TIDMHYDP; HYDP
12 July 2018
Hydro Hotel, Eastbourne, Plc
("Hydro Hotel" or the "Company")
Interim Results for the Half Year ended 30 April 2018
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2018
I am pleased to report on the company's results for the six months to 30 April
2018. The total turnover for the six month period to 30 April 2018 was GBP
1,514,627 compared to GBP1,519,004 for the same period the previous year, a
reduction of 0.29% (compared to an increase in the six months to 30 April 2017
of 14.62%).
The gross profit percentage for the period was 1.55% higher than in the six
months to 30 April 2017 and staff costs reduced by 2.7% compared to the figure
for the period to 30 April 2017 (17.10% increase in the half year to 30 April
2017).
Overheads increased by 14.32% (18.05% increase in the half year ended 30 April
2017). As discussed at the AGM, essential repair work to the fabric of the
building has been undertaken during the six months to 30 April 2018. These
necessary repair costs have contributed to an increase in repair and
maintenance costs of GBP53,918 in the six month period to 30 April 2018 compared
to the same period the previous year, contributing to the increase in overhead
expenses. There is an increase in the loss for the half year to 30 April 2018
to GBP199,834 compared to GBP152,741 for the half year to 30 April 2017.
The bedroom refurbishment programme continued (29 rooms refurbished in both the
period ended 30 April 2018 and 30 April 2017) and there has been significant
capital investment in the gardens to further improve the offering for our
guests.
The management team continue to explore new methods of promoting and marketing
the enhanced facilities at our 4* status hotel.
Yours sincerely,
Graeme C King, MA, CA
11 July 2018
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEARED 30 APRIL 2018
Half year to Half year to Year ended
30 April 2018 30 April 2017 31 October 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
TURNOVER 1,514,627 1,519,004 3,524,796
OPERATING (LOSS)/PROFIT (203,817) (156,789) 148,571
INTEREST RECEIVABLE 3,983 4,048 7,866
(LOSS)/PROFIT BEFORE TAXATION (199,834) (152,741) 156,437
TAXATION - - (29,717)
(LOSS)/PROFIT FOR PERIOD GBP(199,834) GBP(152,741) GBP126,720
(Loss)/Earnings per share (33.31)p (25.46)p 21.12p
STATEMENT OF FINANCIAL POSITION
AT 30 APRIL 2018
30 April 30 April 31 October 2017
2018 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
FIXED ASSETS
Tangible Assets 2,707,485 2,628,907 2,634,543
CURRENT ASSETS
Stocks 32,883 37,312 27,719
Debtors 112,685 126,184 112,616
Investment - 6 month notice deposit 200,000 200,000 200,568
account
Cash at bank and in hand 634,892 779,955 1,018,326
980,460 1,143,451 1,359,229
CREDITORS
Amounts falling due within one year (563,668) (614,919) (543,661)
NET CURRENT ASSETS 416,792 528,532 815,568
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,124,277 3,157,439 3,450,111
PROVISION FOR LIABILITIES (85,022) (71,811) (85,022)
NET ASSETS GBP3,039,255 GBP3,085,628 GBP3,365,089
CAPITAL AND RESERVES
Called up share capital 600,000 600,000 600,000
Revaluation reserve 419,767 424,046 419,767
Profit and loss reserves 2,019,488 2,061,582 2,345,322
GBP3,039,255 GBP3,085,628 GBP3,365,089
STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 APRIL 2018
Half year to Half year to Year ended
30 April 2018 30 April 31 October 2017
2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
NET CASH (USED IN)/INFLOW FROM OPERATING ACTIVITIES (187,991) (157,760) 310,013
(Note 1)
NET CASH GENERATED (USED IN) INVESTING ACTIVITIES (153,443) (411,929) (557,331)
(Note 2)
FINANCING ACTIVITIES
Dividends paid (42,000) (42,000) (126,000)
NET (DECREASE) IN CASH AND CASH
EQUIVALENTS (383,434) (611,689) (373,318)
CASH AND CASH EQUIVALENTS AT THE BEGINNING 1,018,326 1,391,644 1,391,644
OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE OF GBP634,892 GBP779,955 GBP1,018,326
THE PERIOD
RELATING TO:
Cash at bank and in hand GBP634,892 GBP779,955 GBP1,018,326
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE HALF YEARED 30 APRIL 2018
Half year to Half year to Year ended
30 April 2018 30 April 2017 31 October 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Note 1
CASH FLOWS FROM OPERATING
ACTIVITIES
(Loss)/profit after tax (199,834) (152,741) 126,720
Adjustments for:
Taxation - - 29,717
Depreciation 91,392 86,794 182,298
Loss on disposal of fixed assets 3,574 7,679 7,035
Interest receivable (3,983) (4,048) (7,866)
OPERATING CASH FLOW BEFORE WORKING CAPITAL (108,851) (62,316) 337,904
CHANGES
MOVEMENTS IN WORKING CAPITAL
(Increase)/decrease in stocks (5,164) (3,449) 6,144
(Increase)/decrease in debtors (69) 12,437 26,005
(Decrease) in creditors (73,907) (104,432) (4,371)
Income taxes paid - - (55,669)
NET CASH (USED IN)/GENERATED FROM OPERATING GBP(187,991) GBP(157,760) GBP310,013
ACTIVITIES
Note 2
INVESTING ACTIVITIES
Purchases of tangible fixed assets (157,994) (215,977) (365,273)
Proceeds on disposal of tangible fixed - - 644
assets
Interest received 3,983 4,048 7,866
Proceeds from/(payment for) other 568 (200,000) (200,568)
investments
NET CASH FLOW (USED IN) INVESTING GBP(153,443) GBP(411,929) GBP(557,331)
ACTIVITIES
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 2017.
2 The earnings per share are based on a loss of GBP199,834 (2017 loss GBP152,741)
being the loss on ordinary activities after taxation.
3 The movement in retained Profit and loss Reserves and Revaluation Reserves
from GBP2,765,089 at 31 October 2017 to GBP2,439,255 at 30 April 2018 includes
the loss for the period and dividends of GBP126,000 (GBP42,000 paid in the
period and GBP84,000 accrued).
4 Creditors, amounts falling due within one year, include a dividend for the
year ended 31 October 2017 declared by the directors and paid on 3 May 2018
at the rate of 14p per share of GBP84,000 (2017 14p per share GBP84,000).
5 A copy of the interim report and accounts and the Chairman's statement
thereto, which were approved by the Board of Directors on 11 July 2018, 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 2017, 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, Mazars LLP, has not reviewed these unaudited interim
accounts.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.
END
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