TIDMHOTC
RNS Number : 0652R
Hotel Chocolat Group PLC
26 February 2019
26 February 2019
Hotel Chocolat Group plc
("Hotel Chocolat", the "Company" or the "Group")
Interim Results
Hotel Chocolat Group plc, a premium British chocolatier and
omni-channel retailer, today announces its interim results for the
26 weeks ended 30 December 2018.
Financial highlights:
-- Revenue up 13% to GBP80.7m (H1 FY18: GBP71.7m)
-- Underlying EBITDA up 10% to GBP17.3m (H1 FY18: GBP15.8m)1
-- Excluding new US & Japan start-ups, profit before tax up 11% to GBP14.4m (H1 FY18: GBP12.9m)
-- Reported profit before tax up 7% to GBP13.8m (H1 FY18: GBP12.9m)
-- Profit after tax up 7% to GBP10.8m (H1 FY18: GBP10.1m)
-- Cash flows from operating activities up 18% to GBP29.5m (H1 FY18: GBP24.9m)
-- Strong balance sheet with net cash at period end of GBP21.8m (H1 FY18: GBP18.3m)
-- Earnings per share up 7% to 9.6p (H1 FY18: 9.0p)
-- Interim dividend of 0.6p per share (H1 FY18: 0.6p)
Operational highlights:
-- Strong sales growth across retail, digital & wholesale channels
-- Successful Christmas ranges delivered growth
-- 14 new stores opened in UK & Eire, contributing 4% to Group sales growth
-- New VIP Me loyalty card attracted 0.5m active customers
-- Velvetiser in-home Hot Chocolat maker launched and exceeded initial expectations six-fold
-- Digital growth through own website and new third-party wholesale to digital retailers
-- Encouraging launches of first stores in New York, and in Tokyo (with Joint Venture partner)
(1) Underlying EBITDA in H1 FY19 excludes GBP0.4m of share-based
charges (H1 FY18: GBP0.4m).
Angus Thirlwell, Co-founder and Chief Executive Officer of Hotel
Chocolat, said:
"This has been another period of progress for Hotel Chocolat
with strong growth in sales, profits and cash generation. The
critical Christmas period was again successful, supported by the
launch of our new and innovative Velvetiser Hot Chocolate maker and
by a deepening relationship with our customers via the new VIP Me
scheme. Both developments will also support our plans for the key
spring seasons of Mother's Day and Easter.
"Growth in the UK continued to deliver improvements in
profitability which have enabled us to invest in the launch of two
new start-ups in New York and Tokyo, both of which are showing
encouraging early signs, in terms of customer response and the
initial store sales performance.
"I would like to thank everyone in the Hotel Chocolat team for
their dedication in delivering another successful Christmas.
"Recent trading, including the Valentine's period, is in line
with the Board's expectations and we continue to make good progress
against our key strategic objectives of opening more stores,
improving our digital capability and increasing our production
capacity whilst testing and learning in two large new
territories."
For further information:
Hotel Chocolat Group plc c/o Citigate + 44 (0) 20 7638 9571
Angus Thirlwell, Co-founder and Chief Executive Officer
Peter Harris, Co-founder and Development Director
Matt Pritchard, Chief Financial Officer
Citigate Dewe Rogerson - Financial PR + 44 (0) 20 7638 9571
Angharad Couch
Ellen Wilton
Elizabeth Kittle
Liberum Capital Limited - Nominated Advisor and Broker + 44 (0) 20 3100 2222
Clayton Bush
James Greenwood
Trystan Cullen
Notes to Editors:
Hotel Chocolat is a premium British chocolatier with a strong
and distinctive brand. The business was founded in 1993 by Angus
Thirlwell and Peter Harris and has traded under the Hotel Chocolat
brand since 2003. The Group sells its products online and through a
network of stores in the UK and abroad. The Group has a cocoa
plantation and eco-hotel in Saint Lucia, offering complete cocoa
immersion thorough tree-to-bar experiences and wellness treatments.
The Group also has a flagship restaurant and cocoa roastery in
London's Borough Market: Rabot 1745. The Group was admitted to
trading on AIM in 2016.
