TIDMSSTY
RNS Number : 9367Z
Safestay PLC
24 September 2020
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR")
24 September 2020
Safestay plc
("Safestay" or "the Company" or "the Group")
Interim Results
For the Six Months to 30 June 2020
Safestay (AIM: SSTY), the owner and operator of an international
brand of contemporary hostels, announces its unaudited interim
results for the six months ended 30 June 2020
Trading Highlights
-- Safestay operates 20 hostels with approximately 4,800 beds across 11 European and 4 UK cities
-- In response to the COVID-19 pandemic, and in line with the
hospitality industry globally, all our hostels closed on 1 April
2020 and a gradual reopening programme began from 26 May 2020
-- As a result occupancy was 55% (based only on hostels while they were open)
-- Total revenues decreased by 58% to GBP3.4 million (2018: GBP8.1 million)
-- Recorded Adjusted EBITDA (post IFRS 16 adjustment) loss of
GBP1.2 million (2019: GBP2.5 million profit)
-- To offset the reduction in income, the Group reduced costs
where practical, taking advantage of government support schemes and
working with landlords to reduce rents
-- In April the Group secured a GBP5 million overdraft facility
with HSBC and as at 16 September 2020 the cash in bank was -GBP1
million
H2 2020 and beyond
-- All hostels re-opened by 28 August, except for London
Kensington Holland Park and Barcelona Gothic
-- On 2 September, the Company received a GBP0.2 million government backed loan in Germany
-- In July and August, the Company has traded at the higher end
of the Board's forecast scenarios
-- On 23 September, the Company agreed with HSBC in principle to
replace the GBP5 million overdraft facility with a GBP5 million
Coronavirus Business Interruption Loan Scheme (CBILS)
Larry Lipman, Chairman of Safestay, said:
"We made a good start to 2020, however, trading was materially
impacted by the Covid-19 pandemic from March onwards. We responded
quickly to protect our financial position and the safety of our
guests and employees. As a result, the business is stable and it is
encouraging to have now reopened nearly all our hostels. While it
is still difficult to predict the pace of our recovery, we are
re-engaging effectively with our customer base and we are confident
that we will in time return our hostel portfolio to pre-Covid-19
occupancy levels."
Safestay plc
Tel: +44 (0) 20 8815 1600
Larry Lipman
Liberum (Nomad & Joint Broker) Tel: +44 (0) 20 3100 2000
Andrew Godber / Edward Thomas / Miquela Bezuidenhoudt
Novella Tel: +44 (0) 20 3151 7008
Tim Robertson / Fergus Young
About Safestay
Safestay (AIM: SSTY) is the owner and operator of an
international brand of contemporary hostels.
For more information visit our:
Website: www.safestay.com
Vox Markets page:
https://www.voxmarkets.co.uk/company/SSTY/news/
Instagram page: www.instagram.com/safestayhostels/
Chairman's statement
Introduction
The trading results for the six months to 30 June 2020 reflect
the challenges which Safestay and more generally the hospitality
industry have had to face as a result of the Covid-19 pandemic. It
is however pleasing to see that the Company had a strong start in
January and February as an underlying reminder of the appeal of our
portfolio before the pandemic took effect. I am also pleased that
we were quick to implement adequate measures to protect our cash
position during the lock down period and successfully executed our
reopening strategy to ensure the safety of our guests and
employees. We are still operating in a very uncertain environment,
but we will work through these challenging times and emerge in a
positive position in 2021. Since the half-year end, we have been
seeing a gradual increase in occupancy across the hostels that have
been open.
Financial review
Due to the closure of the hostels, the Group operated just 45%
of its available bed stock for the first six months of 2020, and
recorded a 58% decrease in revenues to GBP3.4 million (2019: GBP8.1
million) leading to an adjusted EBITDA (post IFRS 16 adjustment)
loss of GBP1.2 million (2019: GBP2.5 million profit).
To mitigate the reduction in revenue, the Company negotiated
rent reductions from landlords and applied for government support
where it was available. Consequently, the Group benefited from
GBP0.4 million of rent relief from March to June and total revenue
includes GBP0.3 million of income received via government support
schemes. In some countries, employees were paid directly by the
government whilst being furloughed, which corresponded to
approximately a further GBP0.3 million saving.
