Tasty plc, operator of the DimT, Wildwood and Wildwood Kitchen Restaurants, has issued its Preliminary results for the 52 weeks ended 28 December 2014 showing that the group delivered a strong performance in 2014, with an improvement in operating profit margin, a 46% increase in pre-tax profits, and adding seven outlets.
Highlights
- Revenue up 28% to £29,734,000 (2013 – £23,192,000)
- Gross profit up 26% to £3,527,000 (2013 – £2,806,000)
- Profit before tax up 46% to £2,552,000 (2013 – £1,742,000)
- Seven new Wildwood and Wildwood Kitchen restaurants opened in the year
- Three new restaurants have opened since the year end
- A number of other sites in the pipeline at various stages of completion
Keith Lassman, Chairman’s statement
I am pleased to be reporting on the Group’s profitable results of £2,052,000 (December 2013 – £1,442,000). The results are for the 52 week period ended 28 December 2014 and a comparative of the 52 week period ended 29 December 2013.
Results
Revenue for the year was up 28% on last year to £29,734,000 (2013 – £23,192,000). Operating profit before pre-opening costs and non-trading items was up 34% on last year at £3,090,000 (2013 – £2,301,000 ). Pre-opening costs for the period totalled £360,000 (2013 – £259,000).
The overall statutory pre-tax profit was up by some 46% at £2,552,000 (2013 – £1,742,000).
The Board does not recommend the payment of a dividend at this stage of the Group’s development.
Openings
Seven new Wildwood and Wildwood Kitchen restaurants were opened during the year: Oakham and Salisbury opened in March. Camberley, Nottingham and Ludlow were all opened in August with Bristol and Wantage opening in November and December respectively.
Since the year end a further three sites have been opened and a number of other sites are already in the pipeline, at various stages of completion and negotiation.
Cash flows
Net cash outflow for the period before financing was £1,061,000 (2013 – £1,531,000). This is largely represented by capital expenditure on the expansion of the business through the opening of the above sites. Cash flows from operating activities increased to £5,308,000 (2013 – £3,238,000).
The Company continued to have access to its banking facility of £4,000,000 (£1,000,000 term loan and £3,000,000 revolving facility which remains unused). During the year the Company repaid £250,000 of the term loan. As at 28 December 2014 the balance of the Company’s term loan was £750,000.
Cash and cash equivalents held at the end of the period were £2,044,000 (2013 – £3,407,000).
Review of the business
The Group delivered another strong performance in 2014, with an improvement in operating profit margin and a 46% increase in pre-tax profits.
The Group continued its expansion during the year, adding seven new sites to the estate. The rate of development will accelerate in the medium term. Openings in the coming 12 months will expand the UK geographical footprint of the estate.
At the end of the period the Group operated 36 restaurants. Currently, the Group has 39 restaurants in operation – 6 DimTs, 32 Wildwoods and Wildwood Kitchens and 1 other.
Current Trading
Since the year end trading has been in line with expectations.
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