TIDMTAST
RNS Number : 6864D
Tasty PLC
30 October 2020
30 October 2020
Tasty plc
("Tasty" or the "Group")
Unaudited Interim Results for the 26 weeks ended 28 June
2020
Key Points:
-- Revenue GBP8.7m (2019 - GBP21.1m), significantly impacted by Covid-19 related restrictions
-- Adjusted EBITDA(1) loss (pre IFRS16) of GBP2.5m (2019: GBP0.1m)
-- Adjusted EBITDA loss (post IFRS16) of GBP0.1m
-- Impairment charge of GBP7.6m (2019: GBPnil)
-- Loss after tax for the period (post IFRS16) of GBP11.0m (30
June 2019: loss of GBP0.8m (pre IFRS16))
-- Loan as at 28 June 2020 of GBPnil (30 June 2019: GBP1.9m)
-- Cash balance as at 28 June 2020 of GBP3.2m (30 June 2019: GBP2.4m)
-- Net cash as at 28 June 2020 of GBP3.2m (30 June 2019: net cash GBP0.5m)
-- Sale of More London dim t completed in January 2020 for gross proceeds of GBP2m
-- Oakham Wildwood lease surrendered in September at GBPnil premium post period-end
-- All sites closed from 24 March 2020 including takeaway
-- Phased reopening of some sites for takeaway from end of May
2020 and gradually reopened most sites for eat-in from July
2020
-- Currently trading from 48 of 55 restaurants with one recently
closed due to localised lockdown
-- Six sites that have not reopened are at risk of permanent closure
(1) Adjusted for depreciation, amortisation, share based
payments. Pre IFRS16 has been applied.
Chairman's statement
2020 has been an extremely difficult year which required swift
action to mitigate the extraordinary challenges faced. Tasty was
quick to react to the Covid-19 outbreak, implementing various
measures to stabilise the business and safeguard and preserve the
wellbeing of our people and customers. The Board would like to
thank the loyal teams, suppliers and landlords that have supported
us through these unforeseen times.
Having steered the Group to a debt free position following the
sale of More London dim t for GBP2m in January; we were in the
fortunate position to have no banking covenant pressure during the
shutdown of the estate due to Covid-19 restrictions implemented in
March. Cash preservation became a key priority in order to maximise
the chances of the Group surviving the unprecedented impact caused
by the pandemic. In light of the continued economic uncertainty and
the impact of Covid-19 related restrictions, the Group announced in
September that it had secured a GBP1.25m, four year term loan from
the Group's existing bankers, Barclays Bank, in order to strengthen
its balance sheet and provide additional working capital support.
The facility is available to be drawn down until 7 February 2021.
However, drawdown is restricted until the future of the Group is
assured through restaurant closures and creditor arrangements.
Whilst the trading environment continues to be extremely
challenging and ever-changing, with the additional bank facility
and support from our creditors and landlords, we are hopeful that
we will be able to navigate our way through these difficult times
due to our agility and restructured operational base. Our focus on
cash preservation and maintaining the wellbeing of our staff and
customers, has provided us with the opportunity to find a new way
of operating the business, which is Covid-19 safe. There are
opportunities to build on the stability in the Group and the lower
operating cost base which will allow us to take advantage of
reduced competition.
Introduction and Covid-19
The beginning of 2020 was generally encouraging, and we started
the year with 57 trading sites ; 51 Wildwood and six dim t
restaurants. Following the sale of dim t More London in January for
GBP2m and the surrender of Oakham at a GBPnil premium in September,
we currently have 55 sites.
In line with Government announcements we closed all of our
restaurants for eat-in on 20 March and the Group made the decision
to close all remaining open sites for takeaway and delivery on 24
March. At the end of May, we gradually started to reopen for
takeaway whilst strictly following social distancing and health and
safety guidelines. From 4 July the Group began a phased reopening
programme for eat-in, and we currently have 48 restaurants open for
eat-in; six remain closed with no immediate plans to reopen them
and one currently closed due to restrictions in Wales.
The reduced estate and social distancing measures have impacted
capacity and sales; however, the full financial impact on the year
cannot currently be quantified due to the changing and uncertain
threat of Covid-19. Whilst the Government lockdown measures
introduced in March have been gradually eased across the UK, the
risk of local outbreaks and further local lockdowns continues as
witnessed in Leicestershire, Greater Manchester, Aberdeen,
Liverpool, Wales and Northern Ireland.
