16th Dec 2016 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
16 December 2016
The Fulham Shore PLC
Unaudited interim results for the six months ended 25 September 2016
Chairman's Statement
I am pleased to announce the unaudited interim results for the 6 months ended 25 September 2016 for The Fulham Shore PLC ("Fulham Shore" or the "Group"). It has been a busy and successful 6 months for the Group.
We have increased turnover, profits and the number of restaurants we operate.
Our restaurants are popular and busy with customers who want to eat great food at affordable prices.
Our Franco Manca customers can have a fantastic vegan pizza plus a glass of water for less than £5 or really push the boat out with a Margherita Pizza accompanied by a glass of organic red wine for less than £10 while in The Real Greek customers can enjoy our amazing lunch offer at £8.95 for 3 meze plates.
We expect to end the current financial year in March 2017 with around 43 restaurants, dependent on how quickly our builders work in the spring. We are planning more Franco Manca and The Real Greek restaurants for 2017/2018.
Results
For the 6 months ended 25 September 2016, Fulham Shore generated revenue of £19.9m (2015: £13.9m). The Group achieved Headline EBITDA for the period of £3.7m (2015: £2.6m) and made headline operating profit for the period amounting to £2.4m (2015: £1.7m).
In the 6 months ended 25 September 2016, the Group opened 7 Franco Manca pizzeria in London, Brighton and Guildford. This took Fulham Shore's restaurant portfolio as at 25 September 2016 to 36 restaurants made up of 9 The Real Greek, 26 Franco Manca pizzeria and 1 Bukowski Grill.
Cash flow
During the period ended 25 September 2016, the Group had net cash inflow from operating activities of £6.4m (2015: £3.0m). During the same period the Group invested £5.7m (2015: £3.4m) on property, plant and equipment. Overall there was a net cash inflow for the period of £1.1m (2015: outflow of £1.8m) resulting in net debt as at 25 September 2016 of £3.0m (2015: £0.3m).
Dividends
No dividend is being proposed by the Board. It remains the Board's policy that, subject to the availability of distributable reserves, dividends will be paid to shareholders when the Directors believe it is appropriate and prudent to do so.
Current trading and outlook
Since 25 September 2016, the Group has opened 3 The Real Greek restaurants in Muswell Hill (London), Boxpark Croydon and Southampton and 3 Franco Manca restaurants in Westfield London, Westbourne Grove (London) and Southampton.
This takes the number of restaurants operated today by the Group to a total of 42, made up of 12 The Real Greek, 29 Franco Manca and 1 Bukowski Grill.
The Group is currently fitting out a further Franco Manca pizzeria in Nova Victoria (London), which is scheduled to open in February 2017.
Contracts have recently been exchanged on three sites in very different locations in and around London: Putney (near Putney Bridge), Russell Square and Richmond, Surrey, all expected to open in the Spring of 2017.
Great sites continue to be offered to us as we continue to open in London and now around the UK. However, we are determined that our customers and shareholders should be the beneficiaries of our expansion, not property owners or agents. Therefore, we will continue to take space that is just about big enough for us so that we are not paying for space we don't use and the rent roll is that much lower. This helps us to keep our menu prices below our competitors for the benefit of our customers.
Franco Manca is now occupying some spare window space at Debenhams in Westfield London. This has proved successful and we are now looking at building more relationships with retailers and licensed premises owners who have surplus space facing the high street which could be utilised by the Group.
We source our food directly from both Italy and Greece plus from some great local UK producers. We get closely involved with all our suppliers, visiting them regularly, checking consistency and working together to develop new ideas. The Brexit vote has had some of our suppliers in Europe nervously watching the UK. However, we are working with them to make sure any adjustment of our input prices is kept to a minimum. We are helped that much of our fresh produce is sourced locally in sterling in the UK.
The majority of our staff are shareholders in Fulham Shore. We value them as crucial to our success. We pay at least the National Living Wage, including under 25s, and we are always looking to include our staff in the success of the business.
