in May 2024. Two non-trading
restaurants and three sub-lets were also exited as part of the Restructuring
Plan. Outside of the Restructuring Plan, two restaurants were closed earlier
in the year and one lease assigned in June 2024. In total, 14 trading
restaurants closed in H1 2024, unfortunately resulting in around 160
redundancies during the period.
Despite operating in a challenging environment and facing disruptions from the
Restructuring Plan, 2024 performance was only marginally behind 2023 for the
same period, with like-for-like sales down -0.4%. The first quarter showed a
slight improvement of +0.7% compared to the previous year. However, the
second quarter, affected by the Restructuring Plan and various sporting
events, saw a decline of -1.4% in like-for-like sales compared to 2023.
The casual dining market continues to contend with several adverse factors,
including ongoing uncertainty from the cost-of-living crisis, inflationary
pressures on food and increases in the National Minimum Wage. Given these
challenges and the ongoing restructuring of our estate, our outlook remains
cautious for the remainder of 2024. Across the Industry and the retail
sector there has been a decline in consumer confidence and a discernible
decline in discretionary spend.
H1 2024 has been a period of significant change for the Group with the
reshaping of our estate and the wholesale changes to our operating structure.
People
The National Minimum Wage has continued to rise, but staff shortages have
eased somewhat due to contraction in the hospitality sector, alongside notable
improvements in our recruitment, training and employee engagement efforts. As
a result, staff retention and labour shortages are now less of a challenge
than before. However, with the labour market remaining highly competitive, we
remain committed to motivating and developing our teams through regular
training, opportunities for progression and pay reviews to stay competitive.
Inflationary costs
Inflationary pressures have remained significant, particularly due to
increases in minimum wage and food costs. Despite the ongoing rise in food
inflation, we have managed to improve our food margin by 1.6% compared to the
first half of 2023. Our utility fixed contract, which expired in June 2024,
has been renewed with an 18 month deal approximately 10% lower than the
previous contract.
Environmental, social and governance
The wellbeing and safety of our employees and customers are at the heart of
our operations. We continue to prioritise sustainability and actively work
to reduce the environmental impact of our business. As a dedicated equal
opportunity employer, we remain committed to fostering diversity and inclusion
in the workplace.
Results
Revenue decreased by 12.0% to £19.1m (H1 2023: £21.7m) mainly due to the
impact of the above site closures. First quarter performance was marginally
ahead of 2023, however, the second quarter, due to the turmoil of the
Restructuring Plan and key sporting events was -1.4% behind 2023. Delivery
sales continue to decline as expected, in line with the market and the impact
of the cost-of-living crisis.
The adjusted EBITDA for the period was £1.9m (H1 2023: £1.1m).
Operating profit before highlighted items was £0.6m (H1 2023: loss £1.0m).
We have reviewed the impairment provision across the right-of-use-assets and
fixed assets and due to site closures have made a net provision of £0.8m (H1
2023: £4.0m).
After taking into account all non-trade adjustments, the Group reports a
profit after tax for the period of £13.4m (H1 2023: loss £6.2m) being a
£19.6m improvement on H1 2023 due to non-cash adjustments comprising a
£15.4m gain on lease modification due to site closures and a £3.2m reduction
in impairment.
Cash flows and financing
Cash inflow from operations was £0.2m (H1 2023: outflow £1.5m). Overall,
the net cash outflow for the period was £1.2m (H1 2023: outflow £4.2m). As
at 30 June 2024, the Group had net cash of £3.0m (H1 2023: net cash of
£2.8m).
A £750,000 loan was received on 9 April 2024 to fund the implementation of
the Restructuring Plan and provide additional working capital.
Going concern
The Directors have a reasonable expectation that the Group has sufficient
resources to continue in existence for the foreseeable future. In reaching
this conclusion the Directors have considered the financial position of the
Group, together with its forecasts for the coming 12 months and taking into
account possible changes in its trading performance. The going concern basis
of accounting has, therefore, been adopted in preparing this interim financial
report.
