HYDP Hydro Hotel Eastbourne plc

17 July 2024

Hydro Hotel, Eastbourne, Plc

(“Hydro Hotel” or the “Company”)

Interim Results for the Half Year ended 30 April 2024

YOUR CHAIRMAN'S LETTER

Dear Shareholder,

SIX MONTHS TO 30 APRIL 2024

I am pleased to report on the company’s results for the six months to 30 April 2024. The total turnover for the six month period to 30 April 2024 was £1,961,479 compared to £1,799,816 for the same period in the previous year, an increase of 9% (compared to a decrease in the six months to 30 April 2023 of 1%).

The gross profit for the period was 10% higher than in the six months to 30 April 2023 and staff costs increased by 6% compared to the figure for the period to 30 April 2023 (3% increase in the half year to 30 April 2023).

Overheads increased by 1% (17% increase in the half year ended 30 April 2023). There were increases in utility costs and a significant decrease in repair costs for this period compared to the same period in the previous year, contributing to a reduced loss for the half year to 30 April 2024 of £76,957 compared to a loss of £171,469 for the half year to 30 April 2023.

An updating of the air conditioning and replacement of furniture in the conservatory was undertaken in the period, together with the continued general refurbishment of some bedrooms and public areas and the purchase of new garden furniture.

The Board and the management of the company continue to monitor cash resources and have paid the dividend of £72,000 declared on 20 February 2024. No further dividends were declared in the period.

The Board wishes to express its thanks to the management and staff of the hotel for their co-operation and efforts during the period. The Hydro team look forward to welcoming new and returning guests in this our 129th year of operation.

Yours sincerely,

Christopher J Bean  LL.B (Hons) 

16 July 2024

SUMMARISED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 30 APRIL 2024

STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2024

STATEMENT OF CASH FLOWS

FOR THE HALF YEAR ENDED 30 APRIL 2024

NOTES TO THE STATEMENT OF CASH FLOWS 

FOR THE HALF YEAR ENDED 30 APRIL 2024

NOTES TO THE ACCOUNTS

1 The results are prepared on the basis of the accounting policies set out in the Company’s Annual Report and Accounts for the year ended 31 October 2023.

2 The earnings per share are based on a loss of £76,957 (2023 loss of £171,469) being the loss on ordinary activities after taxation.

3 The movement in retained Profit and Loss Reserves from £2,824,788 at 31 October 2023 to £2,675,831 at 30 April 2024 includes the loss for the period of £76,957 and dividends paid of £72,000 (2023: £138,000 paid in the period and £Nil accrued).

4 Dividends of £72,000 in 2024 were all paid in the period and no accrual is included in creditors, amounts falling due within one year as at 30 April 2024 (2023: £138,000 dividends paid and no accrual included in creditors, amounts falling due within one year as at 30 April 2023).

5 A copy of the interim report and accounts and the Chairman’s statement thereto, which were approved by the Board of Directors on 16 July 2024, will be posted to all registered shareholders shortly thereafter.

6 The financial information set out above does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 October 2023, on which the report of the auditor was unqualified and did not contain a statement under section 498 of the Companies Act 2006, have been filed with the Registrar of Companies.

7 The company’s auditor, UHY Hacker Young LLP, has not reviewed these unaudited interim accounts.

Enquiries:

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).