The "Eat Out To Help Out" ("EOTHO") Scheme was a welcome
initiative and helped trade in August. The Group experienced a
positive level of sales during August, temporarily supported by the
increase in UK residents staying in the UK this summer, Government
initiatives and pent up demand following the relaxation of lockdown
restrictions since March. However, with the stricter measures
imposed on 24 September including the 10 pm curfew, "work from home
if you can", increased control measures and the likelihood of
further local lockdowns, we continue to face uncertain times for
the foreseeable future.
Government support
The Government initiatives, including the Job Retention Scheme,
business rates holiday, deferral of HMRC payments, EOTHO and
reduction in VAT, have proved invaluable and supported the Group
during this difficult time.
At one stage, 98% of our employees were furloughed and, while
unfortunately we have not been able to retain all our staff, we
still employ approximately 700 people. However, the support is not
set to continue as the Job Retention Scheme comes to a close at the
end of October and is being replaced by a less generous scheme; the
Job Support Scheme for open and closed restaurants.
Suppliers
When we were confronted by an impending shutdown in March we
worked with our food and beverage suppliers to negotiate extended
payment terms and / or discounts; when we re-opened for trade they
supported us in mobilising the business again. We are most grateful
to everyone that supported, and continues to support us, through
these difficult times.
Rent negotiations
The Group has been successful in achieving rent reductions and
lease concessions on a number of sites but needs to extend
negotiations to cover any period of reduced revenue. We have
commenced consensual negotiations with landlords and other
creditors in respect of the outstanding rents and anticipate that
this process will be completed by the end of November. It is
difficult to predict the outcome of those negotiations but on the
whole there seems to be a willingness to assist.
The Board believes that given the recently announced additional
Covid-19 related regulations and the probability of tighter
restrictions in the near future, all potential options for the
Group's future should continue to be explored but, with creditor
assistance, a more formal procedure such as a Company Voluntary
Arrangement, may be avoided.
The Group will continue to review its existing estate to
consider whether a number of restaurants should close
permanently.
Financial stability
As we entered lockdown, we reviewed all costs to see where we
could reduce our outgoings, including measures such as salary
reductions and maintaining operating costs to a minimum. During
lockdown, we operated at a minimum level with over 98% of our staff
being furloughed but to secure the longer-term future of the Group
and to support the maximum people, we made the agonising decision
to make approximately 32% of our staff redundant across our
restaurants and head office. This was a very difficult decision and
process, but our priority was to save the business and to support
those that have been affected.
We continue to negotiate with landlords and have secured a loan
facility of GBP1.25m which can be drawn down until 7 February 2021.
However, drawdown is restricted until the future of the Group is
assured through restaurant closures and creditor arrangements.
Appointment of strategic advisers
As announced on 30 September, the Board confirms that, whilst no
decision has yet been made regarding a restructuring or potential
Company Voluntary Arrangement (CVA), it is continuing to work with
its advisers, KPMG, to assess the potential impact of Covid-19 on
the business and the various strategic options available to the
Group.
People
This has been a very challenging time for everyone and the Board
would like to thank our teams at every level but would particularly
like to acknowledge the small group of head office staff who worked
tirelessly throughout lockdown often in difficult circumstances,
made more difficult through remote working and reduced teams. Their
efforts, and thereafter the streamlined team who reopened the
restaurants, have helped us navigate the business through these
unusual times. Despite personal and professional challenges our
colleagues have shown huge dedication and support throughout, for
which we are extremely grateful.
Post period end, Adam Kaye stepped down from the Board on 15
September to allow him to focus on his other commercial interests.
The Board would like to thank Adam for the enormous support and
invaluable experience that he has provided to the Board from
Group's inception. He remains a substantial shareholder and we
expect his involvement to continue.
Re sults
Due to the lockdown and Covid-19 restrictions, sales were down
59% on the corresponding period to GBP8.7m (2019: GBP21.1m). In the
period leading up to the closure, revenue had been ahead of
management expectations. The adjusted EBITDA loss before IFRS16
adjustments was GBP2.5m (2019: GBP0.1m). EBITDA loss post IFRS
adjustments was GBP0.1m.
Operating loss before highlighted items was GBP2.7m (Pre-IFRS16
equivalent: loss GBP3.2m, 2019: loss GBP0.6m).