Chief Executive's statement (inclusive of financial review)
RESULTS
Period ended Period ended
30 December 2018 31 December 2017
GBP000 GBP000
------------------------------------------------- ------------------ ------------------
Revenue 80,719 71,709
Gross profit 53,097 49,107
Operating expenses (35,767) (33,316)
-------------------------------------------------- ------------------ ------------------
Underlying EBITDA 17,330 15,791
Share-based payments (408) (367)
-------------------------------------------------- ------------------ ------------------
EBITDA 16,922 15,425
Depreciation & amortisation (2,793) (2,207)
Loss on disposal of property, plant & equipment (24) (9)
Operating profit 14,104 13,209
Finance income 5 16
Finance expense (179) (296)
Share of joint venture results (84) 7
-------------------------------------------------- ------------------ ------------------
Profit before tax 13,847 12,936
Tax expense (3,045) (2,821)
-------------------------------------------------- ------------------ ------------------
Profit for the period 10,802 10,115
Earnings per share - Basic 9.6p 9.0p
Earnings per share - Diluted 9.5p 8.9p
Dividend per share 0.6p 0.6p
CHIEF EXECUTIVE'S STATEMENT
I am pleased to report continued progress for the Hotel Chocolat
brand during the 26 weeks to 30 December 2018. Revenue for the
period increased by 13% and underlying EBITDA increased by 10%.
Hotel Chocolat delivered growth across all its channels,
benefitting from strong new products, successful marketing and
loyalty campaigns, and the continued growth of digital wholesale
partners. The business remains focused on four key pillars of its
growth strategy:
1) Open stores
We opened 14 new stores in the UK and Eire during the period.
Our established stores continue to generate attractive returns, and
the new stores opened over the last 3 years are achieving their
payback targets suggesting that further attractive opportunities
remain, which we will continue to evaluate on a site-by-site
basis.
There has been much media attention regarding the future of
physical retail. Whilst macro-economic trends have undoubtedly
created headwinds, we obviously continually evaluate the
performance of our stores. We remain confident that further new
openings can deliver attractive financial returns and improve
customers' ease of access to our brand. All of our stores trading
for longer than 12 months are profitable, and the latest vintage of
openings are delivering comparable EBITDA per site to that of the
earliest stores.
The Board have modelled 3 scenarios, based on various growth
rates and cost inflation for our physical estate:
1) A continuation of the FY18 growth rates for sales and for
overhead costs would mean that store estate profitability would
rise in future years.
2) A more pessimistic scenario, reflecting a drop to negative
sales growth, and with externally driven cost inflation at rates in
excess of FY18, would still mean that the retail estate would
continue to generate significant EBITDA profit in 5 years' time.
(Our average lease length is 5 years).
3) As a Board we are focusing all of our energies on delivering
a third, and better, scenario which has the scope to generate a
material increase in EBITDA, by:
-- Increasing the rate of sales growth, driven by product
innovation, gaining a deeper relationship with our customers
via the recently launched VIP ME rewards card, and empowering
our store teams to deliver an even better experience
for our guests.
-- Mitigating cost pressures using a combination of better
buying, further innovation in our processes, and perpetual
focus on working smarter whilst never compromising on
product quality or service experience.
2) Increase capacity and capture efficiencies from the
vertically integrated supply chain
Our manufacturing operations again delivered improved efficiency
and benefitted gross margin rate. However, these gains were offset
by our sales growth being partly driven by lower margin but less
capital-intensive wholesale accounts and from the new Velvetiser
Hot Chocolat maker which is manufactured by a third party at a
dilutive margin rate. A full explanation of margin rate is included
in the financial review below. The lower margins on the new sales
channels are mitigated by lower overheads attaching to these
sales.
3) New digital proposition to grow customer base and improve
gifting proposition
Digital revenues, comprising website, subscriptions and digital
wholesale partners grew by 22%, or by 29% if expressed at retail
prices.
-- The website delivered a 25% year-on-year growth driven
by an increase in traffic and from sales of the Velvetiser.
-- Subscription sales declined by 25% due to the pause of
new customer acquisition pending development of new subscription
models for hot chocolat consumables.