Board Change
In addition, the Company announces that Harald Samúelsson will step down from
his position as Non-executive Director and leave the Company with effect from
1 October 2024, to focus on other business opportunities. The Board would like
to thank Harald for his beneficial contribution over the last 3 years and
wishes him well for the future. The Board will commence the search for an
additional independent non-executive director as soon as practicable. Further
announcements will be made in due course.
Outlook
In these uncertain times, we are maintaining a cautious approach.
Prioritising staff retention and cost control remains crucial, and the Board
is cautiously optimistic about navigating the current challenges.
Above all, we extend our heartfelt gratitude to our employees, shareholders,
suppliers and other stakeholders for their unwavering support throughout the
restructuring process.
K Lassman
Chairman
Tasty plc
30 September 2024
Enquiries:
Tasty plc
Tel: 020 7637
1166
Jonny Plant, Chief Executive
Cavendish Capital Markets Limited
Tel:
020 7220 0500
Katy Birkin/George Lawson
Certain of the information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the UK version of
the EU Market Abuse Regulation (596/2014). Upon publication of this
announcement via a regulatory information service, this information is
considered to be in the public domain.
Consolidated statement of comprehensive income
for the 26 weeks ended 30 June 2024 (unaudited)
26 weeks 26 weeks to 53 weeks
to Ended
30 June 25 June 31 December
2024 2023 2023
£'000 £'000 £'000
Revenue 19,140 21,724 46,910
Cost of sales (17,791) (21,843) (44,754)
Gross Profit/(loss) 1,349 (119) 2,156
Other income 280 159 374
Total operating expenses 12,436 (5,184) (14,840)
Operating Profit/(loss) before highlighted items 590 (1,018) 264
Highlighted items 13,475 (4,126) (12,574)
Operating profit/(loss) 14,065 (5,144) (12,310)
Finance income 82 62 140
Finance expense (765) (1,157) (2,303)
Profit/(loss) before tax 13,382 (6,239) (14,473)
Profit/(loss) and total comprehensive income for period and attributable to 13,382 (6,239) (14,473)
owners of the parent
Profit/(loss) per share attributable to the ordinary equity owners of the
parent
Basic 9.15p (4.26p) (9.89p)
Diluted 8.22p (3.82p) (8.89p)
The table below gives additional information to shareholders on key
performance indicators:
Post IFRS 16 Pre IFRS 16 Post IFRS 16 Pre IFRS 16
26 weeks 26 weeks 26 weeks 26 weeks
to to to to
30 June 30 June 25 June 25 June
2024 2024 2023 2023
£'000 £'000 £'000 £'000
EBITDA before highlighted items 1,894 (357) 1,133 (1,510)
Depreciation of PP&E and amortisation (446) (396) (875) (908)
Depreciation of right-of-use assets (IFRS16) (858) - (1,276) -
Operating profit/(loss) before highlighted items 590 (753) (1,018) (2,418)
Analysis of highlighted items
26 weeks 26 weeks 53 weeks ended
to to
30 June 25 June 31 December
2024 2023 2023
£'000 £'000 £'000
Loss on disposal of property plant and equipment (293) - (84)
Exceptional cost - restructuring (650) (56) (69)
Impairment of right-of-use assets
(450) (2,584) (8,192)
Impairment charge of property, plant and equipment
(305) (1,376) (4,086)
Share based payments (15) (12) (11)
Pre-opening costs (185) - (48)
Gain/(loss) on lease modifications 15,373 (98) (84)
Total highlighted items 13,475 (4,126) (12,574)
The above items have been highlighted to give more detail on items that are
included in the Consolidated statement of comprehensive income and which when
adjusted shows a profit or loss that reflects the ongoing trade of the
business.
