TIDMRIC
RNS Number : 8757Z
Richoux Group PLC
23 September 2015
Richoux Group plc
Interim results for the 28 weeks ended 12 July 2015
Richoux Group plc (the "Group"), the owner and operator of
Richoux, Dean's Diner and Villagio restaurants today announces its
unaudited interim results for the 28 week period ending 12 July
2015.
Key points:
-- Turnover increased 0.3% to GBP6.70 million
(2014: GBP6.68 million).
-- Adjusted* EBITDA increased 1.1% to GBP0.79 million
(2014: GBP0.78 million).
-- Profit after tax increased 101.3% to GBP0.32 million
(2014: GBP0.16 million).
-- Currently nineteen restaurants trading.
-- One new Dean's Diner and one new Richoux opened.
-- Cash of GBP4.40 million at period end.
(2014: GBP3.13 million).
* Excluding pre opening costs and impairment.
Philip Shotter, Chairman of Richoux Group plc said:
"We are pleased to announce another solid set of results.
Towards the end of the period we opened our seventh Dean's Diner
site at Hempstead Valley in Kent which is trading well. An eighth
Dean's Diner site in Orpington will be opened before the end of the
financial year. Last month we also opened our fifth Richoux site in
the Gloucester Arcade, Gloucester Road, London. This is the first
Richoux opening for a number of years and we are delighted with the
way that we have been able to capture the look and feel of the
other Richoux restaurants in what is effectively a newly
constructed unit. The early signs of trading from the restaurant
are promising."
Enquiries:
Richoux Group plc
Philip Shotter, Chairman (020) 7483 7000
Cenkos Securities plc (020) 7397 8900
Bobbie Hilliam
Results
Revenue for the 28 week period ended 12 July 2015 increased 0.3%
on the 28 week period ended 13 July 2014 to GBP6.70 million (2014:
GBP6.68 million, included revenue from two restaurants which were
closed in the second half of 2014). Adjusted EBITDA before
pre-opening costs and impairment increased 1.1% to GBP0.79 million
(2014: GBP0.78 million). Adjusted operating profit before
pre-opening costs and impairment increased 2.6% to GBP0.39 million
(2014: GBP0.38 million). Pre-opening costs for the period were
GBP0.08 million (2014: GBP0.04 million). The net profit for the
period was GBP0.32 million (2014: GBP0.16 million).
The Directors are not recommending the payment of a
dividend.
Operations
The Group currently has nineteen operating restaurants, which
operate under the Richoux, Dean's Diner and Villagio brands.
Further details on each of the brands are set out below.
Richoux
Richoux is an all day cafe and brasserie established in London
in 1909.
The Group has five Richoux restaurants in Central London - the
existing restaurants in Knightsbridge, Mayfair, Piccadilly and St
John's Wood and a new restaurant in Gloucester Road which opened in
August 2015.
Dean's Diner
Dean's Diner is a classic 1950s American Diner.
The Group has currently has seven Dean's Diner restaurants - the
existing restaurants in Chatham, Port Solent , Braintree, Fareham,
Bicester and Trowbridge and a new restaurant in Hempstead Valley
which opened in July 2015. Agreements for lease have been exchanged
for new Dean's Diners in Orpington which is due to open before the
end of the year and Bromley and Yate which are due to open in
2016.
Villagio
Villagio is a modern local Italian family restaurant, delivering
a good quality value family dining experience.
The Group currently has five Villagio restaurants in Andover,
Basildon, Hammersmith, Chislehurst and Chatham. The Group plans to
rebrand as a Villagio restaurant its property in High Wycombe which
it has had to take a reassignment of under an authorised guarantee
agreement. This restaurant is due to open before the end of the
year.
The Group also has two Italian restaurants trading as Zippers
Bar, Restaurant and Grill - one in Chatham and one in Port
Solent.
Capital expenditure and cash flow
As at the end of the period under review the Group held cash of
GBP4.40 million (December 2014: GBP3.13 million).
Capital expenditure of GBP0.75 million was incurred in the
period; on the fit out of the new restaurants and some replacement
equipment in the existing sites.
Outlook
We hope to build on the solid start to the year over the
remainder of the year. We are continuing to expand the Dean's Diner
portfolio and are actively looking to add to the two opening
already secured for next year. The new Richoux site in Gloucester
Road has also demonstrated that there is scope for further openings
of this brand but only where the appropriate geographic locations
and sites can be identified.
