Source - LSE Regulatory
RNS Number : 7382N
Tasty PLC
27 September 2023
 

27 September 2023

 

 

Tasty plc

 

("Tasty", the "Group" or the "Company")

 

Unaudited Interim Results for the 26 weeks ended 25 June 2023

Tasty (AIM: TAST), the owner and operator of restaurants in the casual dining sector, announces its interim results for the 26 week period ended 25 June 2023.

 

Key Points:

 

·    Revenue of £21.7m (H1 2022: £21.5m); increase of 0.9%

·    Adjusted EBITDA1 of £1.1m (H1 2022: £2.7m)

·    Impairment charge of £4.0m (H1 2022: £1.6m)

·    Loss after tax for the period of £6.2m (H1 2022: loss £2.7m)

·    Cash balance of £2.8m (H1 2022: £8.0m)

·    52 of 54 restaurants traded through the period

·    Like-for-like sales compared with 2022 up 1.4%

·    Staff retention improving despite challenges

·    Cost of living crisis and interest rate increases expected to further impact revenue in H2 2023

·    Inflationary pressure on labour, food and utilities continues to adversely affect profitability  

1                      Adjusted for depreciation, amortisation and share based payments.

 

 

Chairman's statement

 

Introduction

 

2023 traded ahead of 2022 for the corresponding period with like-for-like sales up 1.4% against the first half of 2022. The first quarter performed strongly, with like-for-like sales up 3.1% against the previous year which was impacted by Omicron, which unfortunately was not matched by the second quarter which disappointed with like for like sales down 0.3%. However, summer trading exceeded the Board's expectations.

 

Nonetheless, the casual dining market continues to face inflationary pressures on food, labour and utility costs.  The cost-of-living crisis and interest rates are at their worst for many years, directly reducing the discretionary spend of our customers.  We continue to navigate through challenging times and although this is expected to continue through H2 2023 we are continuing to adapt the business to mitigate the cost increases and reduced trading performance.

 

We have focused on optimising the current estate by selling or surrendering leases in the tail of the estate and seeking to turn around the underperforming sites.  One under-performing restaurant was returned to the landlord after the period end in August 2023.

 

The Board was pleased to welcome Gordon Browne as Finance Director (currently a non-Board appointment) in May 2023. Gordon formerly held senior finance roles at Oakman Group plc, Chopstix Group and Park Chinois.

 

People

Labour costs have continued to increase; however, staff shortages have been alleviated to a certain extent as the hospitality sector has shrunk and our recruitment, training and people engagement has significantly improved. As a result, staff retention and labour shortages are not as challenging as previously experienced.  However, with a competitive labour market, we continue to motivate and develop our teams and ensure that we are competitive through regular training, progression and pay reviews.

 

Inflationary costs

Despite food inflation continuing to rise we have improved our food margin by 1.5% compared to H2 2022 by constantly refreshing our offer and menu choice, whilst still delivering good value through close analysis of market trends and competitive pricing including, a set price two and three course lunch offer. 

 

Environmental, social and governance

The wellbeing and safety of our employees and customers is at the centre of everything we do. We have also retained our focus on sustainability and the environmental impact of the business, and we remain an equal opportunity employer.

 

Results

Revenue increased by 0.9% to £21.7m (H1 2022: £21.5m). Q1 performed ahead of the Board's expectations, however, the second quarter slowed and was flat against 2022.  Delivery sales continue to decline as expected, in line with the market as customer habits swing back to dine-in.

 

The adjusted EBITDA for the period was £1.1m (H1 2022: £2.7m).    

 

The main reasons for the reduction in EBITDA are due to Covid related support falling away in terms of VAT reductions, rent and rate concessions as well as utility price increases.

 

Operating loss before highlighted items was £1.0m (H1 2022: profit £0.4m).

 

We have reviewed the impairment provision across the right-of-use-assets and fixed assets and have made a net provision of £4.0m allowing for a number of poorly performing sites (H1 2022: £1.6m).

