Interim Results for the Half Year ended 30 April 2024

17 July 2024

Hydro Hotel, Eastbourne, Plc

(“Hydro Hotel” or the “Company”)

Interim Results for the Half Year ended 30 April 2024

YOUR CHAIRMAN'S LETTER

Dear Shareholder,

SIX MONTHS TO 30 APRIL 2024

I am pleased to report on the company’s results for the six months to 30 April 2024. The total turnover for the six month period to 30 April 2024 was £1,961,479 compared to £1,799,816 for the same period in the previous year, an increase of 9% (compared to a decrease in the six months to 30 April 2023 of 1%).

The gross profit for the period was 10% higher than in the six months to 30 April 2023 and staff costs increased by 6% compared to the figure for the period to 30 April 2023 (3% increase in the half year to 30 April 2023).

Overheads increased by 1% (17% increase in the half year ended 30 April 2023). There were increases in utility costs and a significant decrease in repair costs for this period compared to the same period in the previous year, contributing to a reduced loss for the half year to 30 April 2024 of £76,957 compared to a loss of £171,469 for the half year to 30 April 2023.

An updating of the air conditioning and replacement of furniture in the conservatory was undertaken in the period, together with the continued general refurbishment of some bedrooms and public areas and the purchase of new garden furniture.

The Board and the management of the company continue to monitor cash resources and have paid the dividend of £72,000 declared on 20 February 2024. No further dividends were declared in the period.

The Board wishes to express its thanks to the management and staff of the hotel for their co-operation and efforts during the period. The Hydro team look forward to welcoming new and returning guests in this our 129th year of operation.

Yours sincerely,

Christopher J Bean  LL.B (Hons) 

16 July 2024

SUMMARISED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 30 APRIL 2024

	Half year to		Half year to			Year ended
	30 April 2024		30 April 2023			31 October 2023
	(Unaudited)			(Unaudited)			(Audited)
	£			£			£
TURNOVER	1,961,479			1,799,816			4,432,917
OPERATING (LOSS)/PROFIT	(111,562)			(192,313)			259,602
INTEREST RECEIVABLE	34,605			20,844			50,805
(LOSS)/PROFIT BEFORE TAXATION	(76,957)			(171,469)			310,407
TAXATION	-			-			(74,462)
(LOSS)/PROFIT FOR PERIOD	£(76,957)			£(171,469)			£235,945
(Loss)/Earnings per share	(12.83)p			(28.58)p			39.32p

STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2024

	30 April 2024	30 April 2023		31 October 2023
	(Unaudited)		(Unaudited)		(Audited)
	£		£		£
FIXED ASSETS
Tangible Assets	2,550,478		2,565,055		2,525,316
CURRENT ASSETS
Stocks	41,284		40,321		40,028
Debtors	130,626		156,803		189,158
Investments – 3 month notice deposit account	476,373		459,798		465,980
Cash at bank and in hand	1,352,585		1,146,320		1,626,588
	2,000,868		1,803,242		2,321,754
CREDITORS
Amounts falling due within one year	(732,858)		(761,721)		(879,625)
NET CURRENT ASSETS	1,268,010		1,041,521		1,442,129
TOTAL ASSETS LESS
CURRENT LIABILITIES	3,818,488		3,606,576		3,967,445
PROVISION FOR LIABILITIES	(148,564)		(123,109)		(148,564)
NET ASSETS	£3,669,924		£3,483,467		£3,818,881
CAPITAL AND RESERVES
Called up share capital	600,000		600,000		600,000
Revaluation reserve	394,093		398,372		394,093
Profit and loss reserves	2,675,831		2,485,095		2,824,788
	£3,669,924		£3,483,467		£3,818,881

STATEMENT OF CASH FLOWS

FOR THE HALF YEAR ENDED 30 APRIL 2024

	Half year to	Half year to		Year ended
	30 April 2024		30 April 2023	31 October 2023
	(Unaudited)		(Unaudited)		(Audited)
	£		£		£
NET CASH (USED IN)/INFLOW FROM OPERATING ACTIVITIES (Note 1)	(107,376)		(133,517)		485,680
NET CASH (USED IN) INVESTING   ACTIVITIES   (Note 2)	(94,627)		(167,810)		(234,739)

FINANCING ACTIVITIES
Dividends paid	(72,000)		(138,000)		(210,000)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(274,003)		(439,327)		40,941
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	1,626,588		1,585,647		1,585,647
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	£1,352,585		£1,146,320		£1,626,588
RELATING TO:
Cash at bank and in hand	£1,352,585		£1,146,320		£1,626,588

NOTES TO THE STATEMENT OF CASH FLOWS 

FOR THE HALF YEAR ENDED 30 APRIL 2024

	Half year to	Half year to					Year ended
	30 April 2024	30 April 2023					31 October 2023
	(Unaudited)			(Unaudited)					(Audited)
	£			£					£
Note 1
CASH FLOWS FROM OPERATING
ACTIVITIES
(Loss)/profit after tax	(76,957)			(171,469)					235,945
Adjustments for:
Taxation	-			-					74,462
Depreciation	93,545			95,450					200,534
Loss on disposal of fixed assets	132			3,625					4,338
Interest receivable	(34,605)			(20,844)					(50,805)
OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES	(17,885)			(93,238)					464,474
MOVEMENTS IN WORKING CAPITAL
(Increase) in stocks	(1,256)			(3,676)					(3,383)
Decrease in debtors	58,532			57,328					24,973
(Decrease)/increase in creditors	(146,767)			(93,931)					79,677
Income taxes paid	-			-					(80,061)
NET CASH (USED IN)/GENERATED FROM OPERATING ACTIVITIES	£(107,376)			£(133,517)					£485,680
Note 2 INVESTING ACTIVITIES
Purchase of tangible fixed assets	(118,839)				(182,780)			(273,488)
Interest received	34,605				20,844			50,805
Payment for other investments	(10,393)				(5,874)			(12,056)
NET CASH FLOW (USED IN) INVESTING ACTIVITIES	£(94,627)				£(167,810)			£(234,739)

NOTES TO THE ACCOUNTS

1 The results are prepared on the basis of the accounting policies set out in the Company’s Annual Report and Accounts for the year ended 31 October 2023.

2 The earnings per share are based on a loss of £76,957 (2023 loss of £171,469) being the loss on ordinary activities after taxation.

3 The movement in retained Profit and Loss Reserves from £2,824,788 at 31 October 2023 to £2,675,831 at 30 April 2024 includes the loss for the period of £76,957 and dividends paid of £72,000 (2023: £138,000 paid in the period and £Nil accrued).

4 Dividends of £72,000 in 2024 were all paid in the period and no accrual is included in creditors, amounts falling due within one year as at 30 April 2024 (2023: £138,000 dividends paid and no accrual included in creditors, amounts falling due within one year as at 30 April 2023).

5 A copy of the interim report and accounts and the Chairman’s statement thereto, which were approved by the Board of Directors on 16 July 2024, will be posted to all registered shareholders shortly thereafter.

6 The financial information set out above does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 October 2023, on which the report of the auditor was unqualified and did not contain a statement under section 498 of the Companies Act 2006, have been filed with the Registrar of Companies.

7 The company’s auditor, UHY Hacker Young LLP, has not reviewed these unaudited interim accounts.

Enquiries:

Hydro Hotel, Eastbourne, Plc Sally Gausden  Company Secretary	Telephone: [phone]
Peterhouse Capital Limited Aquis Corporate Adviser Mark Anwyl	Telephone: [phone]

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).

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