The Franco Manca team has started to win the plaudits of their fellow professionals. 3 awards were picked up in November 2016: R200 Best Value Restaurant Operator - over 20 sites; CGA Peach Hero and Icon Awards Breakthrough Brand and CGA Peach Hero and Icon Awards Best Concept. This is just reward for the hard work the whole Franco Manca team has put in this year.
A key concern for us is maintaining the consistency and quality of our food and service offer. To this end, over the past 18 months, we have developed dedicated central teams running each part of the business.
Each restaurant brand has its own operational management and we have property, people, training, opening and financial systems in place. These support functions are essential when growing a restaurant business leaving the front of house teams free to concentrate on the food and the customers. As the number of restaurants we open per year grow, and the eventual number we can finally achieve in the UK also grows, we will continue to invest in our central functions to ensure we have adequate resources to deliver growth.
All this puts us in a sound position for our future expansion of the Group's excellent restaurant businesses. We have slowly increased the number of openings per year we can manage. Our progress so far was 9 for the year ended 27 March 2016 and 13 year to date for the year ending 26 March 2017. We expect to increase this number in London and across the country in the next financial year.
Sites are available, our restaurants are busy and popular, our prices are good value and our staff are well motivated.
We therefore look forward with confidence to the further expansion of our Franco Manca and The Real Greek businesses.
David Page
Chairman
16 December 2016
Contacts:
The Fulham Shore PLC www.fulhamshore.com
David Page 07836 346 934
Allenby Capital Limited
Nick Naylor / Jeremy Porter / James Reeve 020 3328 5656
Notes for editors
Information on The Fulham Shore PLC
Fulham Shore was incorporated in March 2012. The Directors believe that there are attractive investment opportunities within the restaurant and food service sectors in the UK.
The Directors believe that, given their collective experience in the restaurant and food service sectors, they can take advantage of the opportunities which exist in these sectors.
The ordinary shares of the Company were admitted to trading on AIM in October 2014 in order to capitalise on such opportunities.
Today Fulham Shore currently operates "The Real Greek" (www.therealgreek.com) and "Franco Manca" (www.francomanca.co.uk) restaurants, as well as a Bukowski Grill restaurant.
The Real Greek
Since establishing in 1999, The Real Greek group has grown steadily, now offering modern Greek cuisine in 12 restaurants across London and the home counties.
Ambassadors of Greek food and Greek hospitality in the UK, The Real Greek food centres on the delicious, healthy diet of the Eastern Mediterranean, staying true to the Greek ethos for food, family and life. Dishes are created using premium ingredients sourced from Greece and Cyprus whenever possible, and developed by Tonia Buxton, the face of Greek food in the UK.
Both The Real Greek's menu and atmosphere retains the spirit of eating in Greece, encouraging diners to take their time eating amongst friends and family, be it a relaxed dinner, family get-together, or fully catered party.
Franco Manca
Franco Manca opened its first restaurant in 2008 and now has 29 restaurants, primarily in London, but with recent openings in Brighton, Southampton and Guildford with other locations outside London in the pipeline.
Franco Manca's pizza is made from slow-rising sourdough and is baked in a wood-burning oven that produces a heat of about 500°c (930°F). The slow levitation and blast cooking process lock in the flour's natural aroma and moisture, giving a soft and easily digestible crust. Where possible, locally sourced and organic ingredients are used. Pizza prices start from £4.95.
"If you only eat one pizza this year, make sure it's Franco Manca" - Tatler
Bukowski
Bukowski is a London-based charcoal-grill restaurant and bar, serving breakfasts, burgers and grills. Bukowski has four restaurants in London, one of which Fulham Shore operates in Soho under a franchise agreement.
