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viewTasty PLC

Half-year Report

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RNS Number : 3694N
Tasty PLC
24 September 2019
 

24 September 2019

 

 

Tasty plc

 

("Tasty" or the "Group")

 

Unaudited Interim Results for the 26 weeks ended 30 June 2019

 

Financial Highlights:

 

·     Placing and open offer in May 2019 raising £3.2m

·     Revenue £21.1m (2018 - £23.0m)

·     Adjusted EBITDA of £0.1m (2018 - £0.8m)

·     Loss after tax for the period of £0.8m (2018 - loss of £10.7m)

·     Loan at 30 June 2019 of £1.9m (1 July 2018 - £7.0m)

·      Net cash as at 30 June 2019 of £0.5m (1 July 2018 - net debt £4.1m)

 

 

Chairman's statement

 

Introduction
Tasty trades from 57 restaurants; 51 Wildwood and 6 dim t restaurants. The Wildwood restaurants offer a wide selection of "Pizza, Pasta, Grill" and are predominantly located outside of London. Dim t, our pan Asian restaurant, offers a range of dishes including dim sum, noodles, soups and a recently launched range of ramen dishes.

 

In May 2019, we successfully raised £3.2m through an institutional placing and open offer to existing shareholders and have reduced bank debt to £1.9m as at 30 June 2019 (1 July 2018: £7.0m).

 

The casual dining market continues to face headwinds and the uncertainty of Brexit means that 2019 remains a challenging year. The Group's sales performance has been weak despite benefiting from weaker comparatives following last year's extreme weather conditions and the World Cup. However, despite sales being down, our adjusted EBITDA performance for the first six months is in-line with expectations due to tighter cost control. Over the last 18 months we have made significant changes to the structure of the Group including finance and operational team enhancement. The changes to the operational structure combined with the Group's increased focus on the financial reporting and cost management, has mitigated the impact of the difficult market conditions.

 

 

 

Business review

We continue to make progress and have undertaken various initiatives to improve the food and drink offering, customer engagement and the development of our employees. However, along with other restaurants and retailers, we are exposed to the well documented high street challenges. Our focus is on optimising the current estate and turning around underperforming sites.

 

Food and drink offering

We remain focused on offering choice to our customers. We continue to offer seasonal specials and are constantly looking at ways of making the menu more exciting and offering additional options. We have trialled the "Beyond Meat" plant-based vegan burger as part of our specials menu and this will migrate onto our main menu later this year.

 

Customer engagement

We are working hard on improving our customer experience through profiling our consumers and analysing their feedback. We have also recruited in order to focus on service standards and upselling and we are rolling out workshops across the estate to ensure all restaurants are offering consistent service which is appealing to our customers.

 

People Development

We believe great people are the core to our business and we are committed to providing an engaging, open and honest environment for our teams. The investment in our training infrastructure has allowed us to promote a greater number of key positions from within.  We continue to introduce comprehensive career pathways at every level to support our employees' development, enhance job satisfaction and increase staff retention.

 

Optimise the estate

We have generally found landlords to be co-operative and supportive and our collaborative approach has been well received. We have been successful in achieving rent reductions and lease concessions.

 

We have disposed of three trading sites in the first six months of the year.  In addition, we have sub-let two sites that were not trading; one in the first six months and one post the period end. The Group continues to review the estate and further disposals will be made if appropriate.

 

The Board firmly believes the Group's focus should remain on the existing estate and no openings are planned for the remainder of 2019.

 

Christmas Focus

We published our Christmas menus online at the end of August before most other High Street chains and have already started taking bookings. We have established a dedicated team to handle reservations, all enquiries and marketing initiatives and are well prepared to maximise revenue over the festive period.

           

 

 

Results

Sales were down 8% on the corresponding period to £21.1m (2018 - £23.0m) and adjusted EBITDA was £0.1m (2018 - £0.8m).

 

Operating loss before highlighted items was £0.6m (2018 - loss £0.1m).

 

While we remain cautious about trading conditions, we have reviewed our onerous and impairment provision and do not believe it is necessary to make an adjustment for the six months ended 30 June 2019.  After taking into account all non-trade adjustments, the Group has a stated loss after tax for the period of £0.8m (2018 - loss of £10.7m)

 

Cash flows and financing

Cash outflow from operating activities was £0.5m (2018 - £2.3m). During the period, capital expenditure of £0.2m (2018 - £0.7m) was incurred. In addition, we raised net equity of £3.0m (2018 - £nil). This was offset by bank and interest repayment of £4.7m (2018 - £0.1m).

 

Overall, the net cash outflow for the period was £2.0m (2018 - inflow £1.1m).  As at 30 June 2019, the Group had net cash of £0.5m (1 July 2018 - net debt of £4.1m). 

 

Outlook

The market conditions for the UK restaurant sector remain challenging. However, the Group is well positioned, with a rationalised estate, new operational structure and a heightened focus on cost controls. The refreshed Wildwood and dim t offerings continue to be attractive to consumers, with encouraging trading in the first few weeks of the second half. The Group is traditionally weighted to the second half, with December being the most important month of the year, which will significantly dictate the Group's overall performance. However, the Board currently expects adjusted EBITDA performance for the full year to remain in-line with expectations.