The Group recorded a loss before tax of GBP4.7 million (2019:
loss before tax of GBP0.9 million) which includes GBP0.3 of
exceptional costs in relation to the expansion projects completed
in 2020. This led to a loss per share of 7.30p (2019: -1.40p per
share).
In April 2020, the Company agreed a new GBP5 million overdraft
facility from HSBC. Cash in bank as at 16 September 2020 was
approximately -GBP1 million.
As at 30 June 2020, net asset value per share was 48.2p per
share (2019: 41.8p per share) following the revaluation of the
London Elephant & Castle property in September 2019 to GBP26.8
million, increasing from GBP16 million in 2017.
Operating review
Safestay currently operates 3,937 beds in 18 properties across
11 European and 4 UK cities, with another 900 beds under
development in Paris and Venice where progress has been delayed due
to the Covid-19 pandemic and both sites are now expected to open in
2022. While revenues decreased in the first 6 months of 2020, it is
worth differentiating between the first 2 months of the year and
the last 4 months when the business was impacted by the pandemic.
In January and February, total revenue increased 32% versus the
previous year, with an underlying like for like increase of 15%.
Occupancy was 64%, up from 50% in 2019, for these first two months.
In March, the level of bookings started to fall following the
implementation of travel restrictions and by 1 April all hostels
were closed.
The Group has capitalised on the recent renovations of the
restaurants in Barcelona Passeig de Gracia and Edinburgh to
increase the like for like F&B revenue by 22% in the first 2
months of the year. Thanks to the new hostels opened in 2019 and
early 2020, this segment increased 46% during the same period.
Following the renovation of the Bar in Lisbon in February 2020, and
the addition of the Athens rooftop bar since January 2020, we hope
that we can continue this trend when the business normalises.
In 2019 the Group decided to set aside an annual capex fund to
improve as well as maintain the premium standards of the portfolio.
Some of the works planned in 2020 were completed by the time we
decided to pause the renovation program to protect our cash
position in March 2020. These included the renovation of the
Brussels property for GBP0.3 million which also included its
conversion from a hotel into a 185 bed hostel, and the renovation
of the Glasgow property acquired in October 2019, and its
conversion into a 251 bed hostel. The renovation of the rooms in
the Gothic hostel in Barcelona and the bar and showers in Lisbon,
which both started in December 2019, were also completed in the
first quarter of 2020. Other capex programs have been suspended for
the time being.
Post period end, on average, in July 2020, 30% of the Group's
bed stock was available and 16% of such bed stock was occupied.
This increased respectively to 63% and 22% in August. We are
encouraged that the occupancy levels gradually increased week on
week as more hostels re-opened.
Acquisitions
The Group has added 414 beds in 3 hostels in 2020. The
acquisition of the leasehold of the 132 bed hostel in Athens was
completed in January for GBP1.3 million. Also in January, Safestay
completed the GBP2.4 million acquisition of the 2 leasehold hostels
in Warsaw (158 beds) and Bratislava (124 beds), both acquired from
Dream Management Group Ltd. The 3 leases are capitalised in our
balance sheet under IFRS 16 and have increased the total lease
liability by GBP3.2 million.
Financing
On 13 January 2020, the Group completed the renewal of its debt
facility with HSBC. The GBP17.9 million facility which was agreed
for 5 years in April 2017 for an original amount of GBP18.4
million, was replaced with a new facility of GBP22.9 million for 5
years until 2025. The terms are similar to the previous facility,
with interests of 2.45% + LIBOR and same covenants as before.
It was announced on 14 April 2020 that the Company had agreed a
new GBP5 million overdraft facility, also from HSBC, which together
with the Company's cash reserves, would satisfy the Company's
working capital cash requirements during and after the lock down
period. At the same time, the covenants in the Company's GBP22.9
million debt facility have been waived until 31 December 2020.
On 23 September 2020, the Company agreed with HSBC in principle
to amend the covenant test for the period until 30 September 2021
inclusive. The Debt Service Cover Ratio and the Interest Cover
Ratio were both replaced with a commitment from the Company to
achieve a minimum level of adjusted EBITDA for each quarter from
October 2020 to September 2021.
On 23 September 2020, the Company agreed with HSBC in principle
to replace the existing GBP5 million overdraft facility with a GBP5
million Coronavirus Business Interruption Loan Scheme (CBILS). The
loan has a 6 year maturity. It is interest free in the first year
and 3.9% from the second year.
