Half Yearly Report

RNS Number : 0833O

Tasty PLC

13 September 2011

 



Tasty plc

(the "Group")

Chairman's statement

I am pleased to report on the Group's half year results for the 26 weeks ended on 3 July 2011, which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS").

Results

Turnover for the 26 weeks ended 3 July 2011 was £6,841,000 (2010 - £4,830,000), a 42% increase over the corresponding period. The operating profit, before pre-opening costs of £67,000 (2010 - £22,000) and share based payments of £21,000 (2010 - £63,000), was £526,000 (2009 - £94,000).  The overall profit before tax for the period was £444,000 (2010 - £13,000).

Basic and diluted earnings per share for the period was 0.93p and 0.92p (2010 - 0.03p and 0.03p).

Cash flows and financing

During the period capital expenditure of £537,000 (2010 - £208,000) was incurred, predominantly on a new Canary Wharf Wildwood restaurant. Overall, the net cash outflow prior to financing flows was £201,000 (2010 - inflow £179,000) and as at 3 July 2011, the Group had net cash balances of £2,718,000 (2010 - £3,929,000).

Outlook

During the first six months of 2011, we commenced work on opening a Wildwood restaurant at Canary Wharf, which successfully opened in July 2011, bringing the number of restaurants to fifteen, made up of six Dim T and nine Wildwood restaurants. The Group continues to actively look for new opportunities for further units and has the resources to do so.  We expect to have opened between six and eight further units within the next six months.

Despite the continuing challenging economic conditions, we continue to hold our own and trade in line with expectations for 2011.

K Lassman

Chairman

Tasty plc

13 September 2011

Consolidated Statement of Comprehensive Income
(unaudited)
	26 weeks ended		26 weeks ended		53 weeks ended
	3 July		27 June		2 January
	2011		2010		2011
	£'000		£'000		£'000
Revenue	6,841		4,830		10,560
Cost of sales	(6,097)		(4,533)		(9,456)
	______		______		______
Gross profit	744		297		1,104
Administrative expenses	(306)		(288)		(870)
	______		______		______
Operating profit/excluding pre-opening costs and non trading items	526		94		618
Pre-opening costs	(67)		(22)		(294)
Share based payment	(21)		(63)		(90)
Operating profit	438		9		234
Finance Income	6		4		10
	______		______		______
Profit before taxation	444		13		244
Income tax expense	-		-		-
	______		______		______
Profit and total comprehensive income for the period - attributable to equity shareholders	444		13		244
	______		______		______
Profit per share - basic	0.93p		0.03p		0.56p
Profit per share - diluted	0.92p		0.03p		0.56p

Consolidated Statement of Changes in Equity
(unaudited)

                                                                                                                            Share           Share     Merger     Retained          Total

                                                                                                                           capital     premium    reserve          deficit        equity

                                                                                                                             £'000            £'000        £'000            £'000         £'000

Balance at 27 December 2009                                                                    3,784            9,450            992          (6,766)       7,460

Changes in equity for 26 weeks ended 27 June 2010

Profit for the period                                                                                                    -                     -                 -                 13              13

                                                                                                                         ______        ______     ______        ______     ______

Total comprehensive income for the period                                                     -                     -                 -                 13              13

Issue of share capital (net of £100,000 issue costs)                               1,000               900                 -                     -         1,900

Share based payments - credit to equity                                                             -                     -                 -                 63              63

                                                                                                                         ______        ______     ______        ______     ______

Balance at 27 June 2010                                                                               4,784          10,350            992          (6,690)       9,436

                                                                                                                         ______        ______     ______        ______     ______

Changes in equity for 27 weeks ended 2 January 2011

Profit for the period                                                                                                    -                     -                 -               231            231

                                                                                                                         ______        ______     ______        ______     ______

Total comprehensive income for the period                                                     -                     -                 -               231            231

Share based payments - credit to equity                                                             -                                        -                 27              27

                                                                                                                         ______        ______     ______        ______     ______

Balance at 2 January 2011                                                                           4,784          10,350            992          (6,432)       9,694

                                                                                                                         ______        ______     ______        ______     ______

Changes in equity for 26 weeks ended 3 July 2011

Profit for the period                                                                                                    -                     -                 -               444            444

                                                                                                                         ______        ______     ______        ______     ______

Total comprehensive income for the period                                                     -                     -                 -               444            444

Share based payments - credit to equity                                                             -                     -                 -                 21              21

                                                                                                                         ______        ______     ______        ______     ______

Balance at 3 July 2011                                                                                   4,784          10,350            992          (5,967)     10,159