The impact of the implementation of IFRS16 has resulted in
depreciation on right-of-use (ROU) assets and the interest charge
on lease liabilities being greater than the charge for rent that
would have been reported pre-IFRS16; net impact on reported loss is
GBP0.7m. The interest charge on the lease liabilities is higher in
the earlier years of a lease.
We have reviewed the impairment provision across the ROU assets,
fixed assets and goodwill and have made a net provision of GBP7.6m
(30 June 2019: GBPnil). After taking into account all non-trade
adjustments, the Group has a stated loss after tax for the period
of GBP11.0m (2019: loss of GBP0.8m).
Cash flows and financing
Cash outflow from operations was GBP1.5m (2019: GBP0.5m). During
the period, the net proceeds from the sale of property were GBP1.9m
(2019: GBP0.5m). Repayment of the bank loan amounted to GBP1.7m
(2019: GBP4.6m). Net equity raised during the period was GBPnil
(2019: GBP3.0m).
Overall, the net cash outflow for the period was GBP1.4m (2019:
outflow GBP2.0m). As at 28 June 2020, the Group had net cash of
GBP3.2m (30 June 2019: net cash of GBP0.5m).
Outlook
The outlook for the sector remains extremely challenging and
uncertain. The actions that the Group has undertaken to
restructure, reduce the size of the estate and potentially reduce
the Group's rental cost base should ensure that we are in a better
place for the future. However, the Board expects future trading to
remain unpredictable and exceptionally difficult with the threat of
further local lockdowns, tighter restrictions and the possibility
of full lockdown still remaining. We will continue to monitor the
situation and remain ready to respond.
The future of the Group
At the time of approving the interims, 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 and taking into account possible changes in
trading performance. The going concern basis of accounting has,
therefore, been adopted in preparing the interim financial report.
However, the Directors note that there may be material uncertainty
in relation to going concern due to the effects of Covid-19 and the
impact of ongoing losses.
Whilst no decision has yet been made regarding a restructuring
or potential Company Voluntary Arrangement (CVA), the Board is
continuing to work with its advisers, KPMG, to assess the potential
impact of Covid-19 on the business and the various strategic
options available to the Group.
Finally thank you to the staff, shareholders, suppliers,
landlords and everyone else who has helped our business in these
difficult times.
K Lassman
Chairman
Tasty plc
30 October 2020
Enquiries:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities Tel: 020 7397 8900
Mark Connelly/Katy Birkin/Cameron MacRitchie
Certain of the information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under 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 28 June 2020 (unaudited)
26 weeks 26 weeks 52 weeks
to to ended
28 June 30 June 29 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Revenue 8,723 21,126 44,573
Cost of sales (14,304) (21,106) (43,921)
---------------------------------------- --------- --------- ------------
Gross profit (5,581) 20 652
Other income 3,612 9 245
Total operating expenses (7,673) (714) (949)
Operating loss before highlighted
items (2,671) (641) (502)
Highlighted items (6,971) (44) 450
---------------------------------------- --------- --------- ------------
Operating loss (9,642) (685) (52)
Finance income 3 4 8
Finance expense (1,284) (180) (222)
Loss before tax (10,923) (861) (266)
Income tax (105) 7 -
Loss and total comprehensive income
for period and attributable to owners
of the parent (11,028) (854) (266)
Loss per share attributable to the
ordinary equity owners of the parent
Basic and diluted (7.82p) (1.17p) (0.23p)
Other income includes: Government Coronavirus Job Retention
Scheme ("CJRS") (GBP3.3m), grants (GBP0.2m) and sub-let property
income (GBP0.15m).
