Final Results
2003年9月29日 - 4:01PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:2602Q
Madisons Coffee PLC
29 September 2003
Date Monday 29 September 2003
Contacts Gareth Lloyd-Jones, Chief Executive
Madisons Coffee plc Tel: 020 8394 5555
John Bick, Trevor Phillips
Holborn Tel: 020 7929 5599
Madisons Coffee plc
Preliminary Results for the 52 week period ended 29 June 2003
Madisons Coffee plc, the owner of
MADISONS COFFEE and RiCHOUX Restaurant brands
Summary
* Operating loss for the period improved 38 per cent to #0.7million (2002:
#1.1million loss)
* Gross profit margin increased 5 per cent to 40.6 per cent (2002: 38.7 per
cent)
* Continued substantial improvement in financial performance
* The Group was cash generative for the first time since going public
Commenting, Chairman Nigel Whittaker said:
"I am pleased to be able to report that your company has made good progress in
improving its financial performance and the Group was cash generative for the
first time since going public in 1998.
"The financial result was achieved despite the challenging economic environment
experienced by our sector and as a result of our operational plans outlined at
the beginning of the year."
Preliminary Statement
for the 52 week period ended 29 June 2003
We are pleased to be able to report that against a challenging economic
environment experienced by our sector the Group has delivered on its operational
plans set out at the beginning of the year and has again made good progress in
improving its financial performance.
Results
We are pleased to report that as a result of various management actions the
operating loss was improved by 38 per cent to #0.7 million (2002: #1.1 million
loss).
Turnover for the 52 week period ended 29 June 2003 declined by 14 per cent to
#11.4m (2002: #13.3m) reflecting the reduced number of trading locations and the
shorter trading period. Like-for-like turnover for the Madisons Coffee sites
was ahead by 2.4 per cent on the previous year whilst Richoux was 0.5 per cent
down as a result of tougher trading conditions in Central London during the
period.
As a result of the reduced turnover, gross profit which is reported net of
direct staffing and food and beverage costs, declined by 10 per cent to #4.6
million (2002: #5.2 million) for the 52 week period ended 29 June 2003. However
as evidence of the operational improvements the gross profit as a percentage of
turnover increased on a like-for-like basis by 5 percent to 40.6 per cent (2002:
38.7 per cent).
Administrative expenses for the period reduced by 19 per cent to #5.3 million
(2002: #6.6 million). Included in administration expenses are all other retail
associated costs, property costs, depreciation and the cost of head office.
Other operating income, relates to the net income received from the
international franchising of the Richoux restaurant brand, and whilst no income
(2002: #0.3 million) from franchising was received during the period we remain
confident that we can produce additional income from exploitation of the Richoux
brand.
The loss per share was 1.4 pence (2002: 2.1 pence loss).
The Directors are not recommending a dividend.
Operations
The period under review was dominated by the implementation of a comprehensive
plan of action to improve the financial performance of the Group. The Board
recognised the need for immediate improvements to the underlying profitability
of the Group and to preserve cash in order that the management could progress
its strategies to improve shareholder value in the long term.
Central costs
As we reported last year the Board has been successful in reducing the central
overhead costs whilst improving the overall efficiency of the capital employed
by the Group. This has been achieved with the result that the actual central
costs for the period under review were #0.7 million (2002: #1.0 million) a
reduction in real terms on the year of 30 per cent. In percentage terms the
Group operated its central cost at 6.1 per cent of total sales (2002: 7.5 per
cent, 2001: 8.9 percent).
Franchising
During the period under review we continued with our strategy of franchising the
Richoux restaurant brand internationally. However due to the events in Iraq we
have experienced delays in the completion of new franchise territories. At the
end of the period our first Richoux franchise opened in Kuwait and we are
encouraged with the results thus far. A further Richoux franchise in Qatar will
open in November together with a second in Kuwait.
Capital Expenditure and Cashflow
The Group continued to tightly manage the cash resources and at the end of the
period held cash of #0.3 million (2002: #0.2 million). This was achieved
notwithstanding the reduction in net current liabilities of the Group in the
period by #0.4 million to #0.9 million (2002: #1.3 million).
Capital expenditure of #0.1 million (2002: #0.2 million) was incurred during the
period, which was offset by the cash proceeds from the sale of fixed assets
amounting to #0.5 million (2002: #0.8 million).
People
The continued improvement in the financial performance of the Group is a credit
to the commitment and resolve of its management and staff. The Board would like
to thank all our employees who have worked enthusiastically throughout a period
of substantial change for the Group.
Outlook
Since the year-end our trading has continued to perform in line with our current
expectations and has continued to improve its financial performance on a
comparable basis.
