TIDMPIER
RNS Number : 9005D
Brighton Pier Group PLC (The)
02 November 2020
The Brighton Pier Group PLC
(the "Group")
Final results for the 52 weeks to 28 June 2020
2 November 2020
The Brighton Pier Group PLC (the Group) owns and trades Brighton
Palace Pier, as well as eight indoor mini golf sites and twelve
premium bars nationwide including.
These trading results for the 52 weeks ended 28 June 2020 (2019:
52 weeks ended 30 June 2019), a period which, since Spring 2020,
has been defined by the COVID-19 pandemic.
On 20 March 2020, the UK Government instructed all hospitality
and leisure venues to close. This resulted in the complete closure
of the Group's bars and golf venues, as well as Brighton Palace
Pier itself. All venues remained closed as at 28 June 2020. The
Pier, along with those Golf sites situated in England and 2 of the
Group's sites in the Bars division reopened on 4 July 2020, after
the period end.
The prolonged closures have resulted in impairments to goodwill,
property, plant and equipment and right-of-use assets totalling
GBP8.1m. Of this, GBP7.2m relates to the Bars division, much of
which remains unable to trade.
Financial results 52 weeks ended 52 weeks ended
28 June 2020 30 June 2019
GBPm GBPm
(unless otherwise (unless otherwise
stated) stated)
Revenue 22.6 32.0
Group EBITDA before highlighted
items 2.5 5.3
Group EBITDA after highlighted
items 2.5 4.8
(Loss)/profit before taxation
and highlighted items (2.1) 3.2
(Loss)/profit before taxation
after highlighted items (10.2) 2.7
Adjusted (loss)/earnings per
share - basic (5.3)p 7.3p
Adjusted (loss)/earnings per
share - diluted (5.3)p 7.3p
(Loss)/profit after tax and
highlighted items (9.5) 2.2
(Loss)/earnings per share
- basic (25.5) 6.1p
(Loss)/earnings per share
- diluted (25.5) 6.1p
Note that the comparative period figures do not include the
impact of the adoption of IFRS 16.
Commenting on the results, Anne Ackord, Chief Executive Officer,
said:
"The COVID-19 pandemic has presented an unprecedented challenge
to our business. The closures during Spring 2020 came during what
would normally be a key trading period, spanning both the Easter
break in April and two May Bank Holiday weekends. Whilst the lost
trade is disappointing, I'm proud of the way in which our team has
responded to ensure the Group remains in a strong financial
position in such uncertain times. Thanks to their efforts, the
Group is well placed to resume normal trading at the earliest
opportunity."
All Group announcements and news can be found on
www.brightonpiergroup.com.
Enquiries:
The Brighton Pier Group Tel: 020 7376 6300
Luke Johnson, Chairman Tel: 020 7016 0700
Anne Ackord, Chief Executive Officer Tel: 01273 609361
John Smith, Chief Financial Officer Tel: 020 7376 6300
Panmure Gordon (UK) Limited (Nominated Adviser Tel: 020 7886 2500
and Joint Broker)
Corporate Finance
Atholl Tweedie
Corporate Broking
Charles Leigh-Pemberton
Arden Partners plc (Joint Broker) Tel: 020 7614 5900
Corporate Finance
John Llewellyn-Lloyd / Benjamin Cryer
Investor Relations
Sarah-Jane Woodcock / Charlotte Ridler
Chairman's statement
This financial year has been marked by a first half where we saw
improved trading results across almost all metrics and a second
half blighted by the worldwide pandemic. No country or company has
been spared the challenges which COVID-19 brings to the well-being
of all its citizens or employees. From a corporate perspective the
virus has presented massive financial and operational challenges to
the tourist, travel, leisure and hospitality sectors in
particular.
The first half of the year saw revenues up 4.8% at GBP17.3
million (2019: GBP16.5 million), earnings before interest, tax,
depreciation and amortisation ("EBITDA") after highlighted items up
55.1% at GBP4.1 million (2019: GBP2.6 million), EBITDA after
highlighted items pre IFRS 16 up 9.6% at GBP2.9 million (2019:
GBP2.6 million) and operating profit after highlighted items up
42.2% at GBP2.4 million (2019: GBP1.7 million). See Note 6 to the
financial statements for a reconciliation of profit before tax to
EBITDA before and after highlighted items and the impact of IFRS
16.