The table below gives additional information to shareholders on
key performance indicators:
Post IFRS Pre IFRS
16 16
26 weeks 26 weeks 26 weeks 52 weeks
to to to ended
28 June 28 June 30 June 29 December
2020 2020 2019 2019
GBP'000 GBP'000 GBP'000 GBP'000
EBITDA before highlighted
items (131) (2,492) 127 1,055
Depreciation and amortisation (694) (694) (768) (1,557)
Incremental depreciation (1,846) - - -
resulting due to IFRS16
------------------------------- ---------- --------- --------- ------------
Operating loss before
highlighted items (2,671) (3,186) (641) (502)
------------------------------- ---------- --------- --------- ------------
26 weeks 26 weeks 52 weeks
to to ended
28 June 30 June 29 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Profit/(loss) on disposal of property
plant and equipment 1,061 (27) (43)
Onerous lease provision - - 564
Restructuring costs (15) - (31)
Impairment of right-of-use assets (10,466) - -
Impairment of goodwill (326) - -
Impairment of property, plant and 3,195 - -
equipment
Share based payments (20) (17) (40)
Impairment of stock due to Covid-19 (400) - -
--------------------------------------- --------- --------- ------------
Total highlighted items (6,971) (44) 450
Consolidated statement of changes in equity
for the 26 weeks ended 28 June 2020 (unaudited)
Share Share Merger Retained Total
Capital Premium Reserve Deficit Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 29 December 2019 6,061 24,251 992 (18,018) 13,286
Total comprehensive income
for the period - - - (11,028) (11,028)
Share based payments - credit
to equity - - - 20 20
Balance at 28 June 2020 6,061 24,251 992 (29,026) 2,278
Balance at 30 December 2018 5,980 21,376 992 (17,792) 10,556
Issue of ordinary shares 81 2,869 - - 2,950
Total comprehensive income
for the period - - - (854) (854)
Share based payments - credit
to equity - - - 17 17
Balance at 30 June 2019 6,061 24,245 992 (18,629) 12,669
Balance at 30 December 2018 5,980 21,376 992 (17,792) 10,556
Issue of ordinary shares 81 3,170 - - 3,251
Cost of placing of ordinary
shares - (295) - - (295)
Total comprehensive income
for the period - - - (266) (266)
Share based payments - credit
to equity - - - 40 40
Balance at 29 December 2019 6,061 24,251 992 (18,018) 13,286
Consolidated balance sheet
At 28 June 2020 (unaudited)
26 weeks 26 weeks 52 weeks
to to ended
28 June 30 June 29 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 25 351 352
Property, plant and equipment 17,120 16,008 14,570
Right-of-use-assets 41,525 - -
Pre-paid operating lease
charges - 520 573
Other non-current assets 147 242 197
Deferred Tax - 7 -
Total non-current assets 58,817 17,128 15,692
-------------------------------- --------- --------- ------------
Current assets
Inventories 2,208 2,477 2,650
Trade and other receivables 2,038 5,128 3,148
Pre-paid operating lease
charges - 34 50
Cash and cash equivalents 3,160 2,357 4,570
Total current assets 7,406 9,996 10,418
-------------------------------- --------- --------- ------------
Assets held for sale - - 800
-------------------------------- --------- --------- ------------
Total assets 66,223 27,124 26,910
-------------------------------- --------- --------- ------------
Current liabilities
Trade and other payables (7,668) (7,882) (7,834)
Lease liabilities (2,768) - -
Borrowings - (800) (800)
Total liabilities (10,436) (8,682) (8,634)
-------------------------------- --------- --------- ------------
Non-current liabilities
Provisions (5) (3,348) (2,783)
Lease incentives - (1,270) (1,227)
Lease liabilities (53,376) - -
Long-term borrowings - (1,052) (852)
Other payables (128) (103) (128)
Total non-current liabilities (53,509) (5,774) (4,990)
-------------------------------- --------- --------- ------------
Total liabilities (63,945) (14,455) (13,624)
-------------------------------- --------- --------- ------------
Total net assets 2,278 12,669 13,286
-------------------------------- --------- --------- ------------
Equity
Share capital 6,061 6,061 6,061
Share premium 24,251 24,245 24,251
Merger reserve 992 992 992
Retained deficit (29,026) (18,629) (18,018)
Total equity 2,278 12,669 13,286
-------------------------------- --------- --------- ------------
Consolidated cash flow statement
for the 26 weeks ended 28 June 2020 (unaudited)
26 weeks 26 weeks 52 weeks
to to ended
28 June 30 June 29 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Operating activities
Cash generated from operations (1,484) (460) 2,226
Corporation tax paid (105) - -
--------- --------- ------------
Net cash inflow from operating
activities (1,589) (460) 2,226
----------------------------------------- --------- --------- ------------
Investing activities
Proceeds from sale of property,
plant and equipment 1,862 523 508
Purchase of property, plant
and equipment (28) (227) (453)
Interest received 3 - 8
--------- --------- ------------
Net cash flows used in investing
activities 1,837 296 63
----------------------------------------- --------- --------- ------------
Financing activities
Net proceeds from issues of
ordinary shares - 2,950 2,956
Bank loan repayment (1,652) (4,565) (4,765)
Interest paid (6) (176) (222)
--------- --------- ------------
Net cash flows used in financing
activities (1,658) (1,791) (2,031)
----------------------------------------- --------- --------- ------------
Net increase in cash and cash
equivalents (1,410) (1,955) 258
Cash and cash equivalents at beginning
of the period 4,570 4,312 4,312
--------- --------- ------------
Cash and cash equivalents as at
28 June 2020 3,160 2,357 4,570
----------------------------------------- --------- --------- ------------
Notes to the condensed financial statements
for the 26 weeks ended 28 June 2020 (unaudited)
1 General information
Tasty plc ("Tasty") 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 .