Consolidated statement of changes in equity
for the 26 weeks ended 30 June 2024 (unaudited)
Share Share Merger Retained Total
Capital Premium Reserve Deficit Equity
£'000 £'000 £'000 £'000 £'000
Balance at 31 December 2023 6,061 24,254 992 (47,817) (16,510)
Total comprehensive income for the period
- - - 13,382 13,382
Share based payments - credit to equity - - - 15 15
Balance at 30 June 2024 6,061 24,254 992 (34,420) (3,113)
Balance at 25 December 2022 6,061 24,254 992 (33,355) (2,048)
Total comprehensive income for the period - - - (6,239) (6,239)
Share based payments - credit to equity - - - 12 12
Balance at 25 June 2023 6,061 24,254 992 (39,582) (8,275)
Balance at 25 December 2022 6,061 24,254 992 (33,355) (2,048)
Total comprehensive income for the period - - - (14,473) (14,473)
Share based payments - credit to equity - - - 11 11
Balance at 31 December 2023 6,061 24,254 992 (47,817) (16,510)
Consolidated balance sheet
At 30 June 2024 (unaudited)
26 weeks 26 weeks 53 weeks ended
to to
30 June 25 June 31 December
2024 2023 2023
£'000 £'000 £'000
Non-current assets
Intangible assets 30 32 31
Property, plant and equipment 11,452 15,255 12,248
Right-of-use- assets 21,951 29,184 23,289
Other non-current assets 15 65 65
Total non-current assets 33,448 44,536 35,633
Current assets
Inventories 1,395 2,013 1,921
Trade and other receivables 2,636 2,499 1,541
Cash and cash equivalents 2,993 2,777 4,177
Total current assets 7,024 7,289 7,639
Total assets 40,472 51,825 43,272
Current liabilities
Trade and other payables (9,991) (10,617) (10,403)
Lease liabilities (1,681) (1,993) (2,186)
Borrowings (750) - -
Total current liabilities (12,422) (12,610) (12,589)
Non-current liabilities
Provisions (342) (342) (342)
Lease liabilities (30,764) (47,044) (46,745)
Other payables (57) (104) (106)
Total non-current liabilities (31,163) (47,490) (47,193)
Total liabilities (43,585) (60,100) (59,782)
Total net (liabilities)/assets (3,113) (8,275) (16,510)
Equity
Share capital 6,061 6,061 6,061
Share premium 24,254 24,254 24,254
Merger reserve 992 992 992
Retained deficit (34,420) (39,582) (47,817)
Total equity (3,113) (8,275) (16,510)
Consolidated cash flow statement
for the 26 weeks ended 30 June 2024 (unaudited)
26 26 53
weeks to weeks to weeks ended
30 June 25 June 31 December
2024 2023 2023
£'000 £'000 £'000
Operating activities
Cash generated from operations 15,451 (1,506) 2,532
Disposal of lease liabilities (IFRS 16) (15,301) - (64)
Net cash inflow from operating activities 150 (1,506) 2,468
Investing activities
Costs due to sale of property, plant and (161) - (50)
equipment
Purchase of intangible assets - - (9)
Purchase of property, plant and equipment (89) (181) (250)
Interest received 82 62 140
Net cash flows used in investing activities (168) (119) (169)
Financing activities
Investor loan 750 - -
Finance expense (765) (1,157) (2,303)
Principal paid on lease liabilities (16,452) (1,443) (2,885)
Disposal of lease liabilities (IFRS 16) 15,301 - 64
Net cash flows used in financing activities (1,166) (2,600) (5,124)
Net increase in cash and cash equivalents (1,184) (4,225) (2,825)
Cash and cash equivalents at beginning of the period 4,177 7,002 7,002
Cash and cash equivalents at end of the period 2,993 2,777 4,177
Notes to the condensed financial statements
for the 26 weeks ended 30 June 2024 (unaudited)
1 General information
Tasty plc is a public limited company incorporated in the United Kingdom under
the Companies Act (registration number 05826464). The Company is domiciled in
the United Kingdom and its registered address is 32 Charlotte Street, London,
W1T 2NQ. The Company's ordinary shares are traded on the AIM Market of the
London Stock Exchange ("AIM"). Copies of this Interim Report and the Annual
Report and Financial Statements may be obtained from the above address or on
the investor relations section of the Company's website at www.dimt.co.uk
(http://www.dimt.co.uk) .
