TIDMHYDP
12 July 2023
Hydro Hotel, Eastbourne, Plc
("Hydro Hotel" or the "Company")
Interim Results for the Half Year ended 30 April 2023
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2023
I am pleased to report on the company's results for the six months to 30 April
2023. The total turnover for the six month period to 30 April 2023 was
£1,799,816 compared to £1,822,411 for the same period the previous year, a
decrease of 1% (compared to an increase in the six months to 30 April 2022 of
882%).
The gross profit percentage for the period was 3% lower than in the six months
to 30 April 2022 and staff costs (excluding grants received for the Coronavirus
Job Retention Scheme) increased by 3% compared to the figure for the period to
30 April 2022 (73% increase in the half year to 30 April 2022).
Overheads increased by 17% (77% increase in the half year ended 30 April 2022).
Essential repair work to the fabric of the building was undertaken during the
six months to 30 April 2023, with only routine maintenance carried out during
the period to 30 April 2022. Consequently, there was an increase in repair costs
of £83,847 for this period compared to the same period in the previous year,
contributing to the increase in overhead expenses. This in turn has led to a
loss for the half year to 30 April 2023 of £171,469 compared to a profit of
£22,277 for the half year to 30 April 2022.
The updating of the décor and furniture of the Crystal Restaurant continued
during the period, together with the refurbishment of some bedrooms and public
areas. New solar panels were installed on the hotel roof, to save energy costs
and in keeping with the company's green policy.
The Board and the management of the company continue to monitor cash resources
and have paid the dividend of £138,000 declared on 19 January 2023. No further
dividends were declared in the period.
The Board wishes to express its thanks to the management and staff of the hotel
for their co-operation and efforts during the period. The Hydro team look
forward to welcoming new and returning guests in this our 128th year of
operation.
Yours sincerely,
Graeme C King, MA, CA
11 July 2023
STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 30 APRIL 2023
Half year to Half year to Year ended
30 April 2023 30 April 2022 31 October 2022
(Unaudited) (Unaudited) (Audited)
£ £ £
TURNOVER 1,799,816 1,822,411 4,402,288
OPERATING (LOSS)/PROFIT (192,313) 17,580 429,300
INTEREST RECEIVABLE 20,844 4,697 15,911
(LOSS)/PROFIT BEFORE TAXATION (171,469) 22,277 445,211
TAXATION - - (108,511)
(LOSS)/PROFIT FOR PERIOD £(171,469) £22,277 £336,700
(Loss)/Earnings per share (28.58)p 3.71p 56.12p
STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2023
30 April 2023 30 April 2022 31 October 2022
(Unaudited) (Unaudited) (Audited)
£ £ £
FIXED ASSETS
Tangible Assets 2,565,055 2,504,821 2,456,700
CURRENT ASSETS
Stocks 40,321 40,200 36,645
Debtors 156,803 124,131 214,131
Investments - 3 month 459,798 451,946 453,924
notice deposit
accounts
Cash at bank and in 1,146,320 1,353,406 1,585,647
hand
1,803,242 1,969,683 2,290,347
CREDITORS
Amounts falling due (761,721) (817,611) (831,002)
within one year
NET CURRENT ASSETS 1,041,521 1,152,072 1,459,345
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,606,576 3,656,893 3,916,045
PROVISION FOR (123,109) (94,380) (123,109)
LIABILITIES
NET ASSETS £3,483,467 £3,562,513 £3,792,936
CAPITAL AND RESERVES
Called up share 600,000 600,000 600,000
capital
Revaluation reserve 398,372 402,651 398,372
Profit and loss 2,485,095 2,559,862 2,794,564
reserves
£3,483,467 £3,562,513 £3,792,936
STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 APRIL 2023
Half year to Half year to Year ended
30 April 2023 30 April 2022 31 October 2022
(Unaudited) (Unaudited) (Audited)
£ £ £
NET CASH (USED IN)/INFLOW FROM (133,517) 238,289 597,959
OPERATING ACTIVITIES (Note 1)
NET CASH (USED IN) INVESTING (167,810) (93,236) (136,665)
ACTIVITIES (Note 2)
FINANCING ACTIVITIES
Dividends paid (138,000) (120,000) (204,000)
NET (DECREASE)/INCREASE IN CASH AND (439,327) 25,053 257,294
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE 1,585,647 1,328,353 1,328,353
BEGINNING OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE £1,146,320 £1,353,406 £1,585,647
END OF THE PERIOD
RELATING TO:
Cash at bank and in hand £1,146,320 £1,353,406 £1,585,647
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 APRIL 2023
Half year Half year to Year ended
to
30 April 30 April 2022 31 October 2022
2023
(Unaudited) (Unaudited) (Audited)
£ £ £
Note 1
CASH FLOWS FROM
OPERATING
ACTIVITIES
(Loss)/profit after (171,469) 22,277 336,700
tax
Adjustments for:
Taxation - - 108,511
Depreciation 95,450 92,102 192,714
Loss/(gain) on 3,625 289 463
disposal of fixed
assets
Interest receivable (20,844) (4,697) (15,911)
OPERATING CASH FLOW (93,238) 109,971 622,477
BEFORE
WORKING CAPITAL
CHANGES
MOVEMENTS IN
WORKING CAPITAL
(Increase)/decrease (3,676) (3,543) 12
in stocks
Decrease/(increase) 57,328 (8,459) (98,459)
in debtors
(Decrease)/increase (93,931) 140,320 183,783
in creditors
Income taxes paid - - (109,854)
NET CASH (USED £(133,517) £238,289 £597,959
IN)/GENERATED FROM
OPERATING
ACTIVITIES
Note 2
INVESTING
ACTIVITIES
Purchase of (182,780) (97,001) (149,666)
tangible fixed
assets
Interest received 20,844 4,697 15,911
Payment for other (5,874) (932) (2,910)
investments
NET CASH FLOW (USED £(167,810) £(93,236) £(136,665)
IN) INVESTING
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
2022.
2 The earnings per share are based on a loss of £171,469 (2022 profit of
£22,277) being the loss on ordinary activities after taxation.
3 The movement in retained Profit and Loss Reserves from £2,794,564 at 31
October 2022 to £2,485,095 at 30 April 2023 includes the loss for the
period and dividends paid of £138,000 (2022: £120,000 paid in the period
and £Nil accrued).
4 All dividends in 2023 were paid in the period and no accrual is included in
creditors, amounts falling due within one year as at 30 April 2023 (2022:
£120,000 dividends paid and no accrual included in creditors, amounts
falling due within one year as at 30 April 2022).
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 2023,
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 2022, 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, UHY Hacker Young LLP, has not reviewed these
unaudited interim accounts.
Enquiries:
Hydro Hotel, Eastbourne, Plc Telephone: +44 1323 431 200
Sally Gausden
Company Secretary
Peterhouse Capital Limited Telephone: +44 20 7469 0930
AQSE Corporate Adviser
Mark Anwyl
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as
defined in the European Union (Withdrawal) Act 2018).
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/hydro-hotel-eastbourne-plc/r/interim-results-for-the-half-year-ended-30-april-2023,c3804058
END
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