RNS Number : 1408E
Maypole Group plc
24 September 2008
24 September 2008
Maypole Group plc
("Maypole", "Maypole Group" or "the Group")
Interim Results for the six months ended 30 June 2008
Maypole Group plc, the AIM listed UK countryside hotels with restaurants group, is pleased to announce its half year results for the six
months ended 30 June 2008.
Highlights:
* Group sales increased by 53% to �2,894,000 with growth driven by additional sites
* Strong sales growth achieved at The Bridge Inn at Acle, Norfolk
* Increased purchasing power across all sites
* Strong pipeline of potential acquisitions
* Focus on tightening of management and reduction of costs in the current difficult trading environment
* Since the half year end like-for-like sales for the eight weeks to the end of September have increased by 2.13%
Simon Bentley, Chairman of Maypole commented:
"Market conditions, in the face of decreased consumer confidence and declining consumer expenditure, have been tough but progress has
been made by the Group and I am encouraged by our trading since the period end.
"The acquisitions made during 2007 have now been fully integrated into the group. We are seeing increased cost savings as a result of
these acquisitions and whilst freehold sales will be considered to reduce debt, the Group remains firmly focused on adding further leasehold
hotels to the existing portfolio."
For further information:
Maypole Group plc 020 7726 7010
Simon Bentley - Chairman
Weber Shandwick Financial 020 7067 0700
Terry Garrett / Nick Dibden / James White
Blomfield Corporate Finance Ltd 020 7489 4500
Peter Trevelyan-Clark / Alan MacKenzie / Ben Jeynes
Alexander David Securities Ltd 020 7448 9820
David Scott / Andrew Garrett
Maypole Group plc Interim Results
Maypole Group, the UK countryside hotels with restaurants group, today reports its interim results for the six months ended 30 June
2008.
Trading from existing hotels
Against the background of adverse economic conditions, the Group has performed in line with recent management expectations.
The challenges that the industry has faced over the past 6 months have been well documented but the diversity of the Group's portfolio
has meant that Maypole is operationally well equipped to weather the current economic downturn.
The Group achieved sales of �2,894,000, a 53% increase on the corresponding period in 2007, reflecting the additional sites added during
the past 12 months. On a like for like basis, sales were broadly flat, declining by 1% for the existing estate. The Group has recorded an
operating loss of �119,000 (2007: loss of �120,605 after recording exceptional costs of �257,913). This performance, whilst reflective of a
significantly tough period of trading, is also a result of some of the operational changes that were essential, including a complete
management and personnel change at The Pear Tree Inn, Wiltshire following a period of slow performance and the associated marketing costs of
rebuilding this business. It is also reflective of a much higher than normal level of additional capital expenditure that resulted in levels
of disruption throughout a large proportion of the Group's portfolio. This included substantial refurbishment to the kitchens at The Bridge
Inn, The Angel Hotel and the Old Coach House.
Loss of market share to regional competitors has occurred following increased pricing pressure as rival hotel and pub operators have
sought to offer heavily discounted food and drink promotions. Customers have "traded down" from some of our higher end properties as
pressure on consumer spending has increased.
Despite this, particularly strong sales growth was experienced at the Bridge Inn at Acle, Norfolk during the period. The management team
has worked hard to build local trade through an improved menu offering, increased marketing activity and a thorough refurbishment of both
the dining and hotel areas and these measures have been rewarded with a stronger than expected performance.
We are pleased at the progress that has been made in exploiting synergies across the Group's portfolio and we now enjoy considerably
improved purchasing power across all of our sites. The increase in the Group's overall size through the broadening of our property portfolio
has enabled us to join Beacon, the hospitality industry's leading largest purchasing consortium, and it is hoped that this will enable us to
secure greater discounts on a number of important input items.
The Maypole Group continues to explore growth opportunities through carefully selected acquisition targets, concentrating on countryside
hotels in popular locations serving good food at affordable prices accompanied by high standards of service and a number of potential
targets have been identified.
Financial Results
Turnover for the first six months increased by 53% from �1,886,000 to �2,894,000 due largely to the inclusion of the Wayford Bridge
Hotel, The Bridge Inn, The Angel Hotel and The Pear Tree Inn for the whole of the six months to 30th June 2008. Sales on a like for like
basis fell by 1% compared to the corresponding period.