                                                                                                                         ______        ______     ______        ______     ______

Consolidated Balance Sheet
(unaudited)	3 July			27 June		2 January
	2011			2010		2011
	£'000			£'000		£'000
Non-current assets
Intangible assets	61			13		61
Property, plant and equipment	7,375			5,669		7,152
Pre-paid operating lease charges	1,175			714		893
Deferred tax asset	250			250		250
Other receivables	322			297		292
	______			______		______
	9,183			6,943		8,648
Current assets
Inventories	454			326		438
Pre-paid operating lease charges	44			36		40
Trade and other receivables	829			725		569
Cash and cash equivalents	2,718			3,929		2,919
	______			______		______
	4,045			5,016		3,966
	______			______		______
Total assets	13,228			11,959		12,614
	______			______		______
Non current liabilities
Accruals for lease incentives	(210)			(222)		(213)
Current liabilities
Trade and other payables Provisions	(2,759) (100)			(2,201) (100)		(2,607) (100)
	______			______		______
Total current liabilities	(2,859)			(2,301)		(2,707)
	______			______		______
Total liabilities	(3,069)			(2,523)		(2,920)
	______			______		______
Total net assets	10,159			9,436		9,694
	______			______		______
Capital and reserves attributable to equity shareholders
Share capital	4,784			4,784		4,784
Share premium	10,350			10,350		10,350
Merger reserve	992			992		992
Retained deficit	(5,967)			(6,690)		(6,432)
	______			______		______
Total equity	10,159			9,436		9,694
	______			______		______

Consolidated Cash Flow
(unaudited)	26 weeks ended		26 weeks ended		53 weeks ended
	3 July		27 June		2 January
	2011		2010		2011
	£'000		£'000		£'000
Net cash inflow from operating activities
Profit / (loss) for the period before taxation	444		13		244
Adjustments for
Depreciation	314		207		435
Amortisation	-		-		3
Equity settled share-based payment expense	21		63		90
Finance income Gain on sale of property, plant and equipment	(6) -		(4) -		(10) (25)
	______		______		______
Net cash inflow from operating activities
Before changes in working capital	773		279		737
(Increase) / decrease in trade and other receivables	(576)		(227)		(249)
(Increase) / decrease in inventories	(16)		24		(87)
Increase / (decrease) in trade and other payables	149		307		816
	______		______		______
Cash generated from operations	330		383		1,217
Income tax received	-		-		-
	______		______		______
Net cash flows from operating activities	330		383		1,217
Investing activities
Purchase of property, plant and equipment	(537)		(208)		(1,619)
Acquisition	-		-		(464)
Sale of property, plant and equipment	-		-		25
Interest received	6		4		10
	______		______		______
Net cash outflow from investment activities	(531)		(204)		(2,048)
Net cash inflow from financing
Issue of share capital	-		1,900		1,900
	______		______		______
Net (decrease) / increase in cash and cash equivalents	(201)		2,079		1,069
Cash and equivalents at beginning of period	2,919		1,850		1,850
	______		______		______
Cash and equivalents at end of period	2,718		3,929		2,919
	______		______		______

Notes to the financial statements

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 19 Cavendish Square London W1A 2AW.  The Company's ordinary shares are traded on the Alternative Investment Market ("AIM").  Copies of this Interim Report or the Annual Report and Accounts 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

Tasty plc ("Tasty"') has prepared its results under International Financial Reporting Standards and International Financial Reporting Council "IFRIC" interpretations as adopted by the European Union ("IFRS").  Tasty  adopted IFRS with effect from 1 January 2007. 

These standards remain subject to ongoing amendment and/or interpretation and are, therefore, still subject to change.  Accordingly, information contained in these interim financial statements may need to be updated for subsequent amendments to IFRS or for new standards issued after the balance sheet date.

                The basis of preparation and accounting policies followed in the interim report are the same as those set out in the annual report and accounts for the year ended 2 January 2011.  As permitted this interim report has not been prepared in accordance with IAS 34 "Interim Financial Reporting", nor has it been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.

The financial information for the period ended 2 January 2011 does not constitute the full statutory accounts for that period.  The Annual Report and Financial Statements for 2010 have been filed with the Registrar of Companies.  The Independent Auditors' Report on the Annual Report and Financial Statement for 2010 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 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 expense

The taxation charge for the 26 weeks ended 3 July 2011 has been calculated by applying the estimated effective tax rate for the period ending 1 January 2012

	Unaudited	Unaudited	Audited
	26 weeks to	26 weeks to	53 weeks to
	3 July	27 June	2 January
	2011	2010	2011
	£'000	£'000	£'000
UK corporation tax
Current tax credit on profit/(loss) for the period	-	-	-
Adjustment in respect of prior period	-	-	-
	_______	_______	_______
Current tax credit for period	-	-	-
Deferred taxation
Movement in recoverable deferred tax asset	-	-	-
	_______	_______	_______
Total income tax expense/(credit)	-	-	-
	_______	_______	_______

4              Earnings per share

	Unaudited	Unaudited	Audited
	26 weeks to	26 weeks to	53 weeks  to
	3 July	27 June	2 January
	2011	2010	2011
	Pence	Pence	Pence
Basic earnings per share	0.93	0.03	0.56
	_______	_______	_______
Diluted earnings per share	0.92	0.03	0.56
	_______	_______	_______

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 has been calculated using the numbers shown below:-

	Unaudited	Unaudited
	26 weeks to	26 weeks to	53 weeks to
	3 July	27 June	2 January
	2011	2010	2011
	£'000	£'000	£'000
Profit  for the period	444	13	244
	_______	_______	_______
	Number	Number	Number
	' 000	' 000	' 000
Basic weighted average number of ordinary shares	47,837	38,084	43,230
Effect of dilution - share options	306	2,589	138
	_______	_______	_______
Diluted weighted average number of ordinary shares	48,143	40,673	43,368
	_______	_______	_______

 

END

 

 

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