 

After taking into account of all non-trade adjustments, the Group reports a loss after tax for the period of £6.2m (H1 2022: loss £2.7m).

 

Cash flows and financing

 

Cash outflow from operations was £1.5m (H1 2022: inflow £0.9m). Our bank loan of £1.25m was fully repaid in H1 2022 and the Company remains debt free.

 

Overall, the net cash outflow for the period was £4.2m (H1 2022: outflow £3m). As at 25 June 2023, the Group had net cash of £2.8m (H1 2022: net cash of £8.0m).

 

Going concern

 

The Directors have a reasonable expectation that the Group has sufficient resources to continue in existence for the foreseeable future. In reaching this conclusion the Directors have considered the financial position of the Group, together with its forecasts for the coming 12 months and taking into account possible changes in its trading performance. The going concern basis of accounting has, therefore, been adopted in preparing this interim financial report.

Outlook

In these uncertain times we continue to remain cautious in our approach.  Retention of staff and cost control is a key priority, and the Board remains cautiously confident of managing current challenges.

Finally, and most importantly, we would like to thank all our people, shareholders, suppliers and other stakeholders for their continued support throughout these difficult times.

Change of Name of Nominated Adviser and Broker

 

The Company also announces that its nominated adviser and broker has changed its name to Cavendish Securities plc (formerly Cenkos Securities plc) following completion of its own corporate merger.

 

 

K Lassman

Chairman

Tasty plc

 


26 September 2023

 

 

Enquiries:

 

Tasty plc                                                               Tel: 020 7637 1166

 

Jonny Plant, Chief Executive

 

Cavendish Securities                                               Tel: 020 7220 0500

 

Katy Birkin/George Lawson

 

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (596/2014). Upon publication of this announcement via a regulatory information service, this information is considered to be in the public domain.


Consolidated statement of comprehensive income
for the 26 weeks ended 25 June 2023 (unaudited)


 

26 weeks

 to

 

 

26 weeks to

 

52 weeks

Ended

 

25 June

 

26 June

25 December

 

2023

 

2022

2022

 

£'000

 

£'000

£'000

 










Revenue

21,724

 

21,522

44,027

 





Cost of sales

(21,843)


(20,375)

(44,123)






Gross (loss)/profit

(119)

 

1,147

(96)

 





Other income

159


213

414






Total operating expenses

(5,184)


(2,778)

(4,370)






Operating (loss)/profit before highlighted items

(1,018)


445

(1,687)

Highlighted items

(4,126)


(1,863)

(2,365)






Operating loss

(5,144)

 

(1,418)

(4,052)

Finance income

62


3

41

Finance expense

(1,157)


(1,249)

(2,421)






Loss before tax

(6,239)

 

(2,664)

(6,432)

 










Loss and total comprehensive income for period and attributable to owners of the parent

 

 

(6,239)

 

(2,664)

(6,432)

Loss per share attributable to the ordinary equity owners of the parent

 

 




Basic

(4.26p)


(1.89p)

(4.40p)

Diluted

(3.82p)


(1.66p)

(4.03p)

 

The table below gives additional information to shareholders on key performance indicators:       


Post IFRS 16


Pre IFRS 16


Post IFRS 16

Pre IFRS 16


26 weeks

to

 

26 weeks to

 

26 weeks

 to

26 weeks

 to

 

25 June

 

25 June

 

26 June

26 June

 

2023

 

2023

 

2022

2022

 

£'000

 

£'000

 

£'000

£'000

 







EBITDA before highlighted items

1,133

 

(1,510)

 

2,733

101

Depreciation of PP&E and amortisation

(875)

 

(908)

 

(958)

(980)

Depreciation of right-of-use assets (IFRS16)

(1,276)



(1,330)








Operating (loss)/profit before highlighted items

(1,018)

 

(2,418)

 

445

(879)

           

Analysis of highlighted items

 

26 weeks

 to

 

 

26 weeks to

 

52 weeks ended

 

25 June

 

26 June

25 December

 

2023

 

2022

2022

 

£'000

 