2 Basis of accounting
The condensed set of financial statements included in this interim financial
report has been prepared in accordance with IAS 34 'Interim Financial
Reporting', as adopted by the United Kingdom and accounting policies
consistent with International Financial Reporting Standards (IFRS) and
International Financial Reporting Interpretations Committee (IFRIC)
interpretations as endorsed by the United Kingdom. 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 latest annual
audited financial statements.
The financial information for the 26 weeks ended 30 June 2024 has not been
subject to an audit nor a review in accordance with International Standard on
Review Engagements 2410, Review of Interim Financial Information Performed by
the Independent Auditor of the Entity, issued by the Financial Reporting
Council.
The financial information for the period ended 31 December 2023 does not
constitute the full statutory accounts for that period. The Annual Report and
Financial Statements for 2023 have been filed with the Registrar of Companies.
The Independent Auditors' Report on the Annual Report and Financial Statements
for 2023 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 condensed 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.
Use of judgements and estimates
In preparing these interim financial statements management has made judgements
and estimates that affect the application of accounting policies and
measurement of assets and liabilities, income and expense provisions. Actual
results may differ from these estimates.
Going concern
The Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future. In
reaching this conclusion the Directors have considered the financial position
of the Group, together with its forecasts for the next 12 months from the date
of approval of these interim accounts and taking into account possible changes
in trading performance. The Group monitors cash balances and the impact of
inflation closely to ensure there is sufficient liquidity. Accordingly, the
Directors believe that it remains appropriate to prepare the financial
statements on a going concern basis.
IFRS 16 'Leases'
Group's accounting policies for leases are as follows:
Lessee accounting
IFRS 16 distinguishes between leases and service contracts on the basis of
whether the use of an identified asset is controlled by the customer. Control
is considered to exist if the customer has:
• The right to obtain substantially all of the economic benefits
from the use of an identified asset; and
• The right to direct the use of that asset in exchange for
consideration.
All leases are accounted for by recognising a right-of-use asset and a lease
liability except for:
• Leases of low value assets, and
• Leases with a duration of 12 months or less.
Subsequent to initial measurement lease liabilities increase as a result of
interest charged at a constant rate on the balance outstanding and are reduced
for lease payments made. Right-of-use assets are amortised on a straight-line
basis over the remaining term of the lease.
Lessor accounting
Under IFRS 16, a lessor continues to classify leases as either finance leases
or operating leases and account for those two types of leases differently.
Based on an analysis of the Group's operating leases as at 30 June 2024 on the
basis of the facts and circumstances that exist at that date, the Directors of
the Group have assessed that the impact of this change has not had any impact
on the amounts recognised in the Group's consolidated financial statements.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease
liabilities for short-term leases that have a lease term of 12 months or less
and leases of low value assets. The Group recognises these payments as an
expense on a straight-line basis over the lease term. Currently the Group has
no low value assets or short-term leases.
Covid-19 related rent concessions
IFRS 16 defines a lease modification as a change in the scope of a lease, or
the consideration for a lease, that was not part of the original terms and
conditions of the lease. The Group has considered the Covid-19 related rent
concessions and applied the lease modifications accounting.
Impairments
All assets (ROU and fixed assets) are reviewed for impairment in accordance
with IAS 36 Impairment of Assets, when there are indications that the carrying
value may not be recoverable.
Assets are subject to impairment tests whenever events or changes in
circumstances indicate that their carrying amount may not be recoverable.
Where the carrying value of an asset or a cash generating unit (CGU) exceeds
its recoverable amount, i.e. the higher of value in use and fair value less
costs to dispose of the asset, the asset is written down accordingly.