 

K Lassman

Chairman

Tasty plc


24 September 2019

 

 

Enquiries:

 

Tasty plc                                                               Tel: 020 7637 1166

 

Jonny Plant, Chief Executive

 

Cenkos Securities                                               Tel: 020 7397 8900

 

Stephen Keys/Katy Birkin/Cameron MacRitchie

 

 

Consolidated statement of comprehensive income
for the 26 weeks ended 30 June 2019 (unaudited)

 

26 weeks to

 

26 weeks to

52 weeks ended

 

30 June

 

1 July

30 December

 

2019

 

2018

2018

 

£'000

 

£'000

£'000

 

 

 

 

 

 

 

 

 

 

Revenue

21,126

 

22,997

47,278

 

 

 

 

 

Cost of sales

 

(22,684)

(46,370)

 

 

 

 

 

Gross profit

29

 

313

908

 

 

 

 

 

Total operating expenses

(714)

 

(11,738)

(12,473)

 

 

 

 

 

Operating loss before highlighted items

(641)

 

(119)

(367)

Highlighted items

 

(11,306)

(11,198)

 

 

 

 

 

Operating loss

(685)

 

(11,425)

(11,565)

Finance income

4

 

-

-

Finance expense

(180)

 

(125)

(252)

 

 

 

 

 

Loss before tax

(861)

 

(11,550)

(11,817)

 

 

 

 

 

Income tax

7

 

856

204

 

 

 

 

 

Loss and total comprehensive income for period and attributable to owners of the parent

(854)

 

(10,694)

(11,613)

 

 

 

 

 

Loss per share attributable to the ordinary

 

 

 

 

equity owners of the parent

 

 

 

 

Basic and diluted

(1.17p)

 

(17.88p)

(19.42p)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The table below gives additional information to shareholders on key performance indicators:

 

26 weeks to

 

26 weeks to

52 weeks ended

 

30 June

 

1 July

30 December

 

2019

 

2018

2018

 

£'000

 

£'000

£'000

 

 

 

 

 

EBITDA

127

 

812

1,581

Depreciation, amortisation and impairment

(768)

 

(931)

(1,948)

 

 

 

 

 

Operating loss before highlighted items

(641)

 

(119)

(367)

 

 

 

 

 

 

 

 

 

 

 

Highlighted items - charged to operating expenses

 

 

 

 

 

 

26 weeks to

 

26 weeks to

52 weeks ended

 

 

30 June

 

1 July

30 December

 

 

2019

 

2018

2018

 

(Loss)/profit on disposal of property plant and equipment

(27)

 

 

1,942  

      2,132

Onerous lease provision

                 -

 

(1,688)  

    (1,687)

Restructuring costs

-

 

      (311)  

             (457)

 

Impairment of lease premium

-

 

(890)

(897)

 

Impairment of goodwill

-

 

-

(115)

 

Impairment of property, plant and equipment

-

 

(10,294)

(10,063)

 

Share based payments

(17)

 

(65)

(111)

 

Total highlighted items

(44)

 

(11,306)

(11,198)

 

                 

 

Consolidated statement of changes in equity
for the 26 weeks ended 30 June 2019 (unaudited)

 

Share

Share

Merger

Retained

Total

 

Capital

Premium

reserve

deficit

equity

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

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 31 December 2017

5,980

21,376

992

(6,290)

22,058

Issue of ordinary shares

-

-

-

-

-

Total comprehensive income for the period

-

-

-

(10,694)

(10,694)

Share based payments - credit to equity

-

-

-

65

65

Balance at 1 July 2018

5,980

21,376

992

(16,919)

11,429

 

 

 

 

 

 

Balance at 31 December 2017

5,980

21,376

992

(6,290)

22,058

Issue of ordinary shares

-

-

-

-

-

Total comprehensive income for the period

-

-

-

(11,613)

(11,613)

Share based payments - credit to equity

-

-

-

111

111

Balance at 30 December 2018

5,980

21,376

992

(17,792)

10,556

 

 

Consolidated balance sheet
At 30 June 2019 (unaudited)

 

 

 

26 weeks

to

 

26 weeks

 to

 

52 weeks ended

 

 

30 June

 

1 July

 

30 December

 

 

2019

 

2018

 

2018

 

 

£'000

 

£'000

 

£'000

Non-current assets

 

 

 

 

 

 

Intangible assets

 

351

 

469

 

352

Property, plant and equipment

 

16,008

 

17,289

 

16,554

Pre-paid operating lease charges

 

520 

 

467 

 

507

Other non-current assets

 

242

 

278

 

283

Deferred Tax

 

7

 

604

 

-

Total non-current assets

 

17,128

 

19,107

 

17,696

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Inventories

 

2,477

 

2,543

 

2,548

Trade and other receivables

 

5,128

 

5,006

 

3,538

Pre-paid operating lease charges

 

34

 

143

 

87

Cash and cash equivalents

 