On 23 June, the Company received a GBP0.3 million government
backed loan in Austria.
As disclosed in the trading update released on 24 August 202,
the Company has produced forecasts under two alternative indicative
scenarios, a base case and a low case. The Company has sufficient
access to capital to support the business under its base case
forecast scenario until March 2021 by which time this scenario
predicts the business will be back to breakeven. That said, this is
an unpredictable period and the Company is evaluating additional
funding options to address the funding shortfall which would occur
by 31 January 2021 under the assumptions contained in its low case
forecast scenario. The Group owns the freeholds of the hostels in
Glasgow, Pisa and York, which could therefore be disposed of,
either in the form of a sale and lease back transaction or a
straight disposal. The Group might also contemplate the early
termination of the leases which are anticipated to generate losses
in the next months, subject to an agreement being reached with the
relevant landlords. The Group could also temporarily close some
hostels during the winter if it is anticipated that the income for
these hostels does not cover the incremental costs of opening the
hostels during this period. The Board is considering a range of
options in relation to the business, including raising equity, but
the Board is mindful of giving all shareholders the opportunity to
participate in any such equity raise.
Outlook
As at today, all properties have re-opened, with the exception
of the London Kensington Holland Park hostel and Barcelona Gothic.
While occupancy levels are still relatively low, the trend is
upwards, and we have the capital in place to support the business
into next year under our most conservative forecast. We are mindful
of the need to keep flexible and adapt to changing market
conditions as they arise. However, in the absence of any
significant changes the underlying trend across our portfolio is
positive based currently on just domestic guests, and hopefully we
can soon welcome foreign travelers back to our hostels.
Larry Lipman
Chairman
24 September 2020
Condensed consolidated statement
of comprehensive income Unaudited Unaudited Audited
6 months 6 months Year to
to 30 June to 30 June 31 December
2020 2019 2019
Note GBP000 GBP000 GBP000
------------ ------------ -------------
Revenue 2 3,412 8,083 18,379
Cost of sales (572) (1,223) (2,875)
Gross profit 2,840 6,860 15,504
Administrative expenses (6,104) (5,972) (12,996)
------------ ------------ -------------
Operating profit / (loss) before
exceptional expenses (3,264) 888 2,508
EBIT
Exceptional expenses (136) (336) (585)
------------ ------------ -------------
Operating profit / (loss) after
exceptional expenses 2 (3,400) 552 1,923
Finance costs (1,327) (1,456) (2,558)
Loss before tax (4,727) (904) (635)
Tax (66) - (325)
------------ ------------ -------------
Total comprehensive loss for
the period attributable to owners
of the parent company (4,793) (904) (960)
============ ============ =============
Condensed consolidated statement
of
financial position Unaudited Unaudited Audited
30 June 30 June 31 December
2020 2019 2019
Note GBP000 GBP000 GBP000
---------- ---------- ------------
Non-current assets
Property, plant and equipment 89,963 66,512 87,366
Intangible assets 1,026 1,244 1,084
Goodwill 15,614 11,378 12,603
Total non-current assets 106,603 79,134 101,053
---------- ---------- ------------
Current assets
Stock 64 44 85
Trade and other receivables 1,185 1,057 1,408
Derivative financial instruments - - -
Cash and cash equivalents (11) 8,305 2,954
Total current assets 1,238 9,406 4,447
---------- ---------- ------------
Total assets 107,841 88,540 105,500
Current liabilities
Borrowings (203) 280 279
Finance lease obligations 3 1,943 2,350 1,648
Trade and other payables 3,324 3,178 2,602
Total current liabilities 5,064 5,808 4,529
---------- ---------- ------------
Non-current liabilities
Borrowings 22,814 17,545 17,399
Finance lease obligations 3 48,492 37,313 46,483
Other payables - - -
Deferred tax 71 105 105
Trade and other payables due in
more than one year 217 720 767
Total non-current liabilities 71,594 55,683 64,754
---------- ---------- ------------
Total liabilities 76,658 61,491 69,283
---------- ---------- ------------
Net assets 31,183 27,049 36,217
---------- ---------- ------------
Equity
Share capital 10 647 647 647
Share premium account 23,904 23,904 23,904
Other components of equity 15,220 6,238 15,461
Retained earnings (8,588) (3,740) (3,795)
---------- ---------- ------------
Total equity attributable to owners
of the parent company 31,183 27,049 36,217