£'000

£'000

Loss on disposal of property plant and equipment

-


-

(154)

Exceptional cost - restructuring

(56)


-

(14)

Impairment of right-of-use assets

 

(2,584)


  

 (1,258)

 

(2,153)

Impairment charge of property, plant and equipment

 

(1,376)


 

(304)

 

(180)

Share based payments

(12)


(31)

(58)

Pre-opening costs

-


-

(51)

(Loss)/gain on lease modifications

(98)


(270)

245

Total highlighted items

(4,126)

 

(1,863)

(2,365)

 

The above items have been highlighted to give more detail on items that are included in the Consolidated statement of comprehensive income and which when adjusted shows a profit or loss that reflects the ongoing trade of the business. 

 

Consolidated statement of changes in equity
for the 26 weeks ended 25 June 2023 (unaudited)


Share

Share

Merger

Retained

Total

 

Capital

Premium

Reserve

Deficit

Equity

 

£'000

£'000

£'000

£'000

£'000

 






Balance at 25 December 2022

6,061

24,254

992

(33,355)

(2,048)

Total comprehensive income for the period

 

-

 

-

 

-

 

(6,239)

 

(6,239)

Share based payments - credit to equity

-

-

-

12

12

Balance at 25 June 2023

6,061

24,254

992

(39,582)

(8,275)

 






Balance at 26 December 2021 (restated)

6,061

24,254

992

(26,981)

4,326

Total comprehensive income for the period

-

-

-

(2,664)

(2,664)

Share based payments - credit to equity

-

-

-

31

31

Balance at 26 June 2022

6,061

24,254

992

(29,614)

1,693

 






Balance at 26 December 2021 (restated)

6,061

24,254

992

(26,981)

4,326

Total comprehensive income for the period

-

-

-

(6,432)

(6,432)

Share based payments - credit to equity

-

-

-

58

58

Balance at 25 December 2022

6,061

24,254

992

(33,355)

(2,048)

 

Consolidated balance sheet
At 25 June 2023 (unaudited)



 

26 weeks to

 

 

26 weeks

to

 

 

52 weeks ended

 


25 June

 

26 June

 

25 December

 


2023

 

2022

 

2022

 


£'000

 

£'000

 

£'000

Non-current assets

 






Intangible assets


32


28


25

Property, plant and equipment


15,255


17,282


17,332

Right-of-use- assets


29,184


34,639


32,875

Other non-current assets


65


65


65

Total non-current assets

 

44,536

 

52,014

 

50,297

 







Current assets

 






Inventories


2,013


1,994


2,191

Trade and other receivables


2,499


2,949


1,633

Cash and cash equivalents


2,777


8,010


7,002

Total current assets 

 

7,289

 

12,953

 

10,826

 

 

 

 

 

 

 

Total assets

 

51,825

 

64,967

 

61,123

 







Current liabilities

 






Trade and other payables


(10,617)


(10,336)


(12,393)

Lease liabilities


(1,993)


(2,202)


(1,953)








Total current liabilities


(12,610)

 

(12,538)

 

(14,346)

 







Non-current liabilities

 






Provisions


(342)


(335)


(339)

Lease liabilities


(47,044)


(50,273)


(48,358)

Other payables


(104)


(128)


(128)

Total non-current liabilities

 

(47,490)

 

(50,736)

 

(48,825)

 

 

 

 

 

 

 

Total liabilities


(60,100)

 

(63,274)

 

(63,171)

 







Total net (liabilities)/assets


(8,275)

 

1,693

 

(2,048)

 







Equity

 






Share capital


6,061


6,061


6,061

Share premium


24,254


24,254


24,254

Merger reserve


992


992


992

Retained deficit


(39,582)


(29,614)


(33,355)

Total equity


(8,275)

 

1,693

 

(2,048)

 

Consolidated cash flow statement
for the 26 weeks ended 25 June 2023 (unaudited)

 



26

weeks to

 

26

weeks to

 

52

weeks ended

 


25 June

 

26 June

 