This strong performance benefited from the successful new golf
site openings at Rushden Lakes in March 2019 and Plymouth Drake's
Circus in October 2019, as well as the refurbished Putney 'Le Fez'
in the Bars division which opened in November 2018. The pier
continued to benefit from the redevelopment of the Palm Court
Restaurant and Horatio's Bar, boosting conference and events
bookings as well as the launch of the new 'Sunset Bar'. These
investments have resulted in trading ahead of our expectations
during the first half of the year.
We were required by Government to shut all our premises on 20
March when the national lockdown was announced. The devasting
impact of the lockdown required management to move quickly,
focussing on safely securing and closing down our venues, taking
advantage of all Government support packages including the staff
furlough scheme, significantly mitigating costs, preserving cash
and .negotiating extended facilities with our bank until trading
could resume. I am grateful to all our staff at every level of the
business who agreed to take pay cuts during the closures. We are
also grateful to our many suppliers, landlords and our bank, for
agreeing to standstill arrangements, reductions in rent and
extensions to credit facilities.
The closures have significantly impacted our full-year results
with revenue down 29.4% at GBP22.6 million (2019: GBP32.0 million),
EBITDA after highlighted items at GBP2.5 million (2019: GBP4.8
million), EBITDA after highlighted items pre-IFRS 16 at GBP0.2
million (2019: GBP4.8 million) and operating loss before
highlighted items at GBP(2.1) million (2019: operating profit of
GBP3.2 million).
I am pleased to be able to report that Brighton Palace Pier,
along with six of our eight golf sites and two of our twelve bars,
reopened on 4 July, followed by the remaining two golf sites and
soft play on the pier, which reopened on 24 August. Extensive
measures have been put in place at all our locations to ensure that
social distancing complies with the Government's COVID-19
guidelines. Considerable uncertainty remains surrounding the issue
of how and when the Group will be able to reopen the ten bar sites
that remain closed. Most of the late-night venues, including those
that dominate the Group's Bars division, have not been permitted to
reopen, other than two exceptions with food-led operations:
'Lowlander' (in central London) and the outside terrace at
'Coalition' (in Brighton).
This uncertainty has led to significant write-downs of GBP7.2
million in the carrying value of the Bars division and GBP0.9
million in the carrying value of the Golf division
Continuing lockdowns and trade restrictions mean our results for
the current financial year ending 27 June 2021 will be materially
impacted.
Group trading for the period from 4 July to the end of September
has been better than the Board expected. Like-for-like sales
(excluding closed sites) for the Group as a whole were at 81%
compared to the same 13 weeks last year. The pier has traded at
83%, the Golf division at 87% and the Bars at 65% compared to the
same 13 weeks last year. This trading was ahead of the Group's
expectations at the time of the reopening.
It is profoundly disappointing to me that the government
continues with its failing strategy of lockdowns. The collateral
damage from these restrictions and the fear being promoted by the
authorities are having a catastrophic impact on our way of life.
The loss of jobs, toll on mental health, harm to education, the
national finances and treatment of other illnesses will cause
vastly more hardship than the virus itself.
I believe that the government and their scientific advisors at
SAGE need to change course and focus on protection of the
vulnerable, while allowing the majority of the population - who are
at low risk from the virus - to resume their normal lives and work,
so the country can fund the NHS. Otherwise we are doomed to a never
ending cycle of destructive and pointless lockdowns, mass
unemployment, suicides, bankruptcies, evictions and economic,
cultural and social ruin.
Directorate
There have been no changes in the Board during this financial
period.
Dividend
The Board does not propose to pay any dividend in respect of the
2019 financial year.
Luke Johnson
Chairman 2 November 2020
Our business model
The Brighton Pier Group PLC (the 'Group') owns and trades
Brighton Palace Pier, as well as twelve premium bars nationwide and
eight indoor mini golf sites.
The Group operates as three separate divisions under the
leadership of Anne Ackord, the Group's Chief Executive Officer.
Brighton Palace Pier offers a wide range of attractions
including two arcades (with over 300 machines) and eighteen funfair
rides, together with a variety of on-site hospitality and catering
facilities. The attractions, product offering and layout of the
pier are focused on creating a family-friendly atmosphere that aims
to draw a wide demographic of visitors. The pier is free to enter,
with revenue generated from the pay-as-you-go purchase of products
from the fairground rides, arcades, hospitality facilities and
retail catering kiosks. According to Visit Britain, it is the fifth
most popular free attraction in the UK, with 4.9 million visitors
in 2019, making it the UK's most visited free attraction outside of
London.