The Fulham Shore PLC
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 25 September 2016
Six months ended 25 September 2016 | Six months ended 27 September 2015 | Year ended 27 March 2016 | ||
Notes | Unaudited £'000 | Unaudited £'000 | Audited £'000 | |
Revenue | 19,897 | 13,902 | 29,251 | |
Cost of sales | (10,924) | (7,560) | (15,970) | |
|
|
| ||
Gross profit | 8,973 | 6,342 | 13,281 | |
Administrative expenses | (6,529) | (4,632) | (10,001) | |
|
|
| ||
Headline operating profit | 2,444 | 1,710 | 3,280 | |
Share based payments | (297) | (257) | (639) | |
Pre-opening costs | (855) | (476) | (908) | |
Amortisation of brand | (411) | (342) | (821) | |
Exceptional costs - cost of acquisition | (26) | (405) | (405) | |
|
|
| ||
Operating profit | 855 | 230 | 507 | |
Finance income | 1 | 3 | 4 | |
Finance costs | (53) | (46) | (88) | |
|
|
| ||
Profit before taxation | 803 | 187 | 423 | |
Income tax expense | 4 | (277) | (61) | (347) |
|
|
| ||
Profit for the period | 526 | 126 | 76 | |
|
|
| ||
Profit for the period attributable to: | ||||
Owners of the company | 510 | 112 | 56 | |
Non-controlling interests | 16 | 14 | 20 | |
|
|
| ||
526 | 126 | 76 | ||
|
|
| ||
Earnings per share | ||||
Basic | 5 | 0.1p | 0.0p | 0.0p |
Diluted | 5 | 0.1p | 0.0p | 0.0p |
Headline Basic | 5 | 0.3p | 0.3p | 0.5p |
Headline Diluted | 5 | 0.3p | 0.3p | 0.4p |
There were no other comprehensive income items.
All operating gains and losses relate to continuing activities.
The Fulham Shore PLC
Unaudited Consolidated Balance Sheet
as at 25 September 2016
Notes | As at 25 September 2016 Unaudited £'000 | As at 27 September 2015 Unaudited £'000 | As at 27 March 2016 Audited £'000 | |
Non-current assets | ||||
Intangible assets | 27,507 | 28,831 | 28,135 | |
Property, plant and equipment | 21,598 | 13,793 | 16,733 | |
Trade and other receivables | 974 | 715 | 934 | |
Deferred tax assets | 1,192 | 427 | 894 | |
|
|
| ||
51,271 | 43,766 | 46,696 | ||
Current assets | ||||
Inventories | 837 | 523 | 687 | |
Trade and other receivables | 2,497 | 1,727 | 1,448 | |
Cash and cash equivalents | 6 | 748 | 2,083 | 197 |
|
|
| ||
4,082 | 4,333 | 2,332 | ||
|
|
| ||
Total assets | 55,353 | 48,099 | 49,028 | |
|
|
| ||
Current liabilities | ||||
Trade and other payables | (10,827) | (7,064) | (6,165) | |
Income tax payables | (1,030) | (622) | (630) | |
Borrowings | - | (250) | (570) | |
|
|
| ||
(11,857) | (7,936) | (7,365) | ||
|
|
| ||
Net current liabilities | (7,775) | (3,603) | (5,033) | |
Non-current liabilities | ||||
Borrowings | (3,710) | (2,160) | (2,910) | |
Deferred tax liabilities | (1,954) | (2,008) | (2,057) | |
|
|
| ||
(5,664) | (4,168) | (4,967) | ||
|
|
| ||
Total liabilities | (17,521) | (12,104) | (12,332) | |
|
|
| ||
Net assets | 37,832 | 35,995 | 36,696 | |
|
|
| ||
Equity | ||||
Share capital | 5,703 | 5,692 | 5,692 | |
Share premium account | 6,878 | 6,867 | 6,866 | |
Merger relief reserve | 30,459 | 30,459 | 30,459 | |
Reverse acquisition reserve | (9,469) | (9,469) | (9,469) | |
Retained earnings | 4,175 | 2,383 | 3,078 | |
|
|
| ||
Total equity attributable to owners of the company | 37,746 | 35,932 | 36,626 | |
Non-controlling interest | 86 | 63 | 70 | |
|
|
| ||
Total equity | 37,832 | 35,995 | 36,696 | |
|
|
|
The Fulham Shore PLC
Unaudited Consolidated Statement of Changes in Equity
for the six months ended 25 September 2016
Six months ended 25 September 2016
Share capital £'000 |