Operational Analysis
Hotel Sales (�'000s)
Six Months ended Six Months ended
30 June 2008 30 June 2007
Wroxton House Hotel, 420 445 -6%
Oxfordshire
The Lifeboat Inn, Norfolk 780 787 -1%
Old Coach House, Norfolk 235 213 +10%
Total (Like for Like) 1,436 1,446 -1%
Wayford Bridge Hotel, Norfolk 324 308 +5%
The Bridge Inn, Norfolk 323 133 +142%
The Angel Hotel, Suffolk 368 -
The Pear Tree Inn, Wiltshire 418 -
Total (Acquisitions) 1,432 441 +225%
Bear and Bells 26 -
Total (Hotels no longer 26 -
operated)
Total Group 2,894 1,886 +53%
The Group produced an operating loss of �118,950 (2007: operating loss of �120,605, after exceptional costs of �257,913 reflecting the
cost of the Group re-financing).
Net interest payable increased from �287,000 to �388,000.
Outlook
Market conditions continue to remain challenging in light of a worsening economic environment and continued weakening of consumer
confidence. This clearly has a negative impact on discretionary consumer spending and, in turn, directly impacts the hospitality sector.
However, the Group's focus remains on offsetting the effect of rising input costs and reduced consumer demand through aggressive cost
management measures. We remain confident that we are well placed to withstand the pressures affecting the marketplace. The Maypole Group's
business model remains robust, we continue to invest in improving our food and accommodation offering and continue to explore ways of
increasing the Group's market share.
Despite one of the wettest Augusts on record, the Group has experienced strong sales across all of its properties and has benefited
during the summer period from UK holidaymakers' decision to forgo foreign holidays in favour of UK destinations. Since the half year end we
have increased like-for-like sales for the eight weeks to the end of September by 2.13%.
Overall, the Board is confident that the demand for good quality, locally-sourced food in rural hotel settings will underpin the Group's
long term performance.
Maypole Group plc
Consolidated Income Statement
For The Period:
Six Months Six Months ended Year
ended 30 June 2007 ended
30 June 2008 31 December
2007
� � �
REVENUE 2,893,738 1,886,498 5,167,037
Cost of sales (754,816) (427,797) (1,257,759)
GROSS PROFIT 2,138,922 1,458,701 3,909,278
Net operating expenses (2,257,873) (1,579,306) (3,488,831)
OPERATING (LOSS) / PROFIT (118,950) (120,605) 420,447
Finance costs (388,552) (290,713) (639,440)
Investment revenue 211 3,477 5,748
PROFIT/(LOSS) ON ORDINARY (507,292) (407,841) (213,245)
ACTIVITIES BEFORE TAXATION
Earnings per Ordinary share (0.32)p (0.32)p (0.15)p
Diluted earnings per Ordinary (0.32)p (0.32)p (0.15)p
share
Consolidated Balance Sheet
As At:
30 June 2008 30 June 2007 31 December 2007
� � �
ASSETS
NON CURRENT ASSETS
Property, plant and equipment 10,772,883 10,158,819 10,706,877
Goodwill 352,096 90,000 347,086
Deferred tax assets 150,000 102,140 150,000
TOTAL NON CURRENT ASSETS 11,274,979 10,350,959 11,203,963
CURRENT ASSETS
Inventories 96,358 61,328 112,385
Trade and other receivables 193,877 162,230 99,606
Prepayments 297,067 171,125 283,284
Cash and bank balances 162,920 77,963 88,129
TOTAL CURRENT ASSETS 750,222 472,646 583,404
TOTAL ASSETS 12,025,201 10,823,605 11,787,367
EQUITY
ISSUED CAPITAL AND RESERVES
Issued capital 2,304,268 2,134,767 2,182,767
Retained earnings (2,405,783) (2,093,070) (1,898,493)
TOTAL EQUITY (101,516) 41,697 284,274
NON CURRENT LIABILITIES
Borrowings 7,875,099 8,120,703 8,418,836
Deferred tax liabilities 1,358,988 1,312,364 1,358,988
TOTAL NON CURRENT LIABILITIES 9,234,087 9,433,067 9,777,824
CURRENT LIABILITIES
Trade and other payables 1,200,410 788,779 1,128,032
Borrowings 1,692,219 560,062 597,237
TOTAL CURRENT LIABILITIES 2,892,629 1,348,841 1,725,269
TOTAL LIABILITIES 12,126,716 10,781,908 11,503,093
TOTAL EQUITY AND LIABILITIES 12,025,201 10,823,605 11,787,367
Cash Flow Statement
For The Period:
Six Months ended Six Months ended
30 June 2008 30 June 2007 Year
ended
31 December
2007
� � �
CASH FLOWS FROM OPERATING
ACTIVITIES
Loss for the period (507,290) (406,586) (212,009)
Income tax credit recognised 0 0 (1,236)
in loss
Finance costs recognised in 388,341 287,236 633,692
loss
Depreciation and amortisation 62,692 17,518 65,664
of non current assets
(56,257) (101,832) 486,111
Movements in working capital
Increase in trade and other (108,054) (119,929) (158,032)
receivables
Decrease/(increase) in 16,027 (17,883) (53,842)
