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Final Results

Fri, 29th Apr 2016 07:00

RNS Number : 7202W
Peel Hotels PLC
29 April 2016

PEEL HOTELS PLC

PRELIMINARY ANNOUNCEMENT

Derived from audited results for Financial Year Ended 31 January 2016.

HIGHLIGHTS

# Turnover increased 3.4% to £17,011,472 (2015: £16,454,241)

# EBITDA increased 3.9% to £2,570,818 (2015: £2,473,196)

# Operating Profit up 7.2% to £1,559,614 (2015: £1,454,481)

# Net debt decreased £752,888

# Profit before tax was £993,607 (2015: £800,342 excluding the previous year's fair value movement on the derivative, an increase of 24%)

# Earnings per share basic and diluted 5.70p (2015: 5.24p)

# Expect to pay a dividend of 2.0p for year ended 31 January 2016. Details to be announced when we publish our Annual Report in May 2016

'Our results continue to improve on the back of Revpar growth and a lessening overall cost of finance due to sustained repayment of debt. Our cash resources allow continued investment in our product and this gives us confidence for future growth in the current year.'

Robert Peel

Chairman

0207 286 6823

Press Enquiries

Peel Hunt Ltd / Capel Irwin

0207 418 8907

Review of the business

RESULTS

The Group achieved a creditable improvement in the Financial Year ended 31 January 2016 with hotel revenues increasing by 3.4% to £17,011,472 (2015: £16,454,241). Hotel gross profit before depreciation and Group administration increased 1.5% to £3,244,401 (2015: £3,196,325). EBITDA increased 3.9% to £2,570,818 (2015: £2,473,196).

Profit before tax was £993,607 (2015: £800,342 excluding the fair value movement on derivative).

Revpar (accommodation revenue per available room) increased 5.6% with occupancy up 0.8% and average room rate up 4.7%

Administration expenses decreased 6.9%. Depreciation and amortisation decreased 0.7%.

FINANCE

As at 31 January 2016 net debt stood at £10,134,856 (2015: £10,887,744) representing loans totalling £10,196,846 (2015: £10,839,915) and an overdraft of £220,776 (2015: £194,659) less £282,766 (2015: £146,830) cash at bank. Gearing on Shareholders' funds was 42.1% with interest covered 2.8 times. Net debt decreased by £752,888 compared with the previous year.

The reduction in overall debt resulted in £88,132 less finance expense compared with the previous year.

CAPITAL EXPENDITURE

£690,900 (2015: £603,295) was spent in the year. We are in the process of changing our central accounting system to a seamless Windows based system fully integrated to each one of our hotels and this will go live in May 2016. External refurbishment continued at the Midland Hotel. Refurbishment was ongoing at the Crown and Mitre Hotel with the renovation of the front hall areas. Improvements were made to the furnishings in the lobbies of the Bull and Cosmopolitan Hotels. Bedroom refurbishment was ongoing at the George, The Norfolk and the Caledonian Hotels. We are shortly to open Bistro George at the George Hotel, a new food operation aimed at the patronage of local people as well as our residents.

We continue to invest in our internet access throughout all our Hotels giving our Guests faster connection. This service is absolutely free to our Guests and is a vital component to their having a satisfactory stay with us.

In addition to Capital Expenditure £671,791 (2015: £646,520) was spent on repairs and renewals which help us ensure that we are constantly and consistently maintaining and improving our product.

Group Statement of Comprehensive Income

for the year ended 31 January 2016

2016

2015

£

£

Revenue

17,011,472

16,454,241

Cost of sales

(13,767,071)

(13,257,916)

Gross profit

3,244,401

3,196,325

Administration expenses

(673,583)

(723,129)

Depreciation

(1,011,204)

(1,018,715)

Total administration expenses

(1,684,787)

(1,741,844)

Operating profit

1,559,614

1,454,481

Finance income

-

12,539

Finance expense

(566,007)

(666,678)

Fair value movement on derivative

-

159,061

Profit before tax

993,607

959,403

Income tax

(195,341)

(224,939)

Profit and total comprehensive income for the period attributable to owners

798,266

734,464

Earnings per share

Basic & diluted (pence)

5.70

5.24

Group statement of changes in equity

for the years ended 31 January 2016 and 1 February 2015

Year ended 31 January 2016

Share

Capital

Share

premium

account

Profit

and loss

account

Total

£

£

£

£

Balance brought forward at 2 February 2015

1,401,213

9,743,495

12,032,823

23,177,531

Profit and total comprehensive income for the period

-

-

798,266

798,266

Transactions with owners

Dividend

-

-

(210,182)