========== ========== ============
Condensed consolidated statement of changes in equity
For the six months to 30 June 2020 (unaudited)
Share Share Other Components Retained earnings Total
capital premium account of Equity GBP000 equity
GBP000 GBP000 GBP000 GBP000
-------- ---------------- ---------------- ----------------- -------
Balance at 1 January
2020 647 23,904 15,461 (3,795) 36,217
Comprehensive income
Loss for the period - - - (4,793) (4,793)
Movement in translation
reserve - - (258) - (258)
Total comprehensive
income - - (258) (4,793) (5,051)
-------- ---------------- ---------------- ----------------- -------
Transactions with owners
Share-based payment
charge for the period - - 17 - 17
-------- ---------------- ---------------- ----------------- -------
Balance at 30 June
2020 647 23,904 15,220 (8,588) 31,183
======== ================ ================ ================= =======
For the six months to 30 June 2019 (unaudited)
Share Share Other Components Retained Total
capital premium account of Equity earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
-------- ---------------- ---------------- --------- -------
Balance at 1 January
2019 647 23,904 6,221 (2,836) 27,936
342 14,504 1,772 (1,056) 19,837
Comprehensive income
Loss for the period - - - (904) (904)
Total comprehensive
income - - - (904) (904)
-------- ---------------- ---------------- --------- -------
Transactions with owners
Share-based payment
charge for the period - - 17 - 17
-------- ---------------- ---------------- --------- -------
Balance at 30 June
2019 647 23,904 6,238 (3,740) 27,049
======== ================ ================ ========= =======
Condensed consolidated statement of changes in equity
For the year ended 31 December 2019 (audited)
Share Share Other Components Retained earnings Total
Capital premium account of Equity GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000
-------- ------------------------------ ---------------- ----------------- ---------
Balance at 1 January
2019 647 23,904 6,221 (2,836) 27,936
-------- ------------------------------ ---------------- ----------------- ---------
Comprehensive income
Loss for the year - - - (960) (960)
Movement in translation
reserve (47) (47)
Total comprehensive loss - - (47) (960) (1,007)
-------- ------------------------------ ---------------- ----------------- ---------
Transactions with owners
Issue of shares - - - 9,705
Share-based payment charge
for the year - - 34 - 34
Revaluation reserve - - 9,253 - 9,253
-------- ------------------------------ ---------------- ----------------- ---------
Balance at 31 December
2019 647 23,904 15,461 (3,795) 36,217
======== ============================== ================ ================= =========
Condensed consolidated statement
of cash flows Unaudited Unaudited Audited
Note 6 months 6 months Year to
to 30 June to 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
------------ ------------ -------------
Operating activities
Cash generated from operations 5 (787) 3,538 5,445
Income tax paid (134) - (217)
------------ ------------ -------------
Net cash generated from operating
activities (921) 3,538 5,228
------------ ------------ -------------
Investing activities
Purchase of property, plant and
equipment (755) (2,774) (1,413)
Purchase of intangible assets (29) (2) (24)
Acquisition of business (3,652) (872) (7,122)
Payment of deferred consideration (498) - (395)
------------ ------------ -------------
Net cash outflow from investing
activities (4,934) (3,648) (8,954)
------------ ------------ -------------
Cash flows from financing activities
Proceeds from borrowings 5,348 - 1,180
Repayment of borrowings - (851) (528)
Proceeds from issue of share capital - 17 -
Fees related to borrowings (255) - -
Amounts paid under finance leases (1,857) (311) (3,242)
Interest paid (346) (299) (589)
2,890 (1,444) (3,179)
------------ ------------ -------------
Cash and cash equivalents at beginning
of period 2,954 9,859 (6,905)
Net increase/(decrease) in cash
and cash equivalents (2,965) (1,554) 9,859
------------ ------------ -------------
Cash and cash equivalents at end
of period (11) 8,305 2,954
============ ============ =============
1. ACCOUNTING POLICIES FOR THE GROUP AND COMPANY FINANCIAL STATEMENTS
Safestay plc is listed on the AIM market of the London Stock
Exchange and is incorporated and domiciled in the UK.
The Group and Company interim financial statements have been
prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union. The financial
statements have also been prepared in accordance with IFRSs adopted
by the European Union and therefore the Group financial statements
comply with Article 4 of the EU IAS regulation.
