REG - Tasty PLC - Half Yearly Report <Origin Href="QuoteRef">TAST.L</Origin>

TastyAnnouncement

08/09/2015 07:01

RNS Number : 3431Y
Tasty PLC
08 September 2015
Tasty plc
("Tasty" or the "Group")
Interim Results (unaudited) for the 26 weeks ended 28 June 2015
Highlights:
 Revenue up 24% to 17,050,000 (H1 2014 - 13,794,000)
 Operating profit, before pre-opening costs, share based payments and interest, up 39% to 1,684,000 (H1 2014 - 1,210,000)
 Pre-tax profit up 36% to 1,327,000 (H1 2014 - 973,000)
 Six new sites opened in the period and one site opened since the period end
Chairman's Statement
I am pleased to report on the Group's half year results for the 26 weeks ended on 28 June 2015, prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS").
Results
Turnover for the period was 17,050,000 (2014 - 13,794,000), a 24% increase over the corresponding period and operating profit, before pre-opening costs, share based payments and interest, was 1,684,000 (2014 - 1,210,000), a 39% increase over last year.
Pre-tax profit was 1,327,000 (2014 - 973,000) a 36% increase over the corresponding period. Basic and diluted earnings per share for the period were 1.98p and 1.94p (2014 - 1.40p and 1.38p) a 41% and a 40% increase respectively over last year.
Cash flows and financing
During the period capital expenditure of 4,335,000 (2014 - 1,962,000) was incurred. 6 sites have been opened in the period, with a further site opened since the period end. The Group is currently undertaking construction on 4 sites which are expected to open in Q4 of 2015.
Overall, the net cash outflow for the period was 731,000 (2014 - 474,000). As at 28 June 2015, the Group had net borrowings of 1,737,000 (2014 - net cash 1,933,000). The Group has an available banking facility of 8,000,000.
Outlook
The Group continues to expand its operations through new openings. Actions are regularly taken to improve profitability at all sites, increasing sales through updated menus and improving food and labour margins.
The new sites, as reported above, will bring the total number of restaurants operated by the Group to 46, which will consist of 6 Dim t and 40 Wildwood and Wildwood Kitchens. The Group continues to look at new sites, has the resources for further acquisitions and expects to have opened a further 4 restaurants by the year end.
K Lassman
Chairman
Tasty plc
8 September 2015
Consolidated statement of comprehensive income
for the 26 weeks ended 28 June 2015 (unaudited)
26weeksto
26 weeks to
52 weeks to
28 June
29 June
28December
2015
2014
2014
'000
'000
'000
Revenue
17,050
13,794
29,734
Cost of sales
(15,182)
(12,276)
(26,207)
Gross profit
1,868
1,518
3,527
Administrative costs
(484)
(492)
(901)
Operating profit excluding pre-opening costs and non-trading items
1,684
1,210
3,090
Pre-opening costs
(252)
(136)
(360)
Non-trading items
(48)
(48)
(104)
Operating profit
1,384
1,026
2,626
Finance expense
(57)
(53)
(74)
Profit before tax
1,327
973
2,552
Income tax
(275)
(230)
(500)
Profit and total comprehensive income for period
attributable to equity shareholders
1,052
743
2,052
Profit per ordinary share
Basic
1.98p
1.40p
4.20p
Diluted
1.94p
1.38p
4.13p
Consolidated statement of changes in equity
for the 26 weeks ended 28 June 2015 (unaudited)
Share capital
Share premium
Merger reserve
Retained deficit
Total
'000
'000
'000
'000
'000
Balance at 28 December 2014
5,305
13,336
992
(1)
19,632
Issue of ordinary shares
14
31
-
-
45
Total comprehensive income for the period
-
-
-
1,052
1,052
Share based payments - credit to equity
-
-
-
48
48
Balance at 28 June 2015 
5,319
13,367
992
1,099
20,777
Balance at 29 December 2013
5,293
13,317
992
(2,157)
17,445
Issue of ordinary shares
1
1
-
-
2
Total comprehensive income for the period
-
-
-
743
743
Share based payments - credit to equity
-
-
-
48
48
Balance at 29 June 2014 
5,294
13,318
992
(1,366)
18,238
Balance at 29 December 2013
5,293
13,317
992
(2,157)
17,445
Issue of ordinary shares
12
19
-
-
31
Total comprehensive income for the period
-
-
-
2,052
2,052
Share based payments - credit to equity
-
-
-
104
104
Balance at 28 December 2014
5,305
13,336
992
(1)
19,632
Consolidated balance sheet
At 28 June 2015 (unaudited)
28 June 2015
29 June 2014
28 December2014
'000
'000
'000
Non-current assets
