RNS Number:6030O
Hartford Group PLC
07 July 2005
HARTFORD GROUP PLC
("Hartford" or "the Group")
Interim Results for the 28 weeks ended 9 April 2005
Hartford Group PLC ("Hartford" or "the Group"), the London focussed licensed
retailer, announces results for the 28 weeks ended 9 April 2005, together with
the acquisition of two additional wine bars in Paternoster Square (City of
London) and Canary Wharf.
HIGHLIGHTS
- Turnover up 12.8% to #6.9m (2004: #6.1m)
- EBITDA improved to #481k (2004: #469k)
- Profit before tax (and amortisation of goodwill) of #118k (2004:
#148k)
- Like-for-like sales up 3.7%
- Gross margin stable at 74.1%
- Financial gearing of 28.9%
- Trading in the second half remains robust, with like-for-like sales
2.7% ahead of the prior period for the first eight weeks of trading
- Completed acquisition of two profitable wine bars, trading as
Brodies, in the City of London and Canary Wharf.
Stephen Thomas, Chairman of Hartford Group PLC, commented:
"In a market that continues to challenge, these results demonstrate that
Hartford has a stable and financially robust core business. Our challenge,
looking forward, is to grow our number of trading units, with financially
attractive acquisitions."
7 July 2005
ENQUIRIES:
Hartford Group PLC Tel: 020 7269 6370
Stephen Thomas, Chairman
James Kowszun, Chief Executive
College Hill
Justine Warren Tel: 020 7457 2020
Hartford Group plc
Interim Results for the 28 weeks ended 9 April 2005
Chairman's Statement
Financial review
These results show that, despite challenging trading conditions, the Group has
continued to make progress during the first half of the year. We have a
well-managed, financially robust core business that can capitalise on
financially attractive acquisitions.
Turnover in the period has increased by 12.8% to #6.9m, with like-for-like sales
up by 3.7% in the period.
Gross margin has remained broadly flat at 74.1% (2004: 74.4%). Wage costs have
increased marginally, principally as a result of increases to the minimum wage.
Total EBITDA has increased to #481k (2004: #469,000). Profit before tax (and
amortisation of goodwill) fell to #118,000 (2004: #148,000). During the period
there has been increased investment in marketing activity, both in terms of
central resource and in-site activity. This has been particularly focused on
sites where we have needed to reposition the offer to improve the connection
with the local customer base. The infrastructure is in place such that the
business can significantly increase the number of trading sites with minimal
increase to the central cost base.
Hartford spent #365k on capital projects in the first half, compared with #359k
in the equivalent period last year. The funds have been used to refurbish
Jamies Ludgate Hill together with more minor projects at Common Room in
Wimbledon, Jamies Bishopsgate and Willy's Wine Bar. Hartford continues to
actively manage its portfolio of sites, ensuring it maximises shareholder value
at all times.
Gearing remains stable at 28.9% (2004: 28.5%). Interest cover was 2.7 times
(2004: 3.3 times).
The Group has paid no corporation tax for the period and continues to have
substantial tax losses.
Current Trading & Prospects
In a market which continues to be challenging, trading in the second half has
begun well, with comparable sales stable at 3.7% ahead of last year for the
first 12 weeks of the trading period. Margins continue to be in line with
expectations.
Management remains focused on moving Hartford forward to the next stage in its
growth and is currently looking at a number of opportunities for securing
earnings enhancing acquisitions.
To this end, I am delighted to announce completion of the acquisition of Brodie
& Knight Limited for #1.4m, funded from current debt facilities. This business
operates two profitable wine bars in the City of London and Canary Wharf,
complementary to our existing estate. The business has been acquired on a cash
free debt free basis and comprises solely of the trading assets of the two wine
bars, which between them generate annualised turnover of #1.5m. Goodwill of
#400k will arise from the acquisition, which will contribute fully to earnings
in the new financial year.
This acquisition brings the Group's total estate to 22 bars and 1 restaurant,
Canyon in Richmond.