4) Cautious 'test, learn, grow' approach to new international
markets
In late November the Group opened its first joint venture store
in Tokyo, shortly followed by its first pilot store in New York,
and; the Board believes that both markets offer significant
potential for future growth. A modest number of store openings in
each market will be used to test the consumer response, the supply
chain economics, and to build a business case for potential
roll-out. Initial consumer response in both markets has been
encouraging; the brand appears to resonate with consumers, the
breadth of range is proving popular with local tastes, and pricing
has been received as fair and reasonable. Whilst it is too soon to
meaningfully conclude on the store economics, the new sites are
performing in line with expectations and based on the first 10
weeks of trading both stores would rank as top quartile within the
UK estate.
In July 2018 the Group transferred its two Danish stores to a
local partner under a franchise development agreement covering the
Nordic Region. The partner has opened two further stores in the
period.
FINANCIAL REVIEW
Revenue
Group revenue increased by 13% to GBP80.7m. 14 new stores were
opened in the UK & Eire during the period contributing 4% to
the Group's year-on-year growth. Retail, digital and wholesale all
delivered sales growth.
Profit Before Tax
Reported Profit before Tax increased by 7% to GBP13.8m. This
profit includes losses of GBP0.5m relating to the launch in the USA
and GBP0.1m relating to the Group's 20% interest in the new
Japanese joint venture. Excluding the impact of the two
international start-ups, Group profit before tax increased by 11%
to GBP14.4m.
Gross margin
Gross margin declined by 270 basis points from 68.5% to 65.8%,
primarily due to the following four impacts:
-- The Velvetiser is manufactured by a third party resulting
in a lower gross margin, but also lower incremental overhead.
The mix impact of Velvetiser sales reduced group margin
by 100 basis points.
-- The New VIP Me loyalty scheme offers customer benefits
including some additional discounts, the impact of signup
incentive rewards reduced gross margin by 100 basis points.
-- Growth of sales from lower margin wholesale accounts
reduced gross margin by 30 basis points. These accounts
attract minimal incremental overhead.
-- Further factory efficiencies improved gross margin by
50 basis points, which mitigated 40 basis points of adverse
impact from Foreign Exchange due to the decline of sterling
in 2016 (foreign exchange purchases are hedged up to
18 months in advance). The adverse exchange impact will
not continue in H2 and we continue to see opportunities
to further improve factory efficiency.
Operating expense
Operating expenses grew by 7%, which was significantly slower
than the rate of sales growth, as a result operating expenses as a
percent of sales reduced from 46.5% to 44.3%. Inflationary cost
increases were partly mitigated by the impact of growing sales from
wholesale and the Velvetiser, each of which generate lower
incremental overheads than other sales.
Underlying EBITDA
Underlying EBITDA increased 10% to GBP17.3m. Excluding the
impact of the launches in the USA and Japan, underlying EBITDA
increased 13% to GBP17.8m.
Share based payments
Share-based payment expense of GBP0.4m (H1 FY18: GBP0.4m)
related to the share-based Long-Term Incentive Plan and an
all-employee Save As You Earn plan.
Foreign currency
The business manufactures the majority of its products in the
UK, however it does purchase some premium ingredients in foreign
currencies, predominantly Euros. The Group hedges its forecast Euro
purchases up to 18 months ahead. The decline in Sterling in 2016
meant that some purchases in H1 FY19 were at lower rates which
adversely impacted gross margin and EBITDA by 40 basis points. This
adverse impact will reduce in H2.
Finance income and expense
Finance expense of GBP0.2m reflects GBP0.1m of interest on a
working capital overdraft, and GBP0.1m of realised interest on
foreign exchange hedges.
Earnings per share
Earnings per share in the period were 9.6p, a 7% increase on H1
FY18: 9.0p.
Dividend
At the time of the IPO the Directors stated an intention to
implement a progressive dividend policy to reflect the expectation
of future cash flow. The Board proposes an interim dividend of 0.6p
per share which will be paid on 17(th) April 2019 to shareholders
on the register on 8(th) March 2019. Mindful of the potential
growth opportunities in the USA and Japan, the Board will continue
to review the rate of growth in any dividend relative to the
potential opportunities for re-investment in service of
profitability and growth.