Philip Shotter
Chairman
22 September 2015
Richoux Group plc
Condensed consolidated statement of comprehensive income
for the 28 week period ended 12 July 2015
28 week 28 week 52 week
period ended period ended period ended
12 July 13 July 28 December
Notes 2015 2014 2014
GBP000 GBP000 GBP000
Revenue 3 6,695 6,678 12,679
Cost of sales:
-------------- -------------- --------------
Excluding pre-opening costs (6,006) (5,975) (11,220)
Pre-opening costs (75) (35) (35)
-------------- -------------- --------------
Total cost of sales (6,081) (6,010) (11,255)
Gross profit 614 668 1,424
Administrative expenses (303) (324) (583)
Other operating income 3 - -
Operating profit before impairment 314 344 841
Impairment of intangible assets 6 - (6) (6)
Impairment of property, plant and equipment 7 - (184) (274)
Onerous lease provision - - (150)
Operating profit 314 154 411
Finance income 6 5 9
Profit before taxation 3 320 159 420
Taxation - - -
Profit and total comprehensive profit for the period 320 159 420
Profit and total comprehensive profit attributable to
equity holders of the parent 320 159 420
Profit and total comprehensive profit per share:
Profit per share 4 0.3p 0.2p 0.5p
Diluted profit per share 4 0.3p 0.2p 0.4p
Richoux Group plc
Condensed consolidated statement of changes in equity
For the 28 week period ended 12 July 2015
Share capital Share premium account Profit and loss account
Total
GBP000 GBP000 GBP000 GBP000
At 29 December 2013 3,681 12,242 (7,930) 7,993
Profit for the period - - 159 159
Total comprehensive profit - - 159 159
Credit to equity for equity settled
share based payments - - 28 28
Total contributions by and distributions
to owners of the Company, recognised
directly in
equity - - 28 28
At 13 July 2014 3,681 12,242 (7,743) 8,180
Profit for the period - - 261 261
Total comprehensive profit - - 261 261
Credit to equity for equity settled
share based payments - - (1) (1)
Total contributions by and distributions
to owners of the Company, recognised
directly in
equity - - (1) (1)
(MORE TO FOLLOW) Dow Jones Newswires
September 23, 2015 02:00 ET (06:00 GMT)
At 28 December 2014 3,681 12,242 (7,483) 8,440
Profit for the period - - 320 320
Total comprehensive profit - - 320 320
Credit to equity for equity settled
share based payments - - 33 33
Total contributions by and distributions
to owners of the Company, recognised
directly in
equity - - 33 33
At 12 July 2015 3,681 12,242 (7,130) 8,793
Richoux Group plc
Condensed consolidated statement of financial position
at 12 July 2015
12 July 2015 13 July 28 December
2014 2014
Notes GBP000 GBP000 GBP000
Assets
Non-current assets
Goodwill 6 234 234 234
Other intangible assets 6 75 66 72
Property, plant and equipment 7 6,296 6,441 5,953
Trade and other receivables 38 40 40
Total non-current assets 3 6,643 6,781 6,299
Current assets
Inventories 179 205 198
Trade and other receivables 897 917 691
Cash and cash equivalents 4,396 3,133 3,947
Total current assets 5,472 4,255 4,836
Total assets 12,115 11,036 11,135
Liabilities
Current liabilities
Trade and other payables (2,775) (2,509) (2,172)
Provisions (150) - (150)
Total current liabilities (2,925) (2,509) (2,322)
Non-current liabilities
Trade and other payables (397) (347) (373)
Total non-current liabilities (397) (347) (373)
Total liabilities (3,322) (2,856) (2,695)
Net assets 8,793 8,180 8,440
Capital and reserves
Share capital 3,681 3,681 3,681
Share premium account 12,242 12,242 12,242
Retained earnings (7,130) (7,743) (7,483)
Total equity 8,793 8,180 8,440
Richoux Group plc
Condensed consolidated statement of cash flows
for the 28 week period ended 12 July 2015
Notes 28 week 28 week 52 week
period ended period ended period ended
12 July 13 July 28 December
2015 2014 2014
GBP000 GBP000 GBP000
Operating activities
Cash generated from operations 8 886 463 1,486
Interest paid - - -
Net cash from operating activities 886 463 1,486
Investing activities
Purchase of property, plant and equipment (426) (1,334) (1,816)
Purchase intangible assets (17) (10) (27)
Net proceeds from sale of property, plant and equipment - - 286
Interest received 6 5 9
Net cash used in investing activities (437) (1,339) (1,548)
Net increase/(decrease) in cash and cash equivalents 449 (876) (62)
Cash and cash equivalents at the beginning of the period 3,947 4,009 4,009
Cash and cash equivalents at the end of the period 4,396 3,133 3,947
Notes
1. The consolidated financial statements have been prepared in
compliance with International Financial Reporting Standards
("IFRS") as adopted by the European Union and therefore the Group
financial statements comply with Article 4 of the EU IAS
Regulation. The financial statements have been prepared on the
historical cost basis.