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 European Union
and 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. IFRS16 has had a material impact as
described in the proceeding notes.
The financial information for the 26 weeks ended 28 June 2020
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 Auditing Practices Board.
The financial information for the period ended 29 December 2019
does not constitute the full statutory accounts for that period.
The Annual Report and Financial Statements for 2019 have been filed
with the Registrar of Companies. The Independent Auditors' Report
on the Annual Report and Financial Statements for 2019 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
(GBP'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
As part of the adoption of the going concern basis the Group has
considered the uncertainty caused by Covid-19 pandemic and put the
following measures in place:
-- Minimise costs and cash outflows
-- Use of Government Job Retention Scheme (CJRS)
-- Taking advantage of rates reliefs and grants
-- Negotiating rent concessions
-- Secured a GBP1.25m, four year term loan of which drawdown is
restricted until the future of the Group is assured through
restaurant closures and creditor arrangements
The Group monitors cash balances and prepares regular forecasts,
which are reviewed by the Board. The Directors believe that it
remains appropriate to prepare the financial statements on a going
concern basis. However, the circumstances represent a material
uncertainty which may cast significant doubt on the Group's ability
to continue as a going concern and, therefore, to continue
realising their assets and discharging their liabilities in the
normal course of business.
IFRS16 Leases
Effective for periods starting on or after 1 January 2019,
IFRS16 has replaced IAS17 and IFRIC4 (Determining whether an
arrangement contains a lease).
The Group adopted IFRS16 for its period starting 30 December
2019 using the modified retrospective approach on transition,
recognising leases at the carried forward value had they been
treated as such from inception, without restatement of comparative
figures. On adoption of IFRS16, the Group recognised right-of-use
assets and lease liabilities in relation to restaurants. Up to 29
December 2019 the Group only entered into operating leases and
payments made under operating leases (net of any incentives
received from the lessor) were charged to profit and loss on a
straight-line basis over the period of the lease.
The change in accounting policy affected the following items in
the balance sheet on 30 December 2019:
-- Right-of-use assets ("ROU") - increased by GBP53.2m
-- Lease liabilities - increased by GBP57.3m
Right-of-use assets are measured on transition at an amount
equal to the minimum lease liability at the date of initial
application and adjusted for an onerous lease provision of GBP2.8m
and a lease incentive of GBP1.3m. In addition, GBP0.6m was
reclassified from prepaid operating lease to ROU.
The recognised right-of-use assets all relate to property
leases. During the period ended 28 June 2020 the Group made a
provision for impairment of the right-of-use assets against a
number of sites totalling GBP10.5m. The right-of-use assets as at
28 June 2020 were GBP41.5m.
Lease liabilities are measured on transition at the carried
forward present value of the remaining lease payments discounted
using the Bank of England base rate of 0.1% plus the Group's
incremental borrowing rate of 4.5%. The lease liabilities as at 28
June 2020 were GBP56.1m.
Included in profit and loss for the period is GBP1.8m
depreciation of right-of-use assets and GBP1.3m financial expenses
on lease liabilities.
Impairments
All assets (ROU, fixed assets and goodwill) 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 6% (2019: 10%), being
the rate considered to reflect the risks associated with the CGUs.
Due to the uncertainty over future cash flows no growth rates has
been applied (2019: 3%).
The above variables resulted in an impairment charge of GBP11.5m
of which GBP0.3m relates to goodwill and GBP11.2m split between
fixed assets (GBP0.7m) and ROU (GBP10.5m) based on value. This was
offset by an impairment release of GBP3.9m on fixed assets; mainly
due to a change in growth rate and change in cash flow assumptions;
a net movement of GBP7.6m (2019: GBPnil). A 1% increase in the
discount rate would increase the net impairment charge by
GBP1.3m.