Share premium £'000 | Merger Relief Reserve £'000 | Reverse Acquisition Reserve £'000 |
Retained earnings £'000 | Non- Controlling Interests £'000 |
Total equity £'000 | |
At 27 March 2016 | 5,692 | 6,866 | 30,459 | (9,469) | 3,078 | 70 | 36,696 |
Profit for the period | - | - | - | - | 510 | 16 | 526 |
|
|
|
|
|
|
| |
Total comprehensive income for the period |
- |
- |
- |
- |
510 |
16 |
526 |
Transactions with owners | |||||||
Ordinary shares issued (net of expenses) |
11 |
12 |
- |
- |
- |
- |
23 |
Share based payments | - | - | - | - | 297 | - | 297 |
Deferred tax on share based payments |
- |
- |
- |
- |
290 |
- |
290 |
|
|
|
|
|
|
| |
Total transactions with owners |
11 |
12 |
- |
- |
587 |
- |
610 |
|
|
|
|
|
|
| |
At 25 September 2016 | 5,703 | 6,878 | 30,459 | (9,469) | 4,175 | 86 | 37,832 |
|
|
|
|
|
|
|
Six months ended 27 September 2015
Share capital £'000 |
Share premium £'000 | Merger Relief Reserve £'000 | Reverse Acquisition Reserve £'000 |
Retained earnings £'000 | Non- Controlling Interests £'000 |
Total equity £'000 | |
At 29 March 2015 | 3,325 | 2,650 | 11,113 | (9,469) | 1,840 | 22 | 9,481 |
Profit for the period | - | - | - | - | 112 | 14 | 126 |
|
|
|
|
|
|
| |
Total comprehensive income for the period |
- |
- |
- |
- |
112 |
14 |
126 |
Transactions with owners | |||||||
Ordinary shares issued (net of expenses) |
2,367 |
4,217 |
19,346 |
- |
- |
- |
25,930 |
Share based payments | - | - | - | - | 257 | - | 257 |
Deferred tax on share based payments |
- |
- |
- |
- |
174 |
- |
174 |
Non-controlling interests adjustment |
- |
- |
- |
- |
- |
27 |
27 |
|
|
|
|
|
|
| |
Total transactions with owners |
2,367 |
4,217 |
19,346 |
- |
431 |
27 |
26,388 |
|
|
|
|
|
|
| |
At 27 September 2015 | 5,692 | 6,867 | 30,459 | (9,469) | 2,383 | 63 | 35,995 |
|
|
|
|
|
|
|
Year ended 27 March 2016
Share capital £'000 |
Share premium £'000 | Merger Relief Reserve £'000 | Reverse Acquisition Reserve £'000 |
Retained earnings £'000 | Non- Controlling Interests £'000 |
Total equity £'000 | |
At 29 March 2015 | 3,325 | 2,650 | 11,113 | (9,469) | 1,840 | 22 | 9,481 |
Profit for the period | - | - | - | - | 56 | 20 | 76 |
|
|
|
|
|
|
| |
Total comprehensive income for the period |
- |
- |
- |
- |
56 |
20 |
76 |
Transactions with owners | |||||||
Ordinary shares issued (net of expenses) |
2,367 |
4,216 |
19,346 |
- |
- |
- |
25,929 |
Share based payments | - | - | - | - | 639 | - | 639 |
Deferred tax on share based payments |
- |
- |
- |
- |
543 |
- |
543 |
Non-controlling interests adjustment |
- |
- |
- |
- |
- |
28 |
28 |
|
|
|
|
|
|
| |
Total transactions with owners |
2,367 |
4,216 |
19,346 |
- |
1,182 |
28 |
27,139 |
|
|
|
|
|
|
| |
At 27 March 2016 | 5,692 | 6,866 | 30,459 | (9,469) | 3,078 | 70 | 36,696 |
|
|
|
|
|
|
|
The Fulham Shore PLC
Unaudited Consolidated Cash Flow Statement
for the six months ended 25 September 2016
Notes | Six months ended 25 September 2016 Unaudited £'000 | Six months ended 27 September 2015 Unaudited £'000 | Year ended 27 March 2016 Audited £'000 | |
Net cash from operating activities | 7 | 6,391 | 2,964 | 3,718 |
Investing activities | ||||
Acquisition of property, plant and equipment | (5,664) | (3,416) | (7,085) | |
Cash flow from acquisition of subsidiaries | 8 | (376) | (6,249) | (6,249) |
|
|
| ||
Net cash flow used in investing activities | (6,040) | (9,665) | (13,334) | |
|
|
| ||
Financing activities | ||||
Proceeds from issuance of new ordinary shares (net of expenses) |
