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Interim Results

29 Sep 2006 07:03

Tasty PLC29 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 AIMflotation in July of this year. Pre-tax profits for the 26 weeks ended 2 July 2006 were £90,000, in line withthe 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 openingsanticipated later on this year. With the necessary accounting and managementsystems 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 aplacing to raise £3million of new funds in order to accelerate its roll outprogramme. A separate announcement has been released today given full details ofthis transaction. We have an exciting year ahead of us, and I look forward to reporting further toshareholders 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 £000Turnover 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 ordinaryactivities beforetaxation 90 84 141Taxation 2 (29) (2) 89 ______ ______ ______ Profit on ordinaryactivities aftertaxation 61 82 230 ______ ______ ______ === ======== ======== ======== Earnings per share -basic and diluted 3 0.31p 0.42p 1.18p All amounts relate to continuing operationsAll recognised gains and losses in the current and prior period are included inthe profit and loss account. Consolidated Balance Sheet 2 July 3 July 31 December 2006 2005 2005 Unaudited Unaudited Audited £000 £000 £000Fixed assetsTangible assets 1,541 1,143 1,117 ______ ______ ______ Current assets Stock 25 15 25Debtors 481 218 304Cash at bank and in hand 1,167 1,101 1,230 ______ ______ ______ 1,673 1,334 1,559Creditors (amounts falling due within oneyear) (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 operatingactivities 274 101 218 ______ ______ ______ Returns on investments andservicing on financeInterest received 21 4 31 ______ ______ ______ Capital expenditure and financialinvestmentPayments to acquire tangible fixedassets (464) (6) (21) ______ ______ ______ Net cash (outflow)/inflow beforeuse (169) 99 228of liquid resources and financing ______ ______ ______ ------ ------ Management of liquid resourcesIncrease 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 aconsistent basis and using the same accounting policies as those adopted in thefinancial statements of Took Us A Long Time Limited for the year ended 31December 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 andprior periods as a result of the adoption of this standard. The consolidated accounts incorporate the financial statements of Tasty plc andits 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 thesubsidiary undertaking. The merger of the two companies took place on 26 June2006. The shares issued are recorded in the Company's balance sheet at nominal valuetogether with the amount of any additional consideration. In the Group accounts the subsidiary undertaking is treated as if it had alwaysbeen a member of the Group. In the year it joins the Group, its results areincluded for the whole period. Certain costs, totalling £54,000, included within administrative expenses forthe year ended 31 December 2005 have been reclassified as cost of sales, on thebasis 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 byapplying the estimated effective tax rate for the 52 weeks ending 31 December2006. 3. Earnings per 10p ordinary share Earnings per share have been computed on the basis of the net profit for theperiod, of £61,000 (2005 interim - £82,000, 2005 full year - £230,000) and theweighted average number of ordinary shares in issue during the period of19,420,709 (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 theCompanies Act 1985. The financial information for the year ended 31 December2005 is a restated extract from the full audited financial statements of Took UsLong Time Limited adjusted as appropriate for the effect of merger accounting.The accounts prior to the restatement described in note 1 have been filed withthe Registrar of Companies and contained an unqualified audit report. Theresults for the 26 weeks ended 3 July 2005 and the 26 weeks ended 2 July 2006are unaudited. 5. Post Balance Sheet Events Subsequent to 3 July 2006 the Group raised £1,750,000 through a placing of3,365,385 shares, and was admitted to trading on the Alternative InvestmentMarket on 4 July 2006. Enquiries: Evolution Securities 020 7071 4300Tom PriceBobbie Hilliam College Hill 020 7457 2020Justine WarrenJamie Ramsay This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
3rd May 20244:00 pmRNSRestructuring Plan - Update
9th Apr 202410:47 amRNSTrading Update, Restructuring Plan and Loan
7th Nov 20239:20 amRNSChange of Nominated Adviser and Broker
27th Sep 20237:00 amRNSHalf-year Report
6th Jun 202312:23 pmRNSResult of AGM
15th May 20233:34 pmRNSPosting of Report & Accounts and Notice of AGM
30th Mar 20237:00 amRNSFinal Results
17th Feb 20237:00 amRNSDirectorate Change
19th Sep 20227:00 amRNSHalf-year Report
1st Jul 20227:00 amRNSTotal Voting Rights
30th Jun 20226:10 pmRNSHolding(s) in Company
28th Jun 20224:30 pmRNSHolding(s) in Company
23rd Jun 20224:10 pmRNSRepayment of Bank Facility
22nd Jun 20227:00 amRNSDirectorate Changes and Conversion of B Shares
11th May 20223:25 pmRNSResult of AGM
14th Apr 20224:30 pmRNSPosting of Report & Accounts and Notice of AGM
23rd Mar 20227:00 amRNSFinal Results
8th Mar 20227:00 amRNSTrading Update
4th Jan 20227:00 amRNSTrading Update
27th Sep 20217:00 amRNSHalf-year Report
29th Jun 20217:00 amRNSTrading Update
2nd Jun 202111:33 amRNSHolding(s) in Company
21st May 20211:01 pmRNSOperational Update
19th May 20217:00 amRNSDirectorate Change
14th May 20211:24 pmRNSResult of AGM and Directorate Change
21st Apr 20215:15 pmRNSNotice of AGM
7th Apr 20217:00 amRNSFinal Results
10th Feb 202112:26 pmRNSStatement re: Share Price Movement
19th Jan 202112:29 pmRNSDirector/PDMR Shareholding
15th Jan 20214:11 pmRNSTrading Update, Bank Facility & Result of GM
23rd Dec 20207:01 amRNSGrowth Shares Scheme and Notice of General Meeting
23rd Dec 20207:00 amRNSBoard Changes
15th Dec 20209:41 amRNSTrading Update
11th Dec 20204:08 pmRNSHolding(s) in Company
6th Nov 20207:00 amRNSStatement re: Restaurant Closures
30th Oct 20207:00 amRNSHalf-year Report
30th Sep 202012:47 pmRNSBank Facility
29th Sep 20205:26 pmRNSInterim Results Extension
15th Sep 202012:11 pmRNSBoard Change
20th Aug 20201:28 pmRNSResult of AGM
18th Aug 20207:00 amRNSTrading Update
22nd Jul 20204:04 pmRNSNotice of AGM
3rd Jul 20201:02 pmRNSStatement re: Redundancies
26th Jun 20202:38 pmRNSStatement re: Restaurant Openings
19th Jun 20207:00 amRNSPublication of Annual Report
17th Apr 20209:20 amRNSHolding(s) in Company
24th Mar 20207:00 amRNSFull Restaurant Closures
23rd Mar 20207:00 amRNSStatement re: Restaurant Closures
17th Mar 20207:00 amRNSPreliminary Results
7th Jan 20202:00 pmRNSCompletion of Property Disposal

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