Stephen Thomas
Chairman
7 July 2005
Consolidated Profit & Loss Account
for the 28 weeks ended 9 April 2005
28 Weeks to 9 28 Weeks to 10 52 weeks to 25
April 2005 April 2004 September 2004
unaudited unaudited audited
#'000 #'000 #'000
Turnover 6,864 6,100 12,026
Cost of Sales (1,779) (1,568) (3,111)
Gross Profit 5,085 4,532 8,915
Administrative expenses excluding exceptional (5,016) (4,437) (8,675)
expenses
Exceptional reorganisation costs - - -
Exceptional provision for impairment in value of - - -
tangible fixed assets
Total administrative expenses (5,016) (4,437) (8,675)
Other Operating Income - - 26
Operating Profit / (Loss) on ordinary activities 69 95 266
Profit/ (Loss) on sale of tangible fixed assets 1 - (73)
Interest receivable and similar income - - 6
Interest payable and similar charges (68) (63) (129)
Profit on ordinary activities before taxation 2 32 70
Taxation on profit on ordinary activities 0 0 500
Profit for the financial period 2 32 570
Dividends 0 0 0
Amounts transferred to reserves 2 32 570
Profit per share
Basic and diluted 0.00 p 0.01 p 0.10 p
Consolidated Balance Sheet
As at As at As at
9 April 2005 10 April 2004 25 Sept 2004
Unaudited Unaudited Audited
#'000 #'000 #'000
Fixed Assets
Intangible 3,356 3,572 3,472
Tangible 6,269 5,816 6,364
9,625 9,388 9,836
Current Assets
Stocks 195 172 193
Deferred Tax 500 - 500
Debtors & Prepayments 1,724 1,495 1,329
Cash - - 190
2,419 1,667 2,212
Creditors :amounts falling due within
one year (2,917) (3,305) (3,770)
Net current liabilities (498) (1,638) (1,558)
Total assets less current liabilities 9,127 7,750 8,278
Creditors : amounts falling due after
more than one year (1,979) (1,142) (1,132)
7,148 6,608 7,146
Capital and reserves
Share capital 5,457 5,457 5,457
Share premium 8,104 8,104 8,104
Merger reserve 2,060 2,060 2,060
Capital redemption reserve 5,440 5,440 5,440
Other reserve (54) (54) (54)
P&L account (13,859) (14,399) (13,861)
Shareholders' funds 7,148 6,608 7,146
Unaudited Consolidated Cash Flow Statement for the 28 weeks ended 9 April 2005
28 weeks ended 28 weeks ended 52 weeks ended
9 April 2005 10 April 2004 25 Sept 2004
Unaudited Unaudited Audited
#'000 #'000 #'000
Net cash (outflow) / inflow from operating (240) (3) 1,136
activities
Returns on investment & servicing of finance
Interest Received - - 18
Interest Paid (68) (63) (204)
Net cash outflow from returns on investments and (68) (63) (186)
servicing of finance
Capital expenditure and financial investment
Purchase of tangible fixed assets (365) (359) (627)
Sale of tangible fixed assets 160 197 -
Net cash outflow from capital investment and (205) (162) (627)
financial investment
Net cash (outflow) / inflow before management of (513) (228) 323
liquid resoucres
Financing
Repayment of short term borrowing (169) (225) (540)
Loan draw down 408 232 -
Net cash inflow / (outflow) from financing 239 7 (540)
Decrease in cash (274) (221) (217)
Interim Results for the 28 weeks ended 9 April 2005
Notes to the Interim Results
9 April 2005 10 April 2004 25 Sept 2004
Unaudited Unaudited Audited
#'000 #'000 #'000
1 Reconciliation of operating profit /
(loss) to net cash outflow from operating
activities
Operating profit / (loss) for the period 69 95 266
Amortisation of goodwill 116 116 216
Depreciation 296 258 516
Impairment of tangible fixed assets - - -
(Increase) / Decrease in stock (2) 17 (4)
Decrease / (increase) in debtors (395) 609 10
(Decrease) / increase in creditors (324) (1,098) 60
Net cash (outflow) / inflow from (240) (3) 1,064
operating activities
#'000 #'000 #'000
2 (Decrease) / Increase in cash in the (274) (221) 39
period
Cash (inflow) / outflow from repayment of (239) (7) 70
loan
Change in net debt resulting from (513) (228) 109
cashflows
Non cash changes in net funds - - -
Movement in net debt in the year (513) (228) 109
Net debt at start of period (1,550) (1,659) (1,659)
Net debt at end of period (2,063) (1,887) (1,550)
3 Analysis of net funds / (debt) At 25 At 9
September April
2004 Cashflow 2005
#'000 #'000 #'000
Cash at bank and in hand 190 (274) (84)
Loans due before one year (608) 608 0
Loans due after one year (1,132) (847) (1,979)
Financing excluding share capital (1,740) (239) (1,979)
Total (1,550) (513) (2,063)
Notes to the Interim Results (cont'd)
4. The interim statements have been prepared under the same accounting
policies as the statutory accounts for the period ending 25 September 2004.
5. Based upon the results of the Group there is no tax charge / (credit)
for the period.
6. The calculation of basic and diluted earnings per share is based upon a
profit after taxation for the period of #2,000 (2004: profit #32,000; 52
weeks ended 25 September 2004: #570,000) and the weighted number of ordinary
shares in issue during the period was 545,725,290 (2004: 545,725,290; 52
weeks ended 25 September 2004: 545,725,290).
7. No interim dividend is proposed.
8. The financial information is unaudited and does not amount to full
accounts, within the meaning of Section 240 of the Companies Act, 1985.
Accounts for Hartford Group plc for the period to 25 September 2004, have
been filed with the Registrar of Companies, and received an unqualified
audit report.
9. Extract of Profit & Loss account showing margin and EBITDA
28 Weeks to 9 28 Weeks to 10 52 weeks to 25
April 2005 April 2004 September 2004
unaudited unaudited audited
#'000 #'000 #'000
Turnover 6,879 6,100 12,026
Cost of Sales (1,779) (1,568) (3,111)
Gross Profit 5,100 4,532 8,915
Gross profit percentage 74.1% 74.3% 74.1%
Administrative expenses
excluding Exceptional expenses,
depreciation and amortisation (4,619) (4,063) (7,943)
Earnings before interest, tax,
depreciation and amortisation 481 469 972
Depreciation (296) (258) (516)
Amortisatisation of Goodwill (116) (116) (216)
Exceptional reorganisation costs - - 0
Exceptional provision for impairment in value - - 0
of tangible fixed assets
Total administrative expenses (5,031) (4,437) (8,675)
69 95 240
Other Operating Income - - 26
Operating Profit / (Loss) on ordinary 69 95 266
activities
This information is provided by RNS
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