(210,182)

Balance at 31 January 2015

1,401,213

9,743,495

12,620,907

23,765,615

Year ended 1 February 2015

Share

Capital

Share

premium

account

Profit

and loss

account

Total

£

£

£

£

Balance brought forward at 3 February 2014

1,401,213

9,743,495

11,298,359

22,443,067

Profit and total comprehensive income for the period

-

-

734,464

734,464

Balance at 1 February 2015

1,401,213

9,743,495

12,032,823

23,177,531

Group Balance Sheet

at 31 January 2016

2016

2015

£

£

Assets

Non-current assets

Property, plant and equipment

35,772,573

36,092,877

Total non-current assets

35,772,573

36,092,877

Current assets

Inventories

112,585

103,288

Trade and other receivables

1,240,178

1,016,130

Cash and cash equivalents

282,766

146,830

Total current assets

1,635,529

1,266,248

Total assets

37,408,102

37,359,125

Equity and liabilities

Equity attributable to owners of the parent

Share capital

1,401,213

1,401,213

Share premium

9,743,495

9,743,495

Retained earnings

12,620,907

12,032,823

Total equity

23,765,615

23,177,531

Liabilities

Non-current

Borrowings

9,490,792

10,133,861

Deferred tax liabilities

919,308

962,730

Non-current liabilities

10,410,100

11,096,591

Current

Trade and other payables

2,159,583

1,971,414

Borrowings

926,830

900,713

Current tax liabilities

145,974

212,876

Current Liabilities

3,232,387

3,085,003

Total liabilities and equity

37,408,102

37,359,125

Group Cash Flow Statement

for the year ended 31 January 2016

2016

2015

£

£

Cash flows from operating activities

Profit for the year

798,266

734,464

Adjustments for:

Financial income

-

(12,539)

Financial expense

566,007

666,678

Fair value movement on derivative

-

(159,061)

Income tax

195,341

224,939

Depreciation

1,011,204

1,018,715

Cash flows before changes in working capital and provisions

2,570,818

2,473,196

UK corporation tax paid

(305,666)

(83,275)

(Increase)/decrease in trade and other receivables

(223,368)

137,826

Increase/(decrease) in trade and other payables

192,753

(305,381)

(Increase)/decrease in inventories

(9,297)

5,382

Net cash from operating activities

2,225,240

2,227,748

Cash flows from investing activities

Acquisition of property, plant and equipment

(690,900)

(603,295)

Net cash from investing activities

(690,900)

(603,295)

Cash flows from financing activities

Interest paid

(508,285)

(696,747)

Loan repayments

(706,054)

(686,054)

Equity dividends paid

(210,182)

-

Net cash from financing activities

(1,424,521)

(1,382,801)

Net increase in cash and cash equivalents

109,819

241,652

Cash and cash equivalents at the beginning of the period

(47,829)

(289,481)

Cash and cash equivalents at the end of the period

61,990

(47,829)

For the purposes of the cash flow statement, cash and cash equivalents comprise:

Cash and bank balances

282,766

146,830

Bank overdrafts

(220,776)

(194,659)

Notes

(forming part of the financial statements)

1 Basis of preparation

The financial statements, from which this preliminary announcement has been extracted, have been prepared and approved by the Directors in accordance with International Financial Reporting Standards as adopted by the EU ("Adopted IFRSs"). The financial statements have been prepared under the historical cost convention. The IFRS accounting policies have been applied consistently to all periods presented in these financial statements. The financial statements are presented in sterling. 2 Publication of non-statutory financial statements

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 434 and 435 of the Companies Act 2006. The Group statement of comprehensive income, the Group statement of changes in equity, the Group balance sheet and the Group cash flow statement have been extracted from the Group's financial statements for the year ended 31 January 2016 upon which the auditors' opinion is unqualified and does not include any statement under section 498(2) or 498(3) of the Companies Act 2006. Those financial statements have not yet been delivered to the Registrar.

3 Earnings per share

Basic earnings per share

The calculation of basic earnings per share at 31 January 2016 was based on the profit attributable to ordinary shareholders of £798,266 (2015: £734,464) and a weighted average number of ordinary shares outstanding of 14,012,123 (2015: 14,012,123). No shares were issued in 2016 or 2015.

Diluted earnings per share

There were no potentially dilutive options in issue in 2016 and 2015 and consequently there is no difference between basic and diluted earnings per share.

This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PGUAACUPQGCR
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