25 December

 


2023

 

2022

 

2022

 


£'000

 

£'000

 

£'000

 







Operating activities

 






Cash generated from operations


(1,506)


945


4,444

Net cash inflow from operating activities

(1,506)

 

945

 

4,444

 







Investing activities

 






Purchase of property, plant and equipment


(181)


(516)


(1,645)

Interest received


62


3


41

Net cash flows used in investing activities

(119)

 

(513)

 

(1,604)

 







Financing activities

 






Bank loan repayment


-


(1,250)


(1,250)

Finance expense


(1,157)


(1,249)


(2,421)

Principal paid on lease liabilities


(1,443)


(928)


(3,172)

Net cash flows used in financing activities


(2,600)


(3,427)


(6,843)

 

 

 

 

 

 

Net increase in cash and cash equivalents


(4,225)


(2,995)


(4,003)

Cash and cash equivalents at beginning of the period


7,002


11,005


11,005

Cash and cash equivalents as at 25 June 2023

2,777

 

8,010

 

7,002

 

Notes to the condensed financial statements
for the 26 weeks ended 25 June 2023 (unaudited)

1    General information

Tasty plc is a public limited company incorporated in the United Kingdom under the Companies Act (registration number 05826464). 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 AIM Market of the London Stock Exchange ("AIM"). Copies of this Interim Report and 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 set of financial statements included in this interim financial report has been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the United Kingdom and accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the United Kingdom. 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.

 

The financial information for the 26 weeks ended 25 June 2023 has not been subject to an audit nor a review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Financial Reporting Council.

The financial information for the period ended 25 December 2022 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2022 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2022 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.

Use of judgements and estimates

In preparing these interim financial statements management has made judgements and estimates that affect the application of accounting policies and measurement of assets and liabilities, income and expense provisions. Actual results may differ from these estimates. 

Going concern

The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion the Directors have considered the financial position of the Group, together with its forecasts for the next 12 months from the date of approval of these interim accounts and taking into account possible changes in trading performance. The Group monitors cash balances and the impact of inflation closely to ensure there is sufficient liquidity. Accordingly, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

IFRS 16 'Leases'

Group's accounting policies for leases are as follows:

Lessee accounting

IFRS 16 distinguishes between leases and service contracts on the basis of whether the use of an identified asset is controlled by the customer. Control is considered to exist if the customer has:

•     The right to obtain substantially all of the economic benefits from the use of an identified asset; and

•     The right to direct the use of that asset in exchange for consideration.

 

 

All leases are accounted for by recognising a right-of-use asset and a lease liability except for:

•     Leases of low value assets, and

•     Leases with a duration of 12 months or less.

 

Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease.

Lessor accounting

Under IFRS 16, a lessor continues to classify leases as either finance leases or operating leases and account for those two types of leases differently.

Based on an analysis of the Group's operating leases as at 25 June 2023 on the basis of the facts and circumstances that exist at that date, the Directors of the Group have assessed that the impact of this change has not had any impact on the amounts recognised in the Group's consolidated financial statements.

Short-term leases and leases of low-value assets

The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Group recognises these payments as an expense on a straight-line basis over the lease term. Currently the Group has no low value assets or short-term leases.

 

Covid-19 related rent concessions

IFRS 16 defines a lease modification as a change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease. The Group has considered the Covid-19 related rent concessions and applied the lease modifications accounting.

 

Impairments

 

All assets (ROU and fixed assets) are reviewed for impairment in accordance with IAS 36 Impairment of Assets, when there are indications that the carrying value may not be recoverable.

Assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset or a cash generating unit (CGU) exceeds its recoverable amount, i.e. the higher of value in use and fair value less costs to dispose of the asset, the asset is written down accordingly.

The Group views each restaurant as a separate CGU.   Value in use is calculated using cash flows excluding outflows from financing costs over the remaining life of the lease for the CGU discounted at 9% (2022: 8%), being the rate considered to reflect the risks associated with the CGUs. A growth rate of 1.0% has been applied (2022: 2%).

