REG - Tasty PLC - Insurance Settlement and Trading Update

TastyAnnouncement

02/01/2025 07:00

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RNS Number : 8328R  Tasty PLC  02 January 2025

The information communicated in this announcement contains inside information
for the purposes of Article 7 of the UK version of the EU Market Abuse
Regulation (2014/596) which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended and supplemented from time to time.

2 January 2025

Tasty plc

("Tasty", the "Company" or the "Group")

 

Insurance Settlement and Trading Update

 

Tasty (AIM: TAST), the owner and operator of restaurants in the casual dining
sector, announces the following update.

 

Insurance Settlement

 

The Company is pleased to announce that it has agreed a full and final
settlement with its insurer for the amount of £2.5 million (being
approximately £1.5 million, net of creditor costs and legal costs) in
relation to a claim for breach of a contract for insurance for losses arising
in 2020. The settlement sum is payable to the Company within 21 days.

 

Trading Update

 

As reported in the Company's interim results on 30 September 2024, H1 2024 was
a period of significant change for the Group with the reshaping of the estate
and wholesale changes to the Group's operating structure. The casual dining
market continues to contend with several adverse factors, including a decline
in consumer confidence and a discernible decline in discretionary spend,
inflationary pressures on food, increases in the National Minimum Wage and
following the UK Government's Budget in October 2024, an increase in employers
National Insurance contributions from April 2025.

 

Trading in H2 2024 continued to be challenging, and in particular, the key
December period has been disappointing. In these uncertain times, the Board is
maintaining a cautious outlook.  A further Trading Update will be made in
mid-January 2025 for the year ended 31 December 2024.

 

 

For further information, please contact:

 

 Tasty plc                           Tel: 020 7637 1166
 Jonny Plant, Chief Executive

 Cavendish Capital Markets Limited

 Nominated Adviser and Broker
 Katy Birkin/George Lawson           Tel: 020 7220 0500

 

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