Nigel Whittaker
Chairman
Gareth Lloyd Jones
Chief Executive
Consolidated profit and loss account
for the 52 week period ended 29 June 2003
52 week 53 week
period period
ended ended
29 June 30 June
2003 2002
#'000 #'000
Notes
Turnover 11,427 13,321
Cost of sales (6,791) (8,161)
Gross profit 4,636 5,160
Administrative expenses (5,337) (6,617)
Other operating income 3 328
Operating loss (698) (1,129)
Loss on disposal of tangible fixed
assets (46) (9)
Loss on ordinary activities before
interest (744) (1,138)
Interest receivable 18 18
Interest payable and similar charges (22) (34)
Loss on ordinary activities before
taxation (748) (1,154)
Taxation on loss on ordinary activities (5) (3)
Loss for the financial period (753) (1,157)
Basic loss per share 4 (1.4)p (2.1)p
Diluted loss per share 4 (1.4)p (2.1)p
Consolidated balance sheet
at 29 June 2003
29 June 2003 30 June 2002
#'000 #'000 #'000 #'000
Fixed assets
Intangible assets 326 345
Tangible assets 3,258 4,497
3,584 4,842
Current assets
Stocks 208 254
Debtors 926 1,240
Cash at bank and in hand 305 186
1,439 1,680
Creditors: amounts falling due
within one year (2,345) (2,986)
Net current liabilities (906) (1,306)
Total assets less current 2,678 3,536
liabilities
Creditors: amounts falling due after
more than one year (51) (156)
Net assets 2,627 3,380
Capital and reserves
Ordinary shares 548 548
Preference shares 1,088 1,088
Called up share capital 1,636 1,636
Share premium account 9,435 9,435
Warrants reserve - 70
Merger reserves 902 902
Profit and loss account (9,346) (8,663)
Equity shareholders' funds 1,539 2,292
Non-equity shareholders' funds 1,088 1,088
Shareholders' funds 2,627 3,380
Consolidated cash flow statement
for the 52 week period ended 29 June 2003
Note 52 week 53 week
period period
ended ended
29 June 30 June
2003 2002
#'000 #'000
Net cash outflow from operating 6 (221) (754)
activities
Returns on investments and servicing - (36)
of finance
Taxation (5) (3)
Capital expenditure and financial 437 631
investment
Cash inflow/(outflow) before 211 (162)
management of liquid resources and
financing
Management of liquid resources and (92) (177)
financing
Increase/(decrease) in cash in the 119 (339)
period
Consolidated statement of total recognised gains and losses
for the 52 week period ended 29 June 2003
2003 2002
#000 #000
Loss for the financial period (753) (1,157)
Warrants lapsed (70) -
Total recognised gains and losses relating to the financial period and
since last annual report (683) (1,157)
Notes
1. There have been no changes to the main accounting policies used by
the Group over the period.
2. The financial information set out above does not constitute the
Company's statutory accounts for the years ended 29 June 2003 or 30 June 2002
but it is derived from those accounts. Statutory accounts for 2002 have been
delivered to the Registrar of Companies, and those for 2003 will be delivered
following the Company's annual general meeting. The auditors have reported on
those accounts; their reports were unqualified and did not contain statements
under section 237(2) or (3) of the Companies Act 1985.
3. The consolidated financial statements include the financial
statements of the Company and its subsidiary undertakings made up to 29 June
2003.
The results of all subsidiary undertakings are consolidated. Intra-group sales
are fully eliminated on consolidation.
4. Loss per share
The loss per share is calculated by reference to the loss after taxation and the
weighted average number of ordinary shares in issue during the period of
54,772,660 (2002: 54,772,660). The loss per share for both the basic and fully
diluted loss per share is calculated on the basis of a loss for the period of
#753,000 (2002: #1,157,000).
As the impact of including convertible preference shares, share options and
warrants in issue during the period in the calculation of the diluted loss per
share would decrease the loss per share, as per FRS 14, they have not been
included in the calculation of the diluted loss per share. Therefore the diluted
loss per share is calculated by reference to the loss after taxation and the
weighted average number of ordinary shares in issue during the period of
54,772,660 (2002: 54,772,660). Share options, warrants and the conversion of
preference shares not included in the diluted calculations as per the
requirements of FRS 14 totalled 1,414,339.
5. No dividend is proposed.
6. Reconciliation of operating loss to operating cash flows
52 week 53 week
period period
ended ended
29 June 30 June
2003 2002
#'000 #'000
Operating loss (698) (1,129)
Depreciation charge 756 913
Amortisation charge 19 19
Decrease in stocks 46 107
Decrease/(increase) in debtors 314 (61)
Decrease in creditors (658) (603)
Net cash outflow from operating (221) (754)
activities
7. Reconciliation of net cash flow to movement in net funds
52 week 53 week
period ended period ended
29 June 2003 30 June
#'000 2002
#'000
Increase/(decrease) in cash in the 119 (339)
period
Cash outflow from changes in debt and 92 177
lease financing
Change in net funds/(debt) resulting 211 (162)
from cash flows
New finance leases - (27)
Movement in net funds in the period 211 (189)
Net (debt)/funds at the start of the (45) 144
period
Net funds/(debt) at the end of the 166 (45)
period
8. The Annual General Meeting will be held in the offices of Dechert, 2
Serjeants' Inn, London EC4Y 1LT at 11.00 am on Thursday 20 November 2003. The
full report and accounts will be posted to shareholders on 15 October 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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