23 |
4,648 |
4,648 | |
Repayment of bank borrowings | - | (1,870) | (2,120) | |
Capital received from bank borrowings | 800 | 2,160 | 2,910 | |
Interest received | 1 | 3 | 4 | |
Interest paid | (54) | (46) | (88) | |
|
|
| ||
Net cash from financing activities | 770 | 4,895 | 5,354 | |
|
|
| ||
Net increase/(decrease) in cash and cash equivalents | 1,121 | (1,806) | (4,262) | |
Cash and cash equivalents at beginning of the period | (373) | 3,889 | 3,889 | |
|
|
| ||
Cash and cash equivalents at end of period | 6 | 748 | 2,083 | (373) |
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|
|
The Fulham Shore PLC
Notes to the Unaudited Interim Financial Information
for the six months ended 25 September 2016
1. General information
The Fulham Shore PLC is a public limited company incorporated and domiciled in England and Wales. The address of the registered office is 1st Floor, 50-51 Berwick Street, London, W1F 8SJ, United Kingdom. Copies of this Interim Statement may be obtained from the above address or the investor section of the Group's website at http://www.fulhamshore.com.
2. Basis of preparation
The unaudited interim financial information for the six months ended 25 September 2016 has been prepared under the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 27 March 2016, and those to be applied for the year ending 26 March 2017.
The unaudited interim financial information was approved by the Board on 16 December 2016.
The unaudited interim financial information for the six months ended 25 September 2016 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 27 March 2016. Statutory accounts for the period ended 27 March 2016 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement either under section 498(2)-(3) of the Companies Act 2006.
The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (£'000) except when otherwise indicated.
3. Segment information
For management purposes, the Group was organised into two operating divisions during the year ended 27 March 2016. These divisions, The Real Greek and Franco Manca, are the basis on which the Group reports its primary segment information. All other segments include the Bukowski Grill franchise and the Fulham Shore head office.
For the six months ended 25 September 2016 (Unaudited)
The Real Greek £'000 | Franco Manca £'000 | All other Segments £'000 | Total
£'000 | |
External revenue | 6,951 | 12,595 | 351 | 19,897 |
Headline EBITDA | 1,464 | 2,627 | (385) | 3,706 |
Depreciation and amortisation | (274) | (955) | (33) | (1,262) |
|
|
|
| |
Headline operating profit | 1,190 | 1,672 | (418) | 2,444 |
Operating profit/(loss) | 964 | 409 | (518) | 855 |
Finance income | 1 | - | - | 1 |
Finance costs | - | - | (53) | (53) |
|
|
|
| |
Segment profit/(loss) before taxation | 965 | 409 | (571) | 803 |
Income tax expense | (277) | |||
| ||||
Profit for the period | 526 | |||
| ||||
Assets | 7,307 | 44,788 | 3,258 | 55,353 |
Liabilities | (3,784) | (9,000) | (4,737) | (17,521) |
|
|
|
| |
Net assets | 3,523 | 35,788 | (1,479) | 37,832 |
|
|
|
| |
Capital expenditure | 513 | 5,277 | 121 | 5,911 |
|
|
|
|
Headline EBITDA is defined as EBITDA before amortisation of brand, impairment of property, plant and equipment, impairment of goodwill and intangible assets, onerous lease costs, restructuring costs, costs of reverse acquisition, cost of acquisition, share based payments, loss on disposal of property, plant and equipment and pre-opening costs.