These condensed interim financial statements have not been
audited, do not include all the information required for full
annual financial statements and should be read in conjunction with
the Group's consolidated annual financial statements for the year
ended 31 December 2019.
The financial statements have been presented in sterling,
prepared under the historical cost convention, except for the
revaluation of freehold properties and certain financial
instruments.
The accounting policies have been applied consistently
throughout all periods presented in these financial statements.
These accounting policies comply with each IFRS that is mandatory
for accounting periods ending on 30 June 2020.
New standards and interpretations effective in the year
The following standards were effective from 1 January 2019:
-- IFRS 3: Business combination - amendment effective 1 January 2020
IFRS 3 establishes different accounting requirements for a
business combination as opposed to the acquisition of an asset or a
group of assets that does not constitute a business. Business
combinations are accounted for by applying the acquisition method,
which, among other things, may give rise to goodwill. In contrast,
when accounting for asset acquisitions, the acquirer allocates the
transaction price to the individual identifiable assets acquired
and liabilities assumed on the basis of their relative fair values
and no goodwill is recognised. Therefore, whether or not an
acquired set of activities and assets is a business, is a key
consideration in determining how the transaction should be
accounted for. The amendments made to the IFRS 3 are set out to
clarify the definition of a business. The amendment also adds an
optional concentration test that allows a simplified assessment of
whether an acquired set of activities and assets is not a
business.
Acquisitions made in the 6 months to June 2020 have been treated
as business combinations under the amended IFRS 3 standard (Note
4)
2. SEGMENTAL ANALYSIS
Unaudited Unaudited Audited
6 months 6 months Year to
to 30 June to 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
------------ ------------ -------------
Hostel accommodation 2,400 6,571 15,115
Food and Beverages sales 404 1,128 2,492
Other income 608 384 772
------------ ------------ -------------
Total Income 3,412 8,083 18,379
------------ ------------ -------------
UN Audited 6 months to 30 UK Spain Rest of Shared TOTAL
june 2020 Europe services
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 1,842 728 842 - 3,412
----------- -------- -------- ---------- --------
Profit/(Loss) before tax (571) (811) (1,613) (1,732) (4,727)
Finance costs 480 244 213 390 1,327
----------- -------- -------- ---------- --------
Operating Profit after exceptional
expenses (91) (567) (1,400) (1,342) (3,400)
Depreciation & Amortisation 734 692 620 26 2,072
Exceptional & Share based payment
expense - - - 136 136
----------- -------- -------- ---------- --------
Adjusted EBITDA 643 125 (780) (1,180) (1,192)
----------- -------- -------- ---------- --------
Rental charges (IFRS 16) - (757) (604) - (1,361)
Adjusted EBITDA (pre-IFRS 16) 643 (632) (1,384) (1,180) (2,553)
----------- -------- -------- ---------- --------
Audited Year to 31 December UK Spain Rest of Shared TOTAL
2019 Europe services
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 9,401 4,909 4,069 - 18,379
----------- -------- -------- ---------- --------
Profit/(Loss) before tax 3,347 (387) 498 (4,093) (635)
Finance costs 338 681 308 1,231 2,558
----------- -------- -------- ---------- --------
Operating Profit after exceptional
expenses 3,685 294 806 (2,862) 1,923
Depreciation & Amortisation 1,265 1,555 692 - 3,512
Exceptional & Share based payment
expense - - - 619 619
----------- -------- -------- ---------- --------
Adjusted EBITDA 4,950 1,849 1,498 (2,243) 6,054
----------- -------- -------- ---------- --------
Rental charges (IFRS 16) - (1,504) (744) - (2,248)
Adjusted EBITDA (pre-IFRS 16) 4,950 345 754 (2,243) 3,806
----------- -------- -------- ---------- --------
3. LEASES
Lease liabilities are presented in the statement of financial
position as follows:
Unaudited Unaudited Audited
30 June 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
-------------------------- ----------------------- ---------------------------
Current 1,943 2,350 1,648
Non-current 48,492 37,313 46,483
Total 50,435 39,663 48,131
========================== ======================= ===========================
The Group has leases for hostels across Europe. With the exception
of short-term leases and leases of low-value underlying assets,
each lease is reflected on the balance sheet as an asset and
a lease liability. With the adoption of IFRS16, operating leases
under IAS17 are now categorised as a right-of-use asset. The
Group continues to classify its finance leases as a lease liability
and a leasehold land and buildings asset. The Group classifies
its right-of-use assets in a consistent manner to its property,
plant and equipment.