The bars trade under a variety of concepts including 'Embargo
Republica', 'Lola Lo', 'Po Na Na', 'Le Fez', 'Lowlander', 'Smash'
and 'Coalition'. The Group's Bars division predominantly targets a
customer base of sophisticated students midweek and stylish
over-21s and professionals at the weekend. This division focuses on
delivering added value to its customers through premium product
ranges, high quality music and entertainment, as well as a
commitment to exceptional service standards. The Bars estate is
nationwide, incorporating key university cities and towns that
provide a vibrant night-time economy and the demographics to
support premium bars.
The Golf division (Paradise Island Adventure Golf) operates
eight indoor mini-golf sites at high footfall retail and leisure
centres. The business capitalises on the increasing convergence
between retail and leisure, offering an accessible and traditional
activity for the whole family. The first unit was opened in
Glasgow, after which followed Manchester, Sheffield, Livingston,
Cheshire Oaks, Derby, Rushden Lakes (opened in March 2019) and
Plymouth Drake's Circus (opened in October 2019). Each site offers
two unique 18-hole mini-golf courses.
Chief Executive Officer's report
This business review covers the trading results for the 52 weeks
ended 28 June 2020 (2019: 52 weeks ended 30 June 2019), a period
which, since Spring 2020, has been defined by the COVID-19
pandemic.
On 20 March 2020, the UK Government instructed all hospitality
and leisure venues to close. This resulted in the complete closure
of the Group's bars and golf venues, as well as Brighton Palace
Pier itself.
These closures materially impacted the Group's results during
the second half of the 52-week period ending 28 June 2020. As a
result, this commentary consists of two distinct sections:
-- the first section provides a detailed commentary of the
business performance for the full 52-week period to 28 June 2020,
i.e. including the impact of COVID-19. This section provides detail
about the financial impact of the mandatory closure during the last
three months of this accounting period and the steps that the Group
has taken to significantly reduce costs, preserve cash, protect
staff and prepare for reopening, and
-- the second section provides a detailed commentary of the
business performance for the first half year of trading (26 weeks
to the 29 December 2019) during which time the Group was able to
trade normally.
Adoption of IFRS 16
On 1 July 2019, the Group adopted the new accounting standard,
IFRS 16 Leases.
The new standard replaces IAS 17 Leases and fundamentally alters
the classification and measurement of operating leases for lessees,
removing the distinction between operating and finance leases.
The Group adopted IFRS 16 on a modified retrospective basis,
meaning comparative period information has not been restated, as
permitted under the specific transitional provisions in the
standard. The reclassifications and adjustments arising from the
new leasing rules are therefore recognised in the opening
consolidated balance sheet on 1 July 2019.
In order to give a better understanding of the changes resulting
from this new standard, Note 7 gives a detailed reconciliation of
the changes to the opening consolidated balance sheet.
Full-year results for the 52 weeks to 28 June 2020 (post the
outbreak of COVID-19)
On 20 March 2020, the Government ordered all pubs, restaurants,
gyms and other social venues across the country to close their
doors. Prior to the closure, news of the progress of the virus, had
alarmed many customers impacting levels of trade from February 2020
onwards.
With all divisions closed, the senior management team responded
immediately to these unprecedented circumstances with a four-point
strategy, to:
-- safely secure and close down all our venues during the lockdown;
-- take advantage of all available Government support packages
including the staff furlough scheme;
-- significantly mitigate costs and preserve cash until the resumption of trading, and
-- negotiate extended facilities with our bank.
All full and part-time staff working in the businesses (and in
respect of whom a payroll submission had been made to HMRC on or
before 19 March 2020) were retained. By 1 April 2020, of the 500
staff employed across the Group, 485 were furloughed using the
Government's 'Coronavirus Job Retention Scheme'; and 15 remained
active. Those who remained active included essential maintenance
and security teams on the pier, together with senior management
across the Group's three divisions.
In addition, all management and staff agreed to take pay cuts
for the duration of the closures. These measures significantly
reduced the net cash cost of the Group's payroll during the closure
period, whilst enabling the Group to protect its workforce.
Other mitigations included:
-- utilising the Government's 12-month business rates holiday scheme across the Group's venues;
-- deferral of the March 2020 quarterly VAT payment to March
2021 using the Government's VAT deferral scheme;
-- support from landlords to reduce the cash impact of rent
costs over the next two to three years;
-- support from suppliers with whom standstill arrangements were
agreed, reducing controllable costs during the closure period to
minimal amounts;
-- reduced capex spending to only essential capital repairs, and
-- support from creditors, who extended credit terms for amounts
outstanding at the date the Group's venues closed.