The Group views each restaurant as a separate CGU. Value in use is calculated
using cash flows excluding outflows from financing costs over the remaining
life of the lease for the CGU discounted at 9.75% (2023: 9%), being the rate
considered to reflect the risks associated with the CGUs. A growth rate of
0.5% has been applied (2023: 1%).
An impairment review was undertaken across the ROU assets and fixed assets
which resulted in a net impairment charge of £0.8m (2023: £4.0m). Where an
impairment reversal is recognised, the carrying amount of the asset will be
increased to its recoverable amount with the increase being recognised in the
income statement. This increased amount cannot exceed the carrying amount that
would have been determined, net of depreciation, had no impairment loss been
recognised for the asset in prior years.
The assumptions will be reviewed at year-end to ensure that the cashflow
expectations are in line with the latest outlook.
3 Revenue, other income and segmental analysis
The Group's activities, comprehensive income, assets and liabilities are
wholly attributable to one operating segment (operating restaurants) and
arises solely in the one geographical segment (United Kingdom) that the Group
is located and operates in. All the Group's revenue is recognised at a point
in time being when control of the goods has transferred to the customer.
An analysis of the Group's total revenue is as follows:
26 weeks to 26 weeks to 53 weeks ended 31 December
30 June 25 June
2024 2023 2023
£'000 £'000 £'000
Sale of goods and services: dine-in 17,186 19,401 42,342
Sale of goods and services: delivery and takeaway 1,954 2,323 4,568
19,140 21,724 46,910
An analysis of the Group's other income is as follows:
26 weeks to 26 weeks to 53 weeks ended 31 December
30 June 25 June
2024 2023 2023
£'000 £'000 £'000
Sub-let site rental income 75 132 328
Other 205 27 46
280 159 374
4 Income tax
The income tax charge has been calculated by reference to the estimated
effective corporation tax and deferred tax rates of 25% (2023: 25%).
Tax charge £nil (2023: £nil).
5 Earnings per share
26 weeks to 26 weeks 53 weeks ended
to
30 June 25 June 31 December
2024 2023 2023
Pence Pence Pence
Basic profit/(loss) per ordinary share 9.15p (4.26p) (9.89p)
Diluted profit/(loss) per ordinary share 8.22p (3.82p) (8.89p)
30 June 2024 25 June 2023 31 December 2023
Number '000 Number '000 Number
'000
Loss per share has been calculated using the numbers shown below:
Weighted average number of ordinary shares used as the denominator in
calculating basic earnings per share
146,315 146,315 146,315
Adjustments for calculation of diluted earnings per share:
Ordinary B shares 10,451 10,451 10,451
Options 6,085 6,400 6,085
Weighted average number of ordinary shares and potential ordinary shares used
as the denominator in calculating diluted earnings per share
162,851 163,166 162,851
30 June 2024 25 June 31 December 2023
2023
£'000 £'000 £'000
Profit/(loss) for the financial period
13,382 (6,239) (14,473)
The basic and diluted profit/(loss) per share figures are calculated by
dividing the net loss 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.