An impairment review was undertaken across the ROU assets and fixed assets which resulted in a net impairment charge of £4.0m (2022: £1.6m).  Where an impairment reversal is recognised, the carrying amount of the asset will be increased to its recoverable amount with the increase being recognised in the income statement. This increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.

The assumptions will be reviewed at year-end to ensure that the cashflow expectations are in line with the latest outlook.

3    Revenue, other income and segmental analysis

 

The Group's activities, comprehensive income, assets and liabilities are wholly attributable to one operating segment (operating restaurants) and arises solely in the one geographical segment (United Kingdom) that the Group is located and operates in. All the Group's revenue is recognised at a point in time being when control of the goods has transferred to the customer.

 

 

An analysis of the Group's total revenue is as follows:

 

26 weeks to

 25 June

 

26 weeks to

 26 June

52 weeks ended 25 December

 

2023

 

2022

2022

 

£'000

 

£'000

£'000






Sale of goods and services: dine-in

19,401


18,862

39,004

Sale of goods and services: delivery and takeaway

2,323


2,660

5,023

 

21,724

 

21,522

44,027

 

 

An analysis of the Group's other income is as follows:

 

26 weeks to

 25 June

 

26 weeks to

 26 June

52 weeks ended 25 December

 

2023

 

2022

2022

 

£'000

 

£'000

£'000






Sub-let site rental income

132


181

362

Other

27


32

52

 

159

 

213

414

 

 

 

 

 

 

4     Income tax

The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates of 19% (2022: 19%).

Tax charge £nil (2022: £nil).

5    Earnings per share





 

26 weeks

 to

 

52 weeks ended

 




 

26 June

 

25 December

 




 

2022

 

2022

 




Pence

 

Pence

 

Pence

 









Basic loss per ordinary share



(4.26p)


(1.89p)


(4.40p)

Diluted loss per ordinary share



(3.82p)


(1.66p)


(4.03p)












25 June 2023

 

26 June 2022

 

25 December 2022




Number '000

 

Number '000

 

Number

 '000

Loss per share has been calculated using the numbers shown below:








Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share



 

 

 

146,315


 

 

 

141,090


 

 

 

146,315









Adjustments for calculation of diluted earnings per share:
















Ordinary B shares



10,451


15,677


10,451

Options



6,400


3,265


2,975









Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share



 

 

 

 

163,166


 

 

 

 

160,032


 

 

 

 

159,741












 

25 June 2023


 

26 June

2022


 

25 December 2022




£'000


£'000


£'000

Loss for the financial period



 

(6,239)


 

(2,664)


 

(6,432)

 

The basic and diluted Loss per share figures are calculated by dividing the net loss 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.

 


26 weeks to

 

26 weeks to

 

52 weeks

 ended

 

25 June

 

26 June

 

25 December

 

2023

 

2022

 

2022

 

£'000

 

£'000

 

£'000

 






Loss before tax

(6,239)


(2,664)


(6,432)

Finance income

(62)


(3)


(41)

Finance expense

-


30


30

Finance expense (IFRS 16)

1,157


1,219


2,391

Share based payment charge

12


31


58

Depreciation of right-of-use assets (IFRS 16)

1,276


1,330


2,641

Depreciation of property, plant and equipment

874


956


1,664

Amortisation of intangible assets

2


2


3

Impairment charge of property, plant and equipment

1,376


304


542

Impairment of Right-of-use assets

2,584


1,258


1,791

Profit from sale of property, plant and equipment

-


-


154

Dilapidations provision charge

3


38


42

Other non cash

-


-


(21)

Decrease/(Increase) in inventories

177


108


(88)

(Increase) in trade and other receivables

(866)


(1,553)


(238)

Increase/(decrease) in trade and other payables

(1,800)


(111)


1,948

Net cash (outflow)/inflow from operating activities

(1,506)

 

945

 

4,444

 


Leasehold improvements

Furniture fixtures and computer equipment

Total fixed assets

 

ROU assets

 

