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
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