Cash flow and closing cash position
Net cash inflow from operating activities was GBP29.5m (H1 FY18:
GBP24.9m) an increase of 18 percent.
Net cash (being cash minus borrowings) at the end of the period
was GBP21.8m (H1 FY18: GBP18.3m). The Group has access to an
overdraft facility with Lloyds Bank plc to fund seasonal working
capital requirements if required.
Major capital projects in the period included new shops,
upgrades to the manufacturing facility in Huntingdon, and the
development of a new visitor attraction in Saint Lucia.
OUTLOOK
Since the end of the period, trading has continued to be in line
with the Board's expectations. The performance of the new stores is
encouraging and there is a pipeline of similar potential locations.
The Velvetiser and the VIP ME loyalty card scheme both performed
well during their initial launch period and will offer significant
potential for the future.
In delivering these results in a context of macro-economic
uncertainty, the business has demonstrated creativity, resilience
and adaptability. Continued delivery against the 4-point strategy
will deliver top-line growth and improve profitability in the UK,
enabling the Group to invest cautiously in tests in the USA and
Japan. A strong differentiated brand which offers great products
and customer service and that is priced as an affordable luxury,
gives the Board confidence in the Group's continued progress.
Angus Thirlwell, Co-founder and Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 December 2018
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
Notes GBP GBP
------------------------------------------------------------- -------- ------------------ ------------------
Revenue 80,719,280 71,708,557
Cost of sales (27,622,221) (22,601,129)
------------------ ------------------
53,097,059 49,107,428
Administrative expenses (38,993,208) (35,898,903)
------------------ ------------------
2 14,103,851 13,208,525
Finance income 3 5,332 15,919
Finance expenses 3 (178,901) (296,028)
Share of joint venture results (83,617) 7,332
------------------ ------------------
Profit before tax 13,846,665 12,935,748
Tax expense (3,044,820) (2,820,791)
------------------ ------------------
Profit for the period 10,801,845 10,114,957
Other comprehensive income:
Derivative financial instruments 281,743 (121,114)
Deferred tax charge on derivative financial instruments (26,181) 11,505
Currency translation differences arising from consolidation 383,683 (361,829)
------------------ ------------------
Total comprehensive income for the period 11,441,090 9,643,519
------------------ ------------------
Earnings per share - Basic 4 9.6p 9.0p
Earnings per share - Diluted 4 9.5p 8.9p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 December 2018
Unaudited Unaudited Audited
As at As at As at
30 December 2018 31 December 2017 1 July
GBP GBP 2018
Notes GBP
------------------------------------------- -------- ------------------ ------------------ -------------
ASSETS
Non-current assets
Intangible assets 2,729,264 2,547,958 2,788,152
Property, plant and equipment 5 39,081,643 34,677,619 36,408,775
Investment in joint ventures 31,975 7,332 35,501
Loan to joint venture 705,909 - -
Derivative financial assets 108,875 8,564 68,721
Other receivables and prepayments 9,371 17,851 1,643
Deferred tax asset 318,895 381,825 623,961
42,985,932 37,641,149 39,926,753
Current assets
Derivative financial assets 206,447 73,724 14,925
Inventories 9,435,849 9,034,330 12,555,517
Trade and other receivables 9,548,902 6,494,705 7,486,894
Cash and cash equivalents 21,879,026 24,994,989 235,936
------------------ ------------------ -------------
41,070,224 40,597,748 20,293,272
Total assets 84,056,156 78,238,897 60,220,025
LIABILITIES
Current liabilities
Trade and other payables 6 27,145,789 25,808,949 15,545,845
Corporation tax payable 3,016,364 2,818,241 1,328,673
Derivative financial liabilities - 52,491 54,691
Borrowings 117,677 3,482,482 201,732
30,279,830 32,162,163 17,130,941
Non-current liabilities
Other payables and accruals 6 2,861,683 2,546,523 2,581,044
Borrowings - 3,191,677 16,811
Provisions 935,975 825,852 879,808
3,797,658 6,564,052 3,477,663
Total liabilities 34,077,488 38,726,215 20,608,604
NET ASSETS 49,978,668 39,512,682 39,611,421
EQUITY
Share capital 112,838 112,838 112,838
Share premium 11,750,056 11,749,487 11,749,487
Retained earnings 33,909,034 25,160,751 24,348,409
Translation reserve 1,264,243 687,392 880,560
Merger reserve 223,251 223,251 223,251
Capital redemption reserve 6,301 6,301 6,301
