Tasty Regulatory News (TAST)

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