6 Reconciliation of result before tax to net cash generated from
operating activities
26 weeks to 26 weeks 53 weeks
to ended
30 June 25 June 31 December
2024 2023 2023
£'000 £'000 £'000
Profit/(loss) before tax 13,382 (6,239) (14,473)
Finance income (82) (62) (140)
Finance expense (IFRS 16) 765 1,157 2,303
Share based payment charge 15 12 11
Depreciation of right-of-use assets (IFRS 16) 858 1,276 2,524
Depreciation of property, plant and equipment 444 874 1,589
Amortisation of intangible assets 2 2 3
Impairment charge of property, plant and equipment 305 1,376 4,086
Impairment of Right-of-use assets 450 2,584 8,192
Loss from sale of property, plant and equipment 293 - 84
Dilapidations provision charge - 3 3
Other non cash (2) - -
Decrease/(Increase) in inventories 525 177 270
(Increase) in trade and other receivables (1,044) (866) 92
Increase/(decrease) in trade and other payables (460) (1,800) (2,012)
Net cash (outflow)/inflow from operating activities 15,451 (1,506) 2,532
7 Property, plant and equipment and right-of-use assets
Leasehold improvements Furniture fixtures and computer equipment Total fixed assets ROU assets Total
£'000 £'000 £'000 £'000 £'000
Cost
At 25 December 2022 37,849 10,893 48,742 54,818 103,560
Additions (14) 264 250 1,173 1,423
Lease modification - - - 333 333
Disposals (521) (193) (714) (405) (1,119)
At 31 December 2023 37,314 10,964 48,278 55,919 104,197
Additions - 84 84 5 89
Lease modification - - - (34) (34)
Disposals (10,446) (2,913) (13,359) (15,576) (28,935)
At 30 June 2024 26,868 8,135 35,003 40,314 75,317
Depreciation
At 25 December 2022 23,195 7,853 31,048 22,305 53,353
Provided for the period 871 718 1,589 2,524 4,113
Impairments 3,518 568 4,086 8,192 12,278
Disposals (526) (167) (693) (391) (1,084)
At 31 December 2023 27,058 8,972 36,030 32,630 68,660
Provided for the period 262 182 444 858 1,302
Impairments 122 183 305 450 755
Disposals (10,370) (2,858) (13,228) (15,575) (28,803)
At 30 June 2024 17,072 6,479 23,551 18,363 41,914
Net book value
At 30 June 2024 9,796 1,656 11,452 21,951 33,403
At 31 December 2023 10,256 1,992 12,248 23,289 35,537
8 Leases
26 26 53
weeks to weeks to weeks ended
30 June 25 June 31 December
2024 2023 2023
£'000 £'000 £'000
Current
Lease liabilities 1,681 1,993 2,186
Non-current
Lease liabilities 30,764 47,044 46,745
Total 32,445 49,037 48,931
Due within one year 1,681 1,993 2,186
Due two to five years 13,028 9,586 17,122
Due over five years 17,736 37,458 29,623
Total 32,445 49,037 48,931
Lease liabilities are measured at the present value of the remaining lease
payments, discounted using the Group's incremental borrowing rate of 4.5% and
the Bank of England (BoE) base rate at the time of any lease modification or a
new lease. The average rate used for modification in 2024 was 4.73% (2023:
4.67%).
The lease liabilities as at 30 June 2024 were £32.4m (2023: £49.0m).
The right-of-use assets all relate to property leases. The right-of-use assets
as at 30 June 2024 were £21.9m (2024: £29.2m). During the period ended 30
June 2024 the Group made a provision for impairment of the right-of-use assets
against a number of sites totalling £0.5m (2023: £2.6m).
Included in profit and loss for the period is £0.9m depreciation of
right-of-use assets and £0.8m financial expenses on lease liabilities.
9 Reconciliation of financing activity
Lease liabilities Lease liabilities Bank Loan Bank Loan Total
Due within 1 year Due after 1 year Due within 1 year Due after 1 year
£'000 £'000 £'000 £'000 £'000
Net debt as at 26 December 2021 2,024 50,157 313 937 53,431
Cashflow (313) (937) (4,422)
(3,172) -
Addition/(decrease) to lease liability
3,101 (1,799) - - 1,302
Net debt as at 25 December 2022 1,953 48,358 - - 50,311
Cashflow (2,885) - - - (2,885)
Addition/(decrease) to lease liability 3,118 (1,613) - - 1,505
Net debt as at 31 December 2023 2,186 46,745 - - 48,931
Cashflow (16,452) - 750 - (15,702)
Addition/(decrease) to lease liability 15,947 (15,981) - - (34)
Net debt as at 30 June 2024 1,681 30,764 750 - 33,195
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. END IR EKLFLZKLZBBBRecent news on Tasty
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