For leases classified as right-of-use assets, each lease generally
imposes a restriction that, unless there is a contractual right
for the Group to sublet the asset to another party, the right-of-use
asset can only be used by the Group. Leases are either non-cancellable
or may only be cancelled by incurring a substantive termination
fee. Some leases contain an option to extend the lease for
a further term. The Group is prohibited from selling or pledging
the underlying leased assets as security. The Group must keep
those properties in a good state of repair and return the properties
in their original condition at the end of the lease. Further,
the Group must insure items of property, plant and equipment
and incur maintenance fees on such items in accordance with
the lease contracts.
The table below describes the nature of the Group's leasing
activities by the type of right-of-use asset recognised on
the balance sheet:
Right-of-use No of Range Average No of No of No of No of
asset right-of-use of remaining leases leases leases leases
assets remaining lease with with with with
leased term term extension options variable termination
options to payments options
purchase linked
to an
index
Hostel
buildings
- Operating 7 -
leases 15 20 years 13 years 8 0 9 0
------------- ---------- ---------- ---------- --------- ---------
Hostel
buildings 50 -
- Long 150
leases 3 years 113 years 0 2 3 0
-------------- ------------- ---------- ---------- ---------- --------- --------- ------------
The lease liabilities are secured by the related underlying
assets. Future minimum lease payments
at 30 June 2020 were as follows:
Minimum lease payments due
Within 1 - 2 2 - 3 3 - 4 4 - 5 After Total
1 year years years years years 5 years
-------- -------- -------- -------- -------- --------- -------
Lease payments 3,789 3,797 3,798 3,798 3,757 65,069 84,009
Finance charges (1,846) (1,780) (1,712) (1,643) (1,569) (25,024) 33,573
Net present
values 1,943 2,017 2,086 2,156 2,188 40,046 50,435
The group has elected not to recognise a lease liability for
short term leases (leases with an expected term of 12 months or
less) or for leases of low value assets.
4. ACQUISITIONS
The Group added 3 hostels. Athens was completed in January for
GBP1.3 million. Also in January, Safestay acquired 2 leasehold
hostels from Dream Management Group Ltd in Warsaw and Bratislava
for GBP2.4 million. The 3 leases are capitalised in our balance
sheet under IFRS 16 and have increased the total lease liability by
GBP3.2 million.
The provisional fair values of assets and liabilities
acquired:
Athens Bratislava Warsaw Unaudited Unaudited30
30 June June 2019
2020
---------- ----------- -------------- ---------- ------------
Number of sites purchased 3 1
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Provisional fair value
Property, plant &
equipment 88 20 521 629 2,130
Right of use assets 1,978 514 731 3,223 -
Intangible assets - - - - -
Current assets 1 1 51 53 -
Cash - 29 63 92 85
Debt - - - - -
Deferred revenue, trade
& Other payables (9) (2) (67) (78) (33)
Lease Liabilities 1,978 514 731 3,223
Deferred tax - - - - -
Goodwill 1,224 1,126 606 2,956 790
Consideration
Net cash paid on acquisition 1,304 1,174 1,174 3,652 2,972
Deferred payments - - - - -
---------- ----------- -------------- ---------- ------------
Total Consideration 1,304 1,174 1,174 3,652 2,972
---------- ----------- -------------- ---------- ------------
5. NOTES TO THE CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months Year to
to 30 June to 30 June 31 December
2020 2019 2019
GBP000 GBP000 GBP000
------------ ------------ -------------
Loss before tax (4,727) (904) (635)
Adjustments for:
Depreciation of property, plant and
equipment and 2,072 1,614 3,512
amortisation of intangible assets
Finance costs 1,327 1,456 2,440
Loss on disposal of fixed assets - - -
Share-based payments 17 17 34
Exchange movements (303) (67) (2)
Changes in working capital
Decrease/(Increase) in inventory 23 - (39)
(Increase)/Decrease in trade receivables 222 144 (170)
Increase/(Decrease) in trade and other
payables 582 1,278 305
------------ ------------ -------------
Cash generated from operating activities (787) 3,538 5,445
------------ ------------ -------------
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