HYDP Hydro Hotel Eastbourne plc

 
TIDMHYDP; HYDP 
 
HYDRO HOTEL, EASTBOURNE, PLC 
 
PRELIMINARY ANNOUNCEMENT OF THE FINAL RESULTS FOR THE YEAR ENDED 31 OCTOBER 
2018 
 
HIGHLIGHTS 
 
The profit for the financial year after taxation was GBP153,260 (2017 
GBP126,720). Turnover from the Hydro Hotel operation increased during the year 
by 3.8% (2017 increase of 9.9%). Earnings per share were 25.54p compared to 
21.12p for the previous year. 
 
The Company generated cash from operating activities of GBP378,888 (2017 
GBP365,682) and invested GBP173,960 in new fixed assets (2017 GBP365,273). 
During the year the Company paid ordinary dividends of GBP126,000 (2017 
GBP126,000). At the year end the Company had net current assets of GBP858,532 
(2017 GBP815,568). 
 
CHAIRMAN'S STATEMENT 
 
Results for year ended 31 October 2018 
 
I am pleased to report on the company's results for the year ended 31 October 
2018.  Sales for the year totalled GBP3,658,461, an increase of 3.8% on the 
GBP3,524,796 sales for the previous year (2017 9.9% increase). Operating profit 
for the year was GBP185,135 (2017 GBP148,571).  After interest receivable and 
the corporation tax charge, the post-tax profits for the year were GBP153,260 
(2017 GBP126,720).  Taking into account the level of post-tax profits for the 
year and with the company having strong reserves and assets, the Board decided 
to maintain the dividend at 21p per share (2017 21p per share) absorbing 
GBP126,000 (2017 GBP126,000). 
 
Whilst the turnover of the company has increased, the hotel's operating costs 
have been impacted by the cost of acquiring business, with a large number of 
hotel bookings still being made via Online Travel Agencies. The upgrading of 
bedrooms and essential repair work to the fabric of the building has again led 
to an increase in repair costs for the year compared to the previous year. 
However, careful monitoring of food and drink costs and allocation of staff led 
to an increase in the post-tax profits compared to the previous year. 
 
Developments since 31 October 2018 
 
New marketing techniques will continue to be developed during the year to 
encourage direct bookings at the hotel, aided by the new online booking system 
on the company's website, introduced in September 2018. 
 
With the public rooms' refurbishment complete, and the outdoor wedding venue 
and terrace available for use, the Board is pleased to note an increase in the 
number of forward bookings for weddings and other celebrations at the hotel. 
 
The cycle of bedroom refurbishments will continue. 11 bedrooms were updated in 
the 2018 financial year, and a further 12 bedrooms will be refurbished in the 
2019 financial year. 
 
The hotel's fire alarm system will be upgraded during the current accounting 
year and management plan to refurbish the Garden Suite bar area. 
 
Our Staff 
 
I would like to congratulate our General Manager, Jonathan Owen, on an improved 
profit for the hotel, despite ongoing challenges for the hotel and tourism 
industry. 
 
I wish also to record our thanks to our management team and all our staff for 
their dedication to the hotel.  All staff continued to deliver the Hydro's 
renowned quality of service which our customers value so much. 
 
                                         Graeme C King, MA, CA 
 
29 January 2019                          Chairman of the Board 
 
 
 
       STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2018 
 
                                                          2018           2017 
 
                                                          GBP            GBP 
 
Turnover 
 
Continuing operations                                3,658,461      3,524,796 
 
Cost of sales                                        (3,244,833)    (3,177,905) 
 
Gross profit                                         413,628        346,891 
 
Administrative expenses                              (228,493)      (198,320) 
 
Operating profit                                     185,135        148,571 
 
Interest receivable and similar income               8,190          7,866 
 
Profit before taxation                               193,325        156,437 
 
Taxation                                             (40,065)       (29,717) 
 
Profit for the financial year                        GBP 153,260    GBP 126,720 
 
Earnings per share - continuing operations               25.54p         21.12p 
 
 
Earnings per share have been calculated using 600,000 shares, being the 
weighted average number of shares for both years. The company has no potential 
ordinary shares, therefore basic and diluted earnings per share is the same 
figure. 
 
              STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2018 
 
                                                          2018           2017 
 
                                                          GBP            GBP 
 
Fixed assets 
 
Tangible Assets                                      2,620,992      2,634,543 
 
Current assets 
 
Stocks                                               30,438         27,719 
 
Debtors                                              150,087        112,616 
 
Investments                                          200,000        200,568 
 
Cash at bank and in hand                             1,089,507      1,018,326 
 
                                                     1,470,032      1,359,229 
 
Creditors: Amounts falling due within one year       (611,500)      (543,661) 
 
Net current assets                                   858,532        815,568 
 
 
 
 
Total assets less current liabilities                3,479,524      3,450,111 
 
Provisions for liabilities                           (87,175)       (85,022) 
 
Net assets                                           GBP 3,392,349  GBP 3,365,089 
 
Capital and reserves 
 
Ordinary Shares - Authorised and Issued: 
 
600,000 Shares of GPB1.00 each fully paid            600,000        600,000 
 
Revaluation reserve                                  415,488        419,767 
 
Profit and loss reserves                             2,376,861      2,345,322 
 
Total equity                                         GBP 3,392,349  GBP 3,365,089 
 
 
STATUS OF FINANCIAL INFORMATION 
 
The financial information set out above does not constitute statutory accounts 
as defined in section 434 of the Companies Act 2006. This has, however, been 
extracted from the statutory accounts for the year ended 31 October 2018. These 
accounts have not to date been delivered to the Registrar of Companies. The 
Company's auditor, Mazars LLP, has issued an unqualified audit report which 
does not contain a statement under section 498 of the Companies Act 2006 in 
respect of these accounts. 
 
DIVIDEND ANNOUNCEMENT 
 
An interim dividend of 7.0 pence per share (2018 7.0 pence) was paid on 17 
January 2019 to shareholders on the register on 21 December 2018. 
 
The Board have declared a second interim dividend for the year ended 31 October 
2018 of 14.0 pence per share (year ended 31 October 2017 14.0 pence) for 
payment on 2 May 2019 to shareholders on the register on 23 April 2019. The 
directors do not propose the payment of a final dividend. 
 
The Directors of Hydro Hotel, Eastbourne, plc accept responsibility for this 
announcement. 
 
For further information please contact: 
 
Hydro Hotel, Eastbourne, plc               Sally Gausden 
Telephone: (+44)(0) 1323 431200 
 
 
Peterhouse Capital Limited                 Mark Anwyl 
Telephone: (+44)(0) 2074 690930 
 
 
 
END 
 

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