For the six months ended 27 September 2015 (Unaudited)
The Real Greek £'000 | Franco Manca £'000 | All other Segments £'000 | Total
£'000 | |
External revenue | 6,255 | 7,647 | - | 13,902 |
Headline EBITDA | 1,175 | 1,757 | (341) | 2,591 |
Depreciation and amortisation | (255) | (621) | (5) | (881) |
|
|
|
| |
Headline operating profit | 920 | 1,136 | (346) | 1,710 |
Operating profit | 842 | 68 | (680) | 230 |
Finance income | 2 | - | 1 | 3 |
Finance costs | (2) | (8) | (36) | (46) |
|
|
|
| |
Segment profit/(loss) before taxation | 842 | 60 | (715) | 187 |
Income tax expense | (61) | |||
| ||||
Profit for the period | 126 | |||
| ||||
Assets | 7,183 | 37,875 | 3,041 | 48,099 |
Liabilities | (2,816) | (6,590) | (2,698) | (12,104) |
|
|
|
| |
Net assets | 4,367 | 31,285 | 343 | 35,995 |
|
|
|
| |
Capital expenditure | 463 | 2,938 | 15 | 3,416 |
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|
|
For the year ended 27 March 2016 (Audited)
The Real Greek £'000 | Franco Manca £'000 | All other Segments £'000 | Total £'000 | |
External revenue | 11,699 | 17,494 | 58 | 29,251 |
Headline EBITDA | 1,892 | 4,014 | (674) | 5,232 |
Depreciation and amortisation | (521) | (1,414) | (17) | (1,952) |
|
|
|
| |
Headline operating profit | 1,371 | 2,600 | (691) | 3,280 |
Operating profit | 1,082 | 477 | (1,052) | 507 |
Finance income | 3 | - | 1 | 4 |
Finance costs | (2) | (8) | (78) | (88) |
|
|
|
| |
Segment profit/(loss) before taxation | 1,083 | 469 | (1,129) | 423 |
Income tax expense | (347) | |||
| ||||
Profit for the year | 76 | |||
| ||||
Assets | 6,072 | 39,616 | 3,340 | 49,028 |
Liabilities | (2,241) | (5,806) | (4,286) | (12,332) |
|
|
|
| |
Net assets | 3,831 | 33,810 | (946) | 36,696 |
|
|
|
| |
Capital expenditure | 753 | 5,978 | 485 | 7,216 |
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|
|
4. Income Tax Expense
Six months ended 25 September 2016 Unaudited £'000 | Six months ended 27 September 2015 Unaudited £'000 | Year ended 27 March 2016 Audited £'000 | |
Based on the result for the period: | |||
UK Corporation tax at 20% (2015: 20%) | 386 | 221 | 588 |
Adjustment in respect of prior periods | - | (20) | (51) |
|
|
| |
Total current tax | 386 | 201 | 537 |
Deferred taxation: | |||
Origination and reversal of temporary differences | (109) | (140) | (190) |
|
|
| |
Total deferred tax | (109) | (140) | (190) |
|
|
| |
Total taxation charge | 277 | 61 | 347 |
|
|
|
5. Earnings per share
Six months ended 25 September 2016 Unaudited £'000 | Six months ended 27 September 2015 Unaudited £'000 | Year ended 27 March 2016 Audited £'000 | |
Profit for the purposes of basic and diluted earnings per share: |
510 |
112 |
56 |
Share based payments | 297 | 257 | 639 |
Deferred tax on share based payments | (50) | (60) | (135) |
Pre-opening costs | 855 | 476 | 908 |
Loss on disposal of property, plant and equipment | 1 | 21 | - |
Amortisation of brand | 411 | 342 | 821 |
Deferred tax on amortisation of brand | (68) | (57) | (137) |
Exceptional costs - acquisition costs | 26 | 405 | 405 |
|
|
| |
Headline profit for the period for the purposes of Headline basic and diluted earnings per share: |