Other reserves 2,712,945 1,572,662 2,290,575
------------------ ------------------ -------------
Total equity attributable to shareholders 49,978,668 39,512,682 39,611,421
------------------ ------------------ -------------
CONSOLIDATED STATEMENT OF CASH FLOW
For the period ended 30 December 2018
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
Notes GBP GBP
------------------------------------------------------------------ -------- ------------------ ------------------
Profit before tax for the period 13,846,665 12,935,748
Adjusted by:
Depreciation of property, plant and equipment 5 2,482,075 1,952,705
Amortisation of intangible assets 311,363 253,983
Loss of joint ventures 83,617
Net interest expense 173,569 280,109
Share-based payments 408,194 366,538
Loss on disposal of property, plant and equipment and intangible
assets 24,253 9,417
------------------ ------------------
Operating cash flows before movements in working capital 17,329,736 15,798,500
Decrease/(increase) in inventories 3,119,669 755,985
Decrease/(Increase) in trade and other receivables (2,071,379) (484,352)
Increase in trade and other payables and provisions 12,645,018 10,064,095
------------------ ------------------
Cash inflow generated from operations 31,023,044 26,134,228
Interest received 708 84
Income tax paid (1,319,577) (1,116,051)
Interest paid on:
* finance leases and hire purchase loans - (1,192)
* derivative financial instruments (99,828) (82,542)
* bank loans and overdraft (61,272) (777)
------------------ ------------------
Cash flows from operating activities 29,543,075 24,933,750
------------------ ------------------
Purchase of property, plant and equipment (5,632,011) (6,136,967)
9,500
Proceeds from disposal of property, plant and equipment -
Investment in joint venture (7,200) -
Loan to joint venture (778,800) -
Purchase of intangible assets (241,427) (257,524)
Cash flows used in investing activities (6,649,938) (6,394,491)
------------------ ------------------
Proceeds on issue of shares 569 -
Buy back of Chocolate bonds - (110,500)
Capital element of hire purchase and finance leases repaid (100,866) (136,328)
Dividends paid (1,241,220) (1,805,405)
Cash flows used in financing activities (1,341,517) (2,052,233)
------------------ ------------------
Net change in cash and cash equivalents 21,551,620 16,487,026
Cash and cash equivalents at beginning of period 235,936 8,470,178
Foreign currency movements 91,470 37,785
Cash and cash equivalents at end of period 21,879,026 24,994,989
------------------ ------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 30 December 2018
Capital
Share Share Retained Translation Merger redemption Other
capital Premium earnings reserve reserve reserve reserves Total
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- --------- ----------- ------------ ------------- --------- ----------- ---------- ------------
As at 2 July
2017 112,838 11,749,487 16,851,199 1,049,221 223,251 6,301 1,170,588 31,162,885
Share-based
payments - - - - - - 366,538 366,538
Deferred tax
charge on
share-based
payments - - - - - - 145,145 145,145
Profit for the
period - - 10,114,957 - - - - 10,114,957
Dividends paid - - (1,805,405) - - - - (1,805,405)
Other
comprehensive
income:
Derivative
financial
instruments - - - - - - (121,114) (121,114)
Deferred tax
charge on
derivative
financial
instruments - - - - - - 11,505 11,505
Currency
translation
differences
arising from
consolidation - - - (361,829) - - - (361,829)
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
Equity as at
31 December
2017 112,838 11,749,487 25,160,751 687,392 223,251 6,301 1,572,662 39,512,682
Share-based
payments - - - - - - 360,047 360,047
Deferred tax
charge on
share-based
payments - - - - - - 333,697 333,697
Loss for the
period - - (812,342) - - - - (812,342)
Other
comprehensive
income:
Derivative
financial
instruments - - - - - - 15,113 15,113
Deferred tax
credit on
derivative
financial
instruments - - - - - - 9,056 9,056
Currency
translation
differences
arising from
consolidation - - - 193,168 - - - 193,168
Equity as at 1
July 2018 112,838 11,749,487 24,348,409 880,560 223,251 6,301 2,290,575 39,611,421
Equity as at 1
July 2018 112,838 11,749,487 24,348,409 880,560 223,251 6,301 2,290,575 39,611,421
Issue of share
capital - 569 - - - - - 569
Share-based
payments - - - - - - 408,194 408,194
Deferred tax
charge on
share-based
payments - - - - - - (241,386) (241,386)
Profit for the
period - - 10,801,845 - - - - 10,801,845
Dividends paid (1,241,220) (1,241,220)
Other
comprehensive
