Tasty Regulatory News (TAST)

Tasty plc

("Tasty" or the "Group")

Interim Results (unaudited) for the 26 weeks ended 29 June 2014

Highlights:

· Revenue up 26% to £13,794,000 (H1 2013 - £10,979,000)

· Operating profit, before pre-opening costs, up 16% to £1,210,000 (H1 2013 - £1,045,000)

· Pre-tax profit up 24% to £973,000 (H1 2013 - £787,000)

· Four new sites opened in the period and three sites opened since the period end

Chairman's Statement

I am pleased to report on the Group's half year results for the 26 weeks ended on 29 June 2014, which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS").

Results

Turnover for the 26 weeks ended 29 June 2014 was £13,794,000 (2013 - £10,979,000), a 26% increase over the corresponding period. 

The operating profit, before pre-opening costs, share based payments and interest, was £1,210,000 (2013 - £1,045,000), a 16% increase over last year.

Pre-tax profit was £973,000 (2013 - £787,000) a 23.6% increase on the corresponding period. Basic and diluted earnings per share for the period were 1.40p and 1.38p (2013 - 1.28p and 1.25p) a 9% and a 10% increase over last year.

Cash flows and financing

During the period capital expenditure of £1,962,000 (2013 - £2,511,000) was incurred. 4 sites have been opened in the period, with a further 3 sites opened since the period end. The Group is currently undertaking construction on 2 sites which are expected to open in Q4 of 2014.

Overall, the net cash outflow for the period was £474,000 (2013 - £55,000). As at 29 June 2014, the Group had a net cash balance of £1,933,000 (2013 - net borrowings £944,000). The Group has an available banking facility of £4,000,000.

Outlook

The Group continues to expand its operations through new openings. Actions are regularly taken to improve profitability at all sites, increasing sales through updated menus and improving food and labour margins.

The new sites, as reported above, will bring the total number of restaurants operated by the Group to 37, which will consist of 6 Dim t, 29 Wildwood and Wildwood Kitchens and 2 others. The Group continues to look at new sites and has the resources for further acquisitions.

K Lassman

Chairman

Tasty plc

Consolidated statement of comprehensive income

for the 26 weeks ended 29 June 2014 (unaudited)

Consolidated statement of changes in equity

for the 26 weeks ended 29 June 2014 (unaudited)

Consolidated balance sheet

At 29 June 2014 (unaudited)

Consolidated cash flow statement

for the 26 weeks ended 29 June 2014 (unaudited)

Notes to the condensed 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 32 Charlotte Street, London, W1T 2NQ. The Company's ordinary shares are traded on the Alternative Investment Market of the London Stock Exchange ("AIM"). Copies of this Interim Report or the Annual Report and Financial Statements 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

The condensed financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the European Union. The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Company's latest annual audited financial statements however, for the current period the Group has adopted IFRS 13 "Fair value measurement" which has had no significant impact on the results or financial position.

The financial information for the period ended 29 December 2013 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2013 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2013 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 condensed 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 Non-trading items

4 Income tax

The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates for the 52 weeks to 28 December 2014 applied to the profit before tax for the 26 weeks ending 29 June 2014. The full-year effective tax rate on profit before tax is estimated to be 23.5% (2013 - 23.75%).

5 Earnings per share

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 have been calculated using the numbers shown below:

6 Reconciliation of profit before tax to net cash inflow from operating activities

7 Related party transactions

During the period the Group has entered into one new operating lease with a related party. The rent paid under this lease (£32,000 per annum) is considered to be a reasonable reflection of the market rent for the property concerned. Other than annual commitments under ongoing lease arrangements which were disclosed in note 29 of the 2013 annual report and financial statements, there were no other related party transactions in the period.