1,982 |
1,496 |
2,557 |
|
|
|
Six months ended 25 September 2016 Unaudited No. '000 | Six months ended 27 September 2015 Unaudited No. '000 | Year ended 27 March 2016 Audited No. '000 | |
Weighted average number of ordinary shares in issue for the purposes of basic earnings per share |
569,468 |
540,390 |
554,811 |
Effect of dilutive potential ordinary shares: - Share options |
30,668 |
52,501 |
29,553 |
|
|
| |
Weighted average number of shares for the purpose of diluted earnings per share |
600,136 |
592,891 |
584,364 |
|
|
| |
Six months ended 25 September 2016 Unaudited | Six months ended 27 September 2015 Unaudited | Year ended 27 March 2016 Audited | |
Earnings per share: | |||
Basic | 0.1p | 0.0p | 0.0p |
Diluted | 0.1p | 0.0p | 0.0p |
Headline basic | 0.3p | 0.3p | 0.5p |
Headline diluted | 0.3p | 0.3p | 0.4p |
|
|
|
6. Cash and cash equivalents
As at 25 September 2016 Unaudited £'000 | As at 27 September 2015 Unaudited £'000 | As at 27 March 2016 Audited £'000 | |
Cash at bank and in hand | 748 | 2,083 | 197 |
|
|
| |
Cash and cash equivalents as presented in the balance sheet |
748 |
2,083 |
197 |
Bank overdraft | - | - | (570) |
|
|
| |
748 | 2,083 | (373) | |
|
|
|
Bank balances comprise cash held by the Group on a short term basis with maturity of three months or less. The carrying amount of these assets approximates their fair value.
7. Reconciliation of net cash flows from operating activities
| Six months ended 25 September 2016 Unaudited £'000 | Six months ended 27 September 2015 Unaudited £'000 | Year ended 27 March 2016 Audited £'000 |
Profit before taxation | 803 | 187 | 423 |
Adjustments: | |||
Finance income | (1) | (3) | (4) |
Finance costs | 53 | 46 | 88 |
Depreciation and amortisation | 1,673 | 1,223 | 2,772 |
Loss on disposal of property, plant and equipment | 1 | 21 | - |
Share based payments expense | 297 | 257 | 639 |
Cost of acquisition | 26 | 405 | 405 |
|
|
| |
Operating cash flows before movement in working capital |
2,852 |
2,136 |
4,323 |
Increase in inventories | (150) | (49) | (213) |
(Increase)/decrease in trade and other receivables | (1,090) | 70 | 131 |
Increase in trade and other payables | 4,765 | 1,029 | 27 |
|
|
| |
Cash generated from operations | 6,377 | 3,186 | 4,268 |
Income taxes received/(paid) | 14 | (222) | (550) |
|
|
| |
Net cash from operating activities | 6,391 | 2,964 | 3,718 |
|
|
|
8. Acquisition of FM111 Limited
On 25 July 2016, the Group acquired the entire issued share capital of FM111 Limited for a consideration of £350,000 in cash.
The provisional fair values allocated to the assets and liabilities acquired are as follows:
| 25 July 2016 Unaudited £'000 | ||
Property, plant and equipment | 350 | ||
| |||
Total identifiable net assets and total consideration | 350 | ||
|
The cost of acquiring FM111 Limited, totalling £26,000, has been recognised in the consolidated statement of comprehensive income.
No goodwill has been recognised on this transaction.
The above fair values are provisional pending a full fair value exercise which will be performed prior to the finalisation of financial statements for the full year.
Related Shares:
FUL.L