income:
Derivative
financial
instruments - - - - - - 281,743 281,743
Deferred tax
charge on
derivative
financial
instruments - - - - - - (26,181) (26,181)
Currency
translation
differences
arising from
consolidation - - - 383,683 - - - 383,683
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
Equity as at
30 December
2018 112,838 11,750,056 33,909,034 1,264,243 223,251 6,301 2,712,945 49,978,668
--------- ----------- ------------ ------------- --------- ----------- ---------- ------------
NOTES TO THE INTERIM FINANCIAL INFORMATION
1. Basis of preparation
The consolidated interim financial information has been prepared
in accordance with International Financial Reporting Standards,
International Accounting Standards and Interpretations
(collectively IFRSs), as adopted by the European Union.
The accounts have been prepared in accordance with accounting
policies that are consistent with the Group's Annual Report and
Accounts for the period ended 1 July 2018 and that are expected to
be applied in the Group's Annual Report and Accounts for the period
ended 30 June 2019. There are new or revised standards that apply
to the period beginning 2 July 2018 but they do not have a material
effect on the financial information for the period ended 30
December 2018.
The comparative financial information for the period ended 1
July 2018 in this interim report does not constitute statutory
accounts for that period under 435 of the Companies Act 2006.
Statutory accounts for the period ended 1 July 2018 have been
delivered to the Registrar of Companies.
The auditors' report on the accounts for 1 July 2018 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.
2. Profit from operations
Profit from operations is arrived at after charging:
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
GBP GBP
------------------------------------------------------------------------- ------------------ ------------------
Staff cost 17,629,785 15,957,108
Depreciation of property, plant and equipment 2,482,075 1,952,705
Amortisation of intangible assets 311,363 253,983
Loss on disposal of property, plant and equipment and intangible assets 24,253 9,417
Operating leases:
* Property 5,831,625 5,435,700
* Plant and equipment 129,264 94,391
Exchange differences 34,702 85,702
Bad debt expense 20,035 20,037
------------------ ------------------
3. Finance income and expenses
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
GBP GBP
--------------------------------------------------------- ------------------ ------------------
Interest on bank deposits 708 84
Unrealised interest on derivative financial instruments 4,624 15,835
Finance income 5,332 15,919
------------------ ------------------
Interest on bank borrowings 78,134 57,410
Realised interest on derivative financial liabilities 99,828 82,542
Finance leases and hire purchase contracts 939 1,192
Finance charges on Chocolate bonds - 154,884
------------------ ------------------
Finance expenses 178,901 296,028
------------------ ------------------
4. Earnings per share
Profit for the period used in the calculation of the basic and
diluted earnings per share:
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
GBP GBP
--------------------------------- ------------------ ------------------
Profit after tax for the period 10,801,845 10,114,957
------------------ ------------------
The weighted average number of shares for the purposes of
diluted earnings per share reconciles to the weighted average
number of shares used in the calculation of basic earnings per
share as follows:
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
------------------------------------------------------------------------- ------------------ ------------------
Weighted average number of shares in issue used in the calculation of
earnings per share (number)
- Basic 112,838,213 112,837,828
Share-based payments - Hotel Chocolat Group plc Save As You Earn Plan 340,202 214,728
Weighted average number of shares in issue used in the calculation of
earnings per share (number)
- Diluted 113,178,415 113,052,556
Earnings per share (pence) - Basic 9.6 9.0
Earnings per share (pence) - Diluted 9.5 8.9
------------------ ------------------
As at 30 December 2018, the total number of potentially dilutive
shares issued under the Hotel Chocolat Group plc Long-Term
Incentive Plan was 3,657,000 (31 December 2017: 3,667,000). Due to
the nature of the options granted under this scheme, they are
considered contingently issuable shares and therefore have no
dilutive effect.