2,357

 

2,940

 

4,312

Total current assets 

 

9,996

 

10,632

 

10,485

 

 

 

 

 

 

 

Assets held for sale

 

-

 

-

 

505

 

 

 

 

 

 

 

Total assets

 

27,124

 

29,739

 

28,686

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

 

(7,985)

 

(6,767)

 

(7,100)

Borrowings

 

(800)

 

(2,332)

 

(2,867)

Total liabilities

 

(8,785)

 

(9,099)

 

(9,967)

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Provisions

 

(3,348)

 

(3,348)

 

(3,347)

Lease incentives

 

(1,270)

 

(1,195)

 

(1,266)

Long-term borrowings

 

(1,052)

 

(4,668)

 

(3,550)

Total non-current liabilities

 

(5,670)

 

(9,211)

 

(8,163)

Total liabilities

 

(14,455)

 

(18,310)

 

(18,130)

 

 

 

 

 

 

 

Total net assets

 

12,669

 

11,429

 

10,556

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Share capital

 

6,061

 

5,980

 

5,980

Share premium

 

24,245

 

21,376

 

21,376

Merger reserve

 

992

 

992

 

992

Retained deficit

 

(18,629)

 

(16,919)

 

(17,792)

Total equity

 

12,669

 

11,429

 

10,556

 

 

Consolidated cash flow statement
for the 26 weeks ended 30 June 2019 (unaudited)

 

26 weeks to

 

26 weeks to

 

52 weeks ended

 

 

30 June

 

1 July

 

30 December

 

2019

 

2018

 

2018

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Cash generated from operations

(460)

 

(2,259)

 

389

 

Corporation tax paid

-

 

-

 

26

 

Net cash inflow from operating activities

(460)

 

(2,259)

 

415

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Proceeds from sale of property, plant and equipment

523

 

4,150

 

4,150

 

Purchase of property, plant and equipment

(227)

 

(670)

 

(1,261)

 

Net cash flows used in investing activities

296

 

3,481

 

2,889

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Net proceeds from issues of ordinary shares

2,950

 

-

 

-

 

Bank loan repayment

(4,565)

 

-

 

(583)

 

Interest paid

(176)

 

(125)

 

(252)

 

Net cash flows used in financing activities

(1,791)

 

(125)

 

(835)

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

(1,955)

 

1,097

 

2,469

 

Cash and cash equivalents at beginning of the period

4,312

 

1,843

 

1,843

 

Cash and cash equivalents as at 30 June 2019

2,357

 

2,940

 

4,312

 

                         

 

 

 

 

 

Notes to the condensed financial statements
for the 26 weeks ended 30 June 2019 (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 relation's 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 26 weeks ended 30 June 2019 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 30 December 2018 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2018 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2018 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      Income tax

The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates of 19% (2018 - 19%).

 

 

4      Loss per share

 

 

 

 

 

26 weeks to

 

26 weeks to

 

52 weeks

 

 

 

 

 

 

30 June

 

1 July

 

30 December

 

 

 

 

 

 

2019

 

2018

 

2018

 

 

 

 

 

 

Pence

 

Pence

 

Pence

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per ordinary share

 

 

(1.17)

 

(17.88)

 

(19.42)

 

 

 

 

 

 

 

 

 

 

 

 

 



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 to

 

26 weeks to

 

52 weeks

 

 

 

 

 

 

30 June

 

1 July

 

30 December

 

 

 

 

 

 

2019

 

2018

 

2018

 

 

 

 

 

 

number '000

 

number '000

 

number 
'000

 

 

 

Weighted average ordinary shares (basic)

 

 

72,732

 

59,795

 

59,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26 weeks to

 

26 weeks to

 

52 weeks

 

 

 

 

 

 

30 June

 

1 July

 

30 December

 

 

 

 

 

 

2019

 

2018

 

2018

 

 

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

Loss for the financial period

 

 

(854)

 

(10,694)

 

(11,613)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5      Reconciliation of profit before tax to net cash inflow from operating activities

 

26 weeks to

 

26 weeks to

 

52 weeks

 ended

 

30 June

 

1 July

 

30 December

 

2019

 

2018

 

2018

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

Loss before tax

(861)

 

(11,550)

 

(11,817)

Finance income

(4)

 

-

 

-

Finance expense

180

 

125

 

252

Share based payment charge

17

 

65

 

111

Depreciation and impairment

768

 

12,115

 

13,016

Profit from sale of property plant and equipment

27

 

(1,942)

 

(2,132)

Amortisation of intangible assets

1

 

1

 

3

Onerous lease provision movement

-

 

1,687

 

1,687

(Increase) / decrease in inventories

72

 

112

 

107

(Increase) / decrease in trade and other receivables

(1,549)

 

(199)

 

1,231

Increase / (decrease) in trade and other payables

889

 

(2,673)

 

(2,069)

Net cash inflow from operating activities

(460)

 

(2,259)

 

389

 

 

 


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 [email protected] or visit www.rns.com.
 
END
 
 
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Price: 2.85

Market: AIM
Market Cap: £4.02 m
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