The assumptions will be reviewed at year-end to ensure that the
cashflow expectations are in line with the latest outlook.
Other income
The Group has received Government grants in relation to the
Coronavirus Job Retention Scheme (CJRS) and Covid-19 Business
Grants, provided by the Government in response to Covid-19's impact
on the business.
In accordance with IAS 20 (Accounting for Government Grants and
Disclosure of Government Assistance) guidelines, the Group has
recognised the salary expense as normal and recognised the grant
income in profit and loss as the Group becomes entitled to the
grant. The CJRS grant of GBP3.3m and the business grants of GBP0.2m
have been recognised within other income.
3 Income tax
The income tax charge has been calculated by reference to the
estimated effective corporation tax and deferred tax rates of 19%
(2019: 19%).
Tax charge of GBP0.1m in profit and loss relates to prior
years.
4 Loss per share
26 weeks 26 weeks 52 weeks
28 June 30 June 29 December
2020 2019 2019
Pence Pence Pence
Loss per ordinary share (7.82p) (1.17p) (0.23p)
The basic and diluted 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.
Loss per share is calculated using the numbers shown below:
26 weeks 26 weeks 52 weeks
28 June 30 June 29 December
2020 2019 2019
number number number
'000 '000 '000
Weighted average ordinary shares
(basic) 141,090 72,732 113,379
26 weeks 26 weeks 52 weeks
28 June 30 June 29 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Loss for the financial period (11,028) (854) (266)
------------------------------------- --------- --------- ------------
5 Reconciliation of result before tax to net cash generated from operating activities
26 weeks 26 weeks 52 weeks
to to ended
28 June 30 June 29 December
2020 2019 2019
GBP'000 GBP'000 GBP'000
Loss before tax (10,923) (861) (266)
Finance income (3) (4) (8)
Finance expense 6 180 222
Interest adjustment (IFRS16) 1,278 - -
Share based payment charge 20 17 40
Depreciation 694 768 1,557
Impairment of goodwill 326 - -
Impairment of property, plant (3,195) - -
and equipment
Incremental depreciation as 1,846 - -
a result of IFRS16
Impairment of ROU 10,466 - -
Rent adjustment (IFRS16) (2,398) - -
Profit from sale of property
plant and equipment (1,061) 27 43
Amortisation of intangible assets 2 1 3
Onerous lease provision movement - - (564)
(Increase) / decrease in inventories 442 72 (102)
(Increase) / decrease in trade
and other receivables 1,159 (1,549) 477
Increase / (decrease) in trade
and other payables (143) 889 824
Net cash inflow from operating
activities (1,484) (460) 2,226
-------------------------------------- --------- --------- ------------
6 Property, plant and equipment and right-of-use assets
Leasehold Furniture Total ROU assets Grand
improvements fixtures fixed total
and computer assets
equipment
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 29 December
2019 38,661 10,107 48,768 - 48,768
Additions 2 26 28 - 28
Addition on transition
to IFRS16 - - - 53,232 53,232
Reclass of pre-paid
operating leases - - - 605 605
At 28 June 2020 38,663 10,133 48,796 53,837 102,633
------------------------ -------------- -------------- -------- ----------------- --------
Depreciation
At 29 December
2019 26,674 7,524 34,198 - 34,198
Provided for the
period 379 294 673 1,846 2,519
Impairments (2,914) (281) (3,195) 10,466 7,271
At 28 June 2020 24,139 7,537 31,676 12,312 43,988
------------------------ -------------- -------------- -------- ----------------- --------
Net book value
At 28 June 2020 14,524 2,596 17,120 41,525 58,645
------------------------ -------------- -------------- -------- ----------------- --------
At 29 December
2019 11,987 2,583 14,570 - 14,570
------------------------ -------------- -------------- -------- ----------------- --------
7 Post balance sheet events
Oakham Wildwood's lease was surrendered on 22 September at
GBPnil premium.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR VKLFLBBLZFBZ
(END) Dow Jones Newswires
October 30, 2020 03:00 ET (07:00 GMT)
Tasty (LSE:TAST)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
Tasty (LSE:TAST)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