2. The condensed financial information for the 28 week period
ended 12 July 2015 and the 28 week period ended 13 July 2014 has
been prepared in accordance with IAS 34 "Interim financial
reporting" and should be read in conjunction with the annual
financial statements for the period ended 28 December 2014 which
have been prepared in accordance with International Financial
Reporting Standards as adopted by the European Union. The
accounting policies used in preparing the condensed financial
information are consistent with those of the annual financial
statements for the period ended 28 December 2014. During the period
various Standards and Interpretations were adopted in line with the
effective dates as outlined in the annual financial statements for
the period ended 28 December 2014. The condensed financial
information for the 28 week period ended 12 July 2015 and the 28
week period ended 13 July 2014 has not been audited or reviewed and
does not constitute full financial statements within the meaning of
section 435 of the Companies Act 2006.
The financial information for the 52 week period ended 28
December 2014 does not constitute the Group's statutory accounts
for that period but it is derived from those accounts. Statutory
accounts for the 52 week period ended 28 December 2014 have been
delivered to the Registrar of Companies. The auditors have reported
on these accounts; their report was unqualified and did not contain
statements under section 498(2) or (3) of the Companies Act
2006.
3. Business segments
Based on the financial information which is monitored by the
board, which comprises the chief operating decision maker as
defined in IFRS 8, the group has three reportable business segments
based around its core restaurant brands, Dean's Diner, Villagio and
Richoux. All brands are engaged in the restaurant trade so derive
their revenues and results from similar products and services.
For the 28 week period ended 12 July 2015
Dean's Diner Un-allocated
Villagio Richoux Total
GBP000 GBP000 GBP000 GBP000 GBP000
Revenue 1,968 2,556 2,171 - 6,695
Segment profit/(loss) 123 331 284 (124) 614
Administrative expenses - - - (303) (303)
Other operating income - - - 3 3
Finance income - - - 6 6
Profit before taxation 123 331 284 (418) 320
Non-current assets as at 28 December 2014 2,590 2,609 1,004 96 6,299
Additions 560 33 156 5 754
Depreciation and amortisation (139) (162) (85) (17) (403)
Disposals (3) (2) (2) - (7)
Non-current assets as at 12 July 2015 3,008 2,478 1,073 84 6,643
The unallocated segment loss includes the cost of the restaurant
area management, and the unallocated administrative expenses
include the costs of the Group's head office.
4. Profit per share
The calculation of the basic and diluted profit per share is
based on the following data:
12 July 13 July 28 December 2014
2015 2014
GBP000 GBP000 GBP000
Profit
Profit for the purposes of basic profit per share being the net
profit attributable to equity
holders of the parent 320 159 420
Number of shares
Weighted average number of ordinary shares for the purposes of the
basic profit per share 92,019,612 92,019,612 92,019,612
Effect of dilutive potential ordinary shares:
(MORE TO FOLLOW) Dow Jones Newswires
September 23, 2015 02:00 ET (06:00 GMT)
Share options 1,962,242 1,010,932 2,564,456
Weighted average number of ordinary shares for the purposes of the
diluted profit per share 93,981,854 93,030,544 94,584,068
Share options not included in the diluted calculations as per the
requirements of IAS 33 (as
they are anti-dilutive) 3,986,761 3,271,821 3,384,547
Basic profit per share:
From total operations 0.3p 0.2p 0.5p
Diluted profit per share:
