THE FULHAM SHORE PLC 19 December 2014
The Fulham Shore PLCUnaudited interim results for the six months ended 28 September 2014
Chairman's Statement
I am pleased to announce the unaudited interim results for the six months ended 28 September 2014 for the Fulham
Shore PLC ("Fulham Shore" or the "Group")
Results
During the period we operated a Franco Manca pizzeria on Tottenham Court Road, London. For the six months ended
28 September 2014, the Group generated revenue of £953,000 (2013: £Nil) and made a profit after taxation for the period amounting to £59,000 (2013: loss of £74,000). Net cash as at 28 September 2014 was £1,875,000 (2013:
£1,266,000) and is currently approximately £3.9 million.
Dividends
No dividend is being proposed by the Board. It remains the Board's policy that, subject to the availability of distributable reserves, dividends will be paid to shareholders when the Directors believe it is appropriate and prudent to do so.
Current trading
As previously announced, following the period end, the Group acquired 99.04% of the issued share capital of Kefi
Limited, the owner of The Real Greek restaurant group, on 20 October 2014.
At the same time the Group completed a subscription to raise £1.6m and was admitted onto AIM.
The Real Greek, since acquisition, has been operating satisfactorily, with sales increasing in line with our expectations. The restaurants have benefited from the mild autumn, especially those with outside seating and Christmas trade is also in line with the Board's expectations.
Outlook
We currently own and operate seven The Real Greek restaurants and one Franco Manca pizzeria under a franchise agreement. We have commenced building a new The Real Greek restaurant on Berwick Street, Soho, London which is expected to open in Spring 2015 and have other prospective sites under consideration.
We continue to seek investment opportunities which have potential for expansion and significant capital growth, and look forward to the conclusion of the financial year with confidence.
19 December 2014
Contacts:The Fulham Shore PLC www.fulhamshore.com
David Page 07836 346 934
Nick Naylor / Jeremy Porter / James Reeve 020 3328 5656
19 December 2014
Cost of sales (497) - (332)
Administrative expenses (317) (71) (326)
Earnings/(loss) per share
Basic 4 0.1p (0.1p) (0.2p) Diluted 4 0.1p N/A N/A
19 December 2014
Property, plant and equipment 261 28 284
Trade and other receivables 41 - 41
302 28 325
Inventories 23 - 22
Trade and other receivables 188 14 95
Cash and cash equivalents 5 1,875 1,266 1,675
2,086 1,280 1,792
Trade and other payables (436) (11) (235)
(436) (11) (235)
Deferred tax liabilities (18) - (15)
(18) - (15) Total liabilities (454) (11) (250) Net assets 1,934 1,297 1,867
Share capital 835 703 835
Share premium account 1,313 790 1,314
Retained deficit (214) (196) (282)
19 December 2014
Loss for the period - - (74) (74) Total comprehensive income for the period - - (74) (74)
Transactions with owners
Ordinary shares issued (net of expenses) 145 431 - 576
Share based payments - - 3 3
Total transactions with owners 145 431 3 579
Loss for the period - - (90) (90) Total comprehensive income for the period - - (90) (90)
Transactions with owners
Ordinary shares issued (net of expenses) 132 524 - 656
Share based payments - - 4 4
Total transactions with owners 132 524 4 660
Profit for the period - - 59 59
Total comprehensive income for the period - - 59 59
Transactions with owners
Ordinary shares issued (net of expenses) - (1) - (1) Share based payments - - 9 9
Total transactions with owners - (1) 9 8
19 December 2014
Acquisition of property, plant and equipment (9) - (284) Interest received 1 - -
Proceeds from issuance of new ordinary shares (net
of expenses) (1) 576 1,232
Net increase in cash and cash equivalents 200 482 890
Cash and cash equivalents at beginning of the period 1,675 784 785
19 December 2014
1. General information
The Fulham Shore PLC is a public limited company incorporated and domiciled in England and Wales. The address of the registered office is 307-308 Linton House, 164-180 Union Street, London, SE1 0LH, United Kingdom. Copies of this Interim Statement may be obtained from the above address or the investor section of the Group's website at http://www.fulhamshore.com.
2. Basis of preparation
The unaudited interim financial information for the six months ended 28 September 2014 has been prepared under the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU ("IFRS") based on the accounting policies consistent with those used in the financial statements for the year ended 30 March 2014, and those to be applied for the year ending 29 March 2015. The unaudited interim financial information was approved by the Board on 19 December 2014.
The interim financial information for the six months ended 28 September 2014 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended
30 March 2014 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement either under section 498(2)-(3) of the Companies Act 2006.
The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (£'000) except when otherwise indicated.
3. Income Tax Expense
Based on the result for the period:
UK Corporation tax at 20% (2013: 20%) 22 - - Total current tax 22 - -
Deferred taxation:
Origination and reversal of timing differences 3 - 15
Total deferred tax 3 - 15
Total taxation charge 25 - 15
19 December 2014
4. Loss per share
Profit/(loss) after tax for the purposes of basic and diluted earnings per share:
59 (74) (164)
Share based payments 9 3 7
Pre-opening costs 47 - 27
Headline profit/(loss) after tax for the period for the purposes of headline basic and diluted earnings per
share: 115 (71) (130)
Weighted average number of ordinary shares in issue
for the purposes of basic earnings per share 83,508,600 67,895,285 70,341,107
Effect of dilutive potential ordinary shares:
- Share options 4,755,860 - -
Weighted average number of shares for the purpose
of diluted earnings per share 88,264,460 67,895,285 70,341,107
Earnings/(loss) per share:
Basic 0.1p (0.1p) (0.2p) Diluted 0.1p N/A N/A
Headline basic 0.1p (0.1p) (0.2p) Headline diluted 0.1p N/A N/A
As the Group reported a loss for the six months ended 29 September 2013 and the year ended 30 March 2014, under IAS33, the share options in issue during the period are not considered dilutive.
19 December 2014
5. Cash and cash equivalents
Cash at bank and in hand 1,875 1,266 1,675
Bank balances comprise cash held by the Group on a short term basis with maturity of three months or less. The carrying amount of these assets approximates their fair value.
6. Reconciliation of net cash flows from operating activities
Profit/(loss) before taxation 84 (74) (149)
Adjustments:
Finance income (1) - - Depreciation and amortisation 32 5 32
Share based payments expense 9 3 7
Operating cash flows before movement in working
capital 124 (66) (110) Increase in inventories (1) - (22) (Increase)/decrease in trade and other receivables (93) 23 (99) Increase/(decrease) in payables 179 (51) 173
Net cash from/(used in) operating activities 209 (94) (58)
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