Interim Results

Tasty PLC 29 September 2006 Tasty plc ('Tasty' or 'the Company') Interim Results (unaudited) for the 26 weeks ended 2 July 2006 Chairman's Statement I am delighted to report to shareholders following the Company's successful AIM flotation in July of this year. Pre-tax profits for the 26 weeks ended 2 July 2006 were £90,000, in line with the Board's expectations. Since our July AIM flotation, our Tunbridge Wells restaurant has opened, bringing the number of restaurants in operation to four, with 2 further openings anticipated later on this year. With the necessary accounting and management systems in place, the Group is well poised to continue its roll-out programme. The Company is also pleased to announce today alongside our interim results a placing to raise £3million of new funds in order to accelerate its roll out programme. A separate announcement has been released today given full details of this transaction. We have an exciting year ahead of us, and I look forward to reporting further to shareholders when the year end results are available in Spring 2007. Keith Lassman Chairman 29 September 2006 Consolidated Profit and Loss Account Note 26 weeks ended 26 weeks ended Year ended 2 July 3 July 31 December 2006 2005 2005 (as restated) Unaudited Unaudited Audited £000 £000 £000 Turnover 1,151 975 2,016 Cost of sales (660) (543) (1,120) ______ ______ ______ Gross profit 491 432 896 Administrative expenses (422) (353) (786) ______ ______ ______ Operating profit 69 79 110 Interest receivable 21 5 31 ______ ______ ______ Profit on ordinary activities before taxation 90 84 141 Taxation 2 (29) (2) 89 ______ ______ ______ Profit on ordinary activities after taxation 61 82 230 ______ ______ ______ === ======== ======== ======== Earnings per share - basic and diluted 3 0.31p 0.42p 1.18p All amounts relate to continuing operations All recognised gains and losses in the current and prior period are included in the profit and loss account. Consolidated Balance Sheet 2 July 3 July 31 December 2006 2005 2005 Unaudited Unaudited Audited £000 £000 £000 Fixed assets Tangible assets 1,541 1,143 1,117 ______ ______ ______ Current assets Stock 25 15 25 Debtors 481 218 304 Cash at bank and in hand 1,167 1,101 1,230 ______ ______ ______ 1,673 1,334 1,559 Creditors (amounts falling due within one year) (699) (277) (328) ______ ______ ______ Net current assets 974 1,057 1,231 ______ ______ ______ Net assets 2,515 2,200 2,348 ______ ______ ______ Represented by: Shareholders' funds 2,515 2,200 2,348 ______ ______ ______ Consolidated Cash Flow 26 weeks ended 26 weeks ended Year ended 2 July 3 July 31 December 2006 2005 2005 Unaudited Unaudited Audited £000 £000 £000 Net cash inflow from operating activities 274 101 218 ______ ______ ______ Returns on investments and servicing on finance Interest received 21 4 31 ______ ______ ______ Capital expenditure and financial investment Payments to acquire tangible fixed assets (464) (6) (21) ______ ______ ______ Net cash (outflow)/inflow before use (169) 99 228 of liquid resources and financing ______ ______ ______ ------ ------ Management of liquid resources Increase in short term deposits (21) (1,000) (1,018) ______ ______ ______ ====== ------ Financing Issue of share capital 106 822 822 ______ ______ ______ (Decrease)/Increase in cash (84) (79) 32 ______ ______ ______ Notes to the Financial Statements 1. Basis of Accounting The unaudited results for the 26 weeks to 2 July 2006 have been prepared on a consistent basis and using the same accounting policies as those adopted in the financial statements of Took Us A Long Time Limited for the year ended 31 December 2005, except that the Group has adopted FRS 20 - share based payments. There has been no material effect on the results of the Group in the current and prior periods as a result of the adoption of this standard. 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. The merger method of accounting is used to consolidate the results of the subsidiary undertaking. The merger of the two companies took place on 26 June 2006. The shares issued are recorded in the Company's balance sheet at nominal value together with the amount of any additional consideration. In the Group accounts the subsidiary undertaking is treated as if it had always been a member of the Group. In the year it joins the Group, its results are included for the whole period. Certain costs, totalling £54,000, included within administrative expenses for the year ended 31 December 2005 have been reclassified as cost of sales, on the basis that this gives a fairer presentation of the results. 2. Taxation The taxation charge for the 26 weeks ended 2 July 2006 has been calculated by applying the estimated effective tax rate for the 52 weeks ending 31 December 2006. 3. Earnings per 10p ordinary share Earnings per share have been computed on the basis of the net profit for the period, of £61,000 (2005 interim - £82,000, 2005 full year - £230,000) and the weighted average number of ordinary shares in issue during the period of 19,420,709 (2005 interim - 19,420,709, 2005 full year - 19,420,709). There were no dilutive shares in the current or prior periods. 4. Financial Information This statement does not constitute statutory accounts as defined by S240 of the Companies Act 1985. The financial information for the year ended 31 December 2005 is a restated extract from the full audited financial statements of Took Us Long Time Limited adjusted as appropriate for the effect of merger accounting. The accounts prior to the restatement described in note 1 have been filed with the Registrar of Companies and contained an unqualified audit report. The results for the 26 weeks ended 3 July 2005 and the 26 weeks ended 2 July 2006 are unaudited. 5. Post Balance Sheet Events Subsequent to 3 July 2006 the Group raised £1,750,000 through a placing of 3,365,385 shares, and was admitted to trading on the Alternative Investment Market on 4 July 2006. Enquiries: Evolution Securities 020 7071 4300 Tom Price Bobbie Hilliam College Hill 020 7457 2020 Justine Warren Jamie Ramsay This information is provided by RNS The company news service from the London Stock Exchange

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