From total operations 0.3p 0.2p 0.4p
5. No dividend is proposed.
6. Intangible fixed assets
Goodwill Trademarks Software Total
GBP000 GBP000 GBP000 GBP000
Cost
At 29 December 2013 269 21 145 435
Additions - 1 9 10
At 13 July 2014 269 22 154 445
Additions - 1 16 17
Disposals - - (9) (9)
At 28 December 2014 269 23 161 453
Additions - - 17 17
Disposals - - (12) (12)
At 12 July 2015 269 23 166 458
Accumulated amortisation and impairment
At 29 December 2013 35 5 88 128
Charge for period - 1 10 11
Impairment - - 6 6
At 13 July 2014 35 6 104 145
Charge for period - 1 10 11
Disposals - - (9) (9)
At 28 December 2014 35 7 105 147
Charge for period - 2 11 13
Disposals - - (11) (11)
At 12 July 2015 35 9 105 149
Carrying amount
At 12 July 2015 234 14 61 309
At 28 December 2014 234 16 56 306
At 13 July 2014 234 16 50 300
Impairment testing of goodwill and intangible fixed assets
Goodwill of GBP269,000 (2014: GBP269,000) relates to the
acquisition of Richoux Limited in August 2000 and is allocated to
the group of cash generating units (CGUs) that comprise the
business acquired with each restaurant site being treated as a
single CGU.
The Group tests annually for impairment or more frequently if
there are indications that the goodwill and intangible assets may
be impaired. The recoverable amounts of the restaurants are
calculated from value in use calculations based on cash flow
projections from forecasts to December 2020 based on a sales growth
rate of 2 per cent for established sites. The discount rate applied
to cash flow projections is 10 per cent.
No impairment provision is required (December 2014:
GBP6,000).
7. Property, plant and equipment
Short leasehold land and
buildings Fixtures, fittings, and
equipment Total
GBP000 GBP000 GBP000
Cost
At 29 December 2013 7,621 3,321 10,942
Additions 494 182 676
Disposals (29) (24) (53)
At 13 July 2014 8,086 3,479 11,565
Additions 81 168 249
Transfers 42 (42) -
Disposals (658) (308) (966)
At 28 December 2014 7,551 3,297 10,848
Additions 555 182 737
Disposals - (39) (39)
At 12 July 2015 8,106 3,440 11,546
Accumulated amortisation and
impairment
At 29 December 2013 3,003 1,591 4,594
Charge for period 190 203 393
Impairment 166 18 184
Disposals (27) (20) (47)
At 13 July 2014 3,332 1,792 5,124
Charge for period 131 212 343
Transfers 21 (21) -
Impairment 91 (1) 90
Disposals (506) (156) (662)
At 28 December 2014 3,069 1,826 4,895
Charge for period 178 212 390
Disposals - (35) (35)
At 12 July 2015 3,247 2,003 5,250
Carrying amount
At 12 July 2015 4,859 1,437 6,296
At 28 December 2014 4,482 1,471 5,953
At 13 July 2014 4,754 1,687 6,441
Impairment testing of property, plant and equipment
The Group considers each trading restaurant to be a
cash-generating unit (CGU) and each CGU is reviewed when there are
indications of impairment.
The recoverable amounts of the restaurants are calculated from
value in use calculations based on cash flow projections from
forecasts to December 2020 based on a sales growth rate of 2 per
cent for established sites. The discount rate applied to cash flow
projections is 10 per cent.
No impairment provision is required (December 2014:
GBP274,000).
8. Reconciliation of operating profit to operating cash flows
28 week 28 week 52 week
period ended period ended period ended
12 July 13 July 28 December
2015 2014 2014
GBP000 GBP000 GBP000
Operating profit 314 154 411
Loss on disposal of intangible fixed assets 1 - -
Loss on disposal of property, plant and equipment 4 6 24
Depreciation charge 390 393 736
Amortisation charge 13 11 22
Impairment of intangible fixed assets - 6 6
Impairment of property, plant and equipment - 184 274
Decrease/(increase) in stocks 19 (10) (3)
Increase in debtors (204) (251) (25)
Increase/(decrease) in creditors 316 (58) 14
Equity settled share based payments 33 28 27
Net cash inflow from operating activities 886 463 1,486
9. Related party transactions
During the period the Group paid professional fees for legal
services in connection with properties of GBP32,000 (July 2014:
GBP16,000, December 2014: GBP50,000) to Glovers Solicitors LLP of
which Philip Shotter is a member. As at the end of the period
GBP2,000 was outstanding (December 2014: GBPnil). This is in
addition to fees included in Directors' emoluments.
The Group has a group VAT registration and the representative
Company, Richoux Group plc, pays the net VAT for the Group.
The Group has a group insurance policy which is paid by Richoux
Group plc
Transactions with directors:
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