Total

 

£'000

£'000

£'000

 

£'000

 

£'000

Cost

 







At 26 December 2021

37,321

10,291

47,612


53,567


101,179









Additions

709

936

1,645


                  -


1,645

Lease modification

-

-

-


          1,301


1,301

Disposals

(181)

(334)

(515)


               (50)


(565)

At 25 December 2022

37,849

10,893

48,742

 

54,818

 

103,560









Additions

46

127

173


-


173

Lease modification

-

-

-


169


169

At 25 June 2023

37,895

11,020

48,915

 

54,987

 

103,902









Depreciation

 







At 26 December 2021 (as restated)

22,057

7,529

29,586


17,562


47,148

Provided for the period

981

683

1,664


2,641


4,305

Impairments

232

(52)

180


2,153


2,333

Disposals

(75)

(307)

(382)


(51)


(433)

At 25 December 2022 (as previously stated)

23,195

7,853

31,048


22,305


53,353

 








Impairment reclassification

267

95

362


(362)


-

 








At 25 December 2022 (as restated)

23,462

7,948

31,410


21,943


53,353

 








Provided for the period

507

367

874


1,276


2,150

Impairments

1,187

189

1,376


2,584


3,960

At 25 June 2023

25,156

8,504

33,660

 

25,803

 

59,463

 

 







Net book value

 







At 25 June 2023

12,739

2,516

15,255

 

29,184

 

44,439

 








At 25 December 2022 (as restated)

14,387

2,945

17,332


32,875


50,207

 



26

weeks to

 

26

weeks to

 

52

weeks ended

 


25 June

 

26 June

 

25 December

 


2023

 

2022

 

2022

 


£'000

 

£'000

 

£'000

Current







Lease liabilities

 

1,993


2,202


1,953

 







Non-current

 






Lease liabilities

47,044


50,273


48,358








Total

49,037

 

52,475

 

50,311

 


 

 

 

 

 


 

 

 

 

Due within one year

1,993

 

2,202

 

1,953

Due two to five years

9,586

 

12,792

 

11,386

Due over five years

37,458

 

37,481

 

36,972

Total

49,037

 

52,475

 

50,311

 

 

Lease liabilities are measured at the present value of the remaining lease payments, discounted using the Group's incremental borrowing rate of 4.5% and the Bank of England (BoE) base rate at the time of any lease modification or a new lease.  The average rate used for modification in 2023 was 8.0% (2022: 5.1%).

 

The lease liabilities as at 25 June 2023 were £49.0m (2022: £52.5m).

 

The right-of-use assets all relate to property leases. The right-of-use assets as at 25 June 2023 were £29.2m (2022: £34.6m). During the period ended 25 June 2023 the Group made a provision for impairment of the right-of-use assets against a number of sites totalling £2.6m (2022: £1.3m). 

 

Included in profit and loss for the period is £1.2m depreciation of right-of-use assets and £1.2m financial expenses on lease liabilities.

9    Reconciliation of financing activity


 

Lease liabilities

Lease liabilities

Bank Loan

Bank Loan

 

Total

 


 

Due within 1 year

Due after 1 year

Due within 1 year

Due after 1 year

 


 

£'000

 

£'000

£'000

£'000

£'000


Net debt as at 27 December 2020

2,904

52,219

-

-

55,123


Cashflow

 

(3,064)

 

-

313

937

(1,814)


Addition/(decrease) to lease liability

 

2,184

 

(2,062)

 

-

 

-

 

122


Net debt as at 26 December 2021

2,024

50,157

313

937

53,431


Cashflow

(3,172)

-

(313)

(937)

(4,422)


Addition/(decrease) to lease liability

3,101

(1,799)

-

-

1,302


Net debt as at 25 December 2022

1,953

48,358

-

-

50,311


Cashflow

(1,443)

-

-

-

(1,443)


Addition/(decrease) to lease liability

1,483

(1,314)

-

-

169


Net debt as at 25 June 2023

1,993

47,044

-

-

49,037

 

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