Intangible assets
443
445
444
Property, plant and equipment
24,025
16,641
20,391
Pre-paid operating lease charges
1,671
1,831
1,731
Other non-current assets
327
381
341
26,466
19,298
22,907
Current assets
Inventories
1,328
821
1,051
Trade and other receivables
2,177
2,125
1,801
Pre-paid operating lease charges
152
152
152
Cash and cash equivalents
1,313
2,933
2,044
4,970
6,031
5,048
Total assets
31,436
25,329
27,955
Current liabilities
Trade and other payables
(6,236)
(5,435)
(6,536)
Borrowings
(375)
(375)
(500)
(6,611)
(5,810)
(7,036)
Non-current liabilities
Provisions
(55)
(65)
(55)
Lease incentives
(478)
(246)
(367)
Deferred tax liability
(890)
(345)
(615)
Long-term borrowings
(2,625)
(625)
(250)
(4,048)
(1,281)
(1,287)
Total liabilities
(10,659)
(7,091)
(8,323)
Total net assets
20,777
18,238
19,632
Equity
Share capital
5,319
5,294
5,305
Share premium
13,367
13,318
13,336
Merger reserve
992
992
992
Retained deficit
1,099
(1,366)
(1)
Total equity
20,777
18,238
19,632
Consolidated cash flow statement
for the 26 weeks ended 28 June 2015 (unaudited)
26weeksto
26weeksto
52weeksto
28 June
29 June
28December
2015
2014
2014
'000
'000
'000
Operating activities
Cash generated from operations
1,526
1,539
5,308
Corporation tax paid
-
-
-
Net cash inflow from operating activities
1,366
1,539
5,308
Investing activities
Purchase of property, plant and equipment
(4,495)
(1,962)
(6,378)
Interest received
-
-
9
Net cash flows used in investing activities
(4,495)
(1,962)
(6,369)
Financing activities
Net proceeds from issues of ordinary shares
45
2
31
Bank loan receipt
2,250
-
-
Bank loan repayment
-
-
(250)
Interest paid
(57)
(53)
(83)
Net cash flows generated / (used) in financing activities
2,238
(51)
(302)
Net decrease in cash and cash equivalents
(731)
(474)
(1,363)
Cash and cash equivalents at beginning of the period
2,044
3,407
3,407
Cash and cash equivalents as at 29 June 2014
1,313
2,933
2,044
Notes to the condensed financial statements
for the 26 weeks ended 28 June 2015 (unaudited)
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 32 Charlotte Street, London, W1T 2NQ. The Company's ordinary shares are traded on the Alternative Investment Market of the London Stock Exchange ("AIM"). Copies of this Interim Report or 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.
2 Basis of accounting
The condensed financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the European Union. 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 period ended 28 December 2014 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2014 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2014 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.
3 Non-trading items
26weeksto
26weeksto
52 weeks to
28 June
29 June
28 December
2015
2014
2014
'000
'000
'000
Share based payments
(48)
(48)
(104)
(48)
(48)
(104)
4 Income tax
The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates of 21.5% (2014 - 23.5%).
5 Earnings per share
26weeksto
26weeksto
52 weeks to
28 June
29 June
28 December
2015
2014
2014
Pence
pence
Pence
Basic earnings per ordinary share
1.98
1.40
3.88
Diluted earnings per ordinary share
1.94
1.38
3.83


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 have been calculated using the numbers shown below:
26weeksto
26weeksto
52 weeks to
28 June
29 June
28 December
2015
2014
2014
number '000
number '000
number '000
Weighted average ordinary shares (basic)
53,171
52,928
52,954
Weighted average ordinary shares (diluted)
54,278
53,788
53,616
26weeksto
26weeksto
52 weeks to
28 June
29 June
28 December
2015
2014
2014
'000
'000
'000
Profit for the financial period
1,052
743
2,052
6 Reconciliation of profit before tax to net cash inflow from operating activities
26weeksto
26weeksto
52 weeks to
28 June
29 June
28 December
2015
2014
2014
'000
'000
'000
Profit before tax
1,327
973
2,552
Finance income
-
-
(9)
Finance expense
57
53
83
Share based payment charge
48
48
104
Depreciation and amortisation and impairment
922
770
1,310
Loss on disposal
-
-
63
Onerous lease provision movement
-
-
(10)
Increase in inventories
(277)
(10)
(240)
Increase in trade and other receivables
(362)
(775)
(411)
Increase in trade and other payables
(189)
480
1,866
1,526
1,539
5,308


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