inventories
(Decrease)/increase in trade (14,050) 1,837 247,199
and other payables
Cash used by operations (162,334) (237,807) 521,436
Interest received 836 3,572 5,748
Interest paid (302,749) (267,292) (648,125)
Tax paid 0 (44,662) (24,662)
Net cash used by operating (464,247) (546,189) (145,603)
activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Payments for property, plant (128,699) (2,497,454) (2,929,112)
and equipment
Acquisition of subsidiaries (5,009) 0 (342,071)
Net cash used in investing (133,708) (2,497,454) (3,271,183)
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issues of equity 121,501 501,655 283,000
shares
Payment for share issue costs 0 0 (83,345)
Proceeds from borrowings 841,886 8,295,000 8,465,069
Repayment of borrowings (69,434) (5,688,920) (5,228,920)
Net cash generated by 893,953 3,107,735 3,435,804
financing activities
Net increase in cash and cash 295,998 64,092 19,018
equivalents
Cash and cash equivalents at (352,693) (371,711) (371,711)
the beginning of the period
Cash and cash equivalents at (56,695) (307,619) (352,693)
the end of the period
Information on the Group's portfolio of hotels
Wroxton House Hotel
Wroxton House, set in the Cotswolds, has a total of 32 rooms offering a mixture of traditional and modern dor. The hotel has a 3 star
AA rating and the restaurant has 40 covers. Facilities at the hotel cater for meetings, weddings and functions. There are two dedicated
meeting rooms for up to 50 delegates. A helipad is located next to the hotel. The hotel has very recently been awarded an AA rosette for
the restaurant.
The Lifeboat Inn
The 13 bedroom Lifeboat Inn is situated in the picturesque Norfolk coastal countryside village of Thornham. Traditional country fare is
the main theme for the bar menu whilst the restaurant menu is more sophisticated and individual in style. The restaurant and bar have a
combined total of 150 covers.
Old Coach House
The Old Coach House is also set in Thornham and comprises 12 bedrooms and a 59 cover restaurant. It is situated less than a mile away
from The Lifeboat Inn and has recently had the car park extended and a children's play area added.
Wayford Bridge Hotel
The 15 bedroom Wayford Bridge Hotel is located in the Norfolk Broads near Norwich. It has become one of the most well known hotels in
Norfolk, providing the Norfolk Broads with three star accommodation within the Norfolk Broads National Park. It is ideally located for
travellers seeking a hotel midway between Norwich and Great Yarmouth, and close to the sandy beaches of the North Norfolk coast. The Bistro
fronts onto the patio with its views of the river and has an informal style with the a la carte restaurant looking over the delightful
gardens, with a combined total of 120 covers. An outside children's play area has been added as well as the outside seating area extended.
The Bridge Inn
Located on the River Bure and within close proximity to Wayford Bridge Hotel, The Bridge Inn is a large 18th century former farmhouse.
With a large restaurant and family dining room as well as substantial seating outside, this inn is ideal for families and people on boating
trips. A new, innovative menu and wine list has been produced serving food all day in the summer and at weekends all year round.
The Angel Hotel
The 8 bedroom Angel Hotel is located in the historic village of Lavenham. The Angel dates as far back as 1420 and is Lavenham's oldest
inn. Although much altered over the centuries, The Angel retains much of its Tudor character. The restaurant and snug, which can accommodate
parties of up to 16, are extremely popular with both locals and tourists with the menu offering traditional country fare.
The Pear Tree Inn
The Pear Tree Inn is a delightful country pub and restaurant that also offers cosy, modern accommodation with 8 beautifully designed
bedrooms. Like our other hotels in the Maypole Group we are passionate about our real ale, homemade food and open log fires and welcome
locals and visitors alike. Our popular menu is fresh and innovative.
The Pear Tree has won several accolades including: The Publican Catering Pub of the Year 1999; AA Pub of the Year England 2005; Good Pub
Guide National Catering Pub of the Year 2007 and the AA 5 star Premier collection Restaurant with Rooms.
This information is provided by RNS
The company news service from the London Stock Exchange
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