5. Property, plant and equipment
Furniture &
fittings,
Equipment,
Computer software
Freehold property Leasehold & hardware Plant & machinery
GBP property GBP GBP Total
GBP GBP
--------------------
26 weeks ended 31
December 2017
Cost:
As at 2 July 2017 12,588,855 734,999 28,418,804 16,319,351 58,062,009
Additions 321,661 - 3,999,331 1,271,020 5,592,012
Disposals - - (9,417) - (9,417)
Translation
differences (345,612) - (6,002) - (351,614)
As at 31 December
2017 12,564,904 734,999 32,402,716 17,590,371 63,292,990
------------------- ------------------- ------------------- ------------------- ------------
Accumulated
depreciation:
As at 2 July 2017 567,231 733,256 15,796,562 9,567,378 26,664,427
Depreciation charge 79,898 475 1,312,304 560,028 1,952,705
Disposal - - - - -
Translation
differences (6,710) - 4,949 - (1,761)
As at 31 December
2017 640,419 733,731 17,113,815 10,127,406 28,615,371
------------------- ------------------- ------------------- ------------------- ------------
Net book value
------------------- ------------------- ------------------- ------------------- ------------
As at 31 December
2017 11,924,485 1,268 15,288,901 7,462,965 34,677,619
------------------- ------------------- ------------------- ------------------- ------------
26 weeks ended 30
December 2018
Cost:
As at 1 July 2018 12,837,367 734,999 34,890,442 18,895,928 67,358,736
Additions 388,316 - 3,761,655 607,334 4,757,305
Disposals - - (2,701,232) (15,000) (2,716,232)
Translation
differences 410,550 - 42,132 - 452,682
As at 30 December
2018 13,636,233 734,999 35,992,997 19,488,262 69,852,491
------------------- ------------------- ------------------- ------------------- ------------
Accumulated
depreciation:
As at 1 July 2018 724,685 734,206 18,752,462 10,738,608 30,949,961
Depreciation charge 97,867 475 1,714,166 669,567 2,482,075
Disposal - - (2,682,480) (1,625) (2,684,105)
Translation
differences 9,304 - 13,613 - 22,917
------------------- ------------------- ------------------- ------------------- ------------
As at 30 December
2018 831,856 734,681 17,797,761 11,406,550 30,770,848
------------------- ------------------- ------------------- ------------------- ------------
Net book value
------------------- ------------------- ------------------- ------------------- ------------
As at 30 December
2018 12,804,377 318 18,195,236 8,081,712 39,081,643
------------------- ------------------- ------------------- ------------------- ------------
As at 30 December 2018, the net book value of freehold property
includes land of GBP2,941,238 (31 December 2017: GBP2,767,923),
which is not depreciated.
Included above are assets held under finance leases and hire
purchase agreements. As at 30 December 2018, the net book value of
such assets within plant & machinery is GBP nil (31 December
2017: GBP269,690) and within computer software & hardware is
GBP335,067 (31 December 2017: GBP456,106).
6. Trade and other payables
Unaudited Unaudited
26 weeks ended 26 weeks ended
30 December 2018 31 December 2017
GBP GBP
--------------------- ------------------ ------------------
Current
Trade payables 4,091,494 4,554,352
Other payables 3,933,504 2,855,517
Other taxes payable 8,317,253 7,625,446
Accruals 10,803,538 10,773,634
------------------ ------------------
27,145,789 25,808,949
------------------ ------------------
Non-current
Other payables 2,861,683 2,546,523
------------------ ------------------
2,861,683 2,546,523
------------------ ------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR DELFLKLFXBBF
(END) Dow Jones Newswires
February 26, 2019 02:00 ET (07:00 GMT)
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