The Group has also lodged claims with its insurers for business
interruption losses arising from mandatory closure of the Group's
venues. The Financial Conduct Authority (FCA), who regulate the
insurance industry, recently took a test case by selecting a range
of standard policies from across the insurance industry and testing
them in the High Court. The judgment has concluded that generally,
the Marsh Resilience policy, which was maintained by the Group for
the Bars and Golf divisions at the time that closures commenced, is
capable of responding to COVID-19 business interruption claims. The
insurers who underwrote the Marsh Resilience policy are now
considering whether to appeal this judgment. As a result currently
the amount of any claim remains uncertain.
The Group obtained two new Coronavirus Business Interruption
Loans (CBILS) of GBP5 million in aggregate, from its principal
bank, Barclays. All the interest for the first year and set-up fees
on both loans are met by the Government. These facilities are made
up of:
-- CBILS 1 - GBP1.8 million term loan, no repayments in the
first year, quarterly repayments thereafter of GBP450,000 with the
facility ending in June 2022;
-- CBILS 2 - GBP3.2 million term loan, no repayments in the
first year, quarterly repayments thereafter of GBP457,000 with the
facility ending in March 2023.
The Group has also revised its other facilities as follows:
-- existing term loan's bi-annual repayments of GBP742,500, due
in July and October 2020 have been cancelled and subsequent
bi-annual payments thereafter reduced to GBP242,500, to the expiry
of the loan in December 2022;
-- existing Revolving Credit Facility (RCF) of GBP1,750,000
extended to July 2022, thereafter, falling to GBP1,000,000 to
December 2022;
-- current covenant testing suspended to December 2021, and
-- introduction of a minimum liquidity test of GBP1,750,000 -
this test looks at cash-in-hand, plus any undrawn facility
available on the RCF.
The impact of the closures has been significant, with the Group
reporting a loss before tax and highlighted items for the 52-week
period of GBP(2.1) million (2019: profit of GBP3.2 million).
Total Group revenue for the 52-week period was GBP22.6 million
(2019: GBP32.0 million), down GBP9.4 million. This equated to 25%
down on the prior period reflecting the loss of three months'
trading due to the mandatory closure of the entire business,
including Easter and the early summer, which are usually such
important trading periods for the Pier.
Revenue by division for the 52 weeks was;
-- Pier division revenue GBP9.5 million (2019: GBP14.7
million)
-- Bars division revenue GBP8.9 million (2019: GBP12.8
million)
-- Golf division revenue GBP4.3 million (2019: GBP4.5
million)
Highlighted cost s were GBP8.1 million (2019: GBP0.6 million).
These costs mostly result from non-cash impairments of goodwill,
property, plant and equipment and right-of-use assets relating to
eight sites in the Bars division and one site in the Golf division.
This is analysed in more detail in Note 5. It should be noted that
GBP7.2 million of this impairment relates to the Bars division,
reflecting the considerable uncertainty over the future of the late
night bars business, given that at the period end most of the Bars
division remained closed with no prospective date for reopening
issued by the UK Government.
Despite the set-back from the closures, the Group has continued
to be cash generative, with earnings before interest, tax,
depreciation and amortisation ("EBITDA") after highlighted items at
GBP2.5 million (2019: GBP4.8 million) (see Note 2 for the split by
division).
Gross margin for the 52-week period was up 88 basis points at
85.3% versus 84.4% in the prior period.
Operating expenses excluding highlighted items fell by GBP3.0
million, which reflects savings made during the three month
mandatory closure period despite the addition of two new golf sites
in the 52-week period. The adoption of IFRS 16 resulted in expenses
for the period ended 28 June 2020 reducing as result of rent
payments being split between right-of-use asset depreciation
(included in operating expenses) and finance costs (excluded from
operating expenses).
-- Operating expenses (excluding highlighted items) GBP20.3
million (2019: GBP23.3 million)
Finance costs of GBP1.1 million were incurred in the 52-week
period, made up of:
-- Interest on borrowings GBP0.4 million (2019: GBP0.5
million)
-- Interest on leases GBP0.7 million (2019: GBPnil)
The interest on leases relates predominantly to property leases
in the Bars and Golf divisions. This charge arises from the
first-time adoption in this period of IFRS 16 (see Note 7 for
further details).
Operating profit before highlighted items was down GBP4.7
million versus the prior period and this reflects the impact of the
mandatory closures for a quarter of the 52-week period.
-- Operating (loss)/profit excluding highlighted items GBP(1.0)
million (2019: GBP3.7 million)
Loss before tax and after highlighted items was GBP10.2 million
(2019: profit of GBP2.7 million). This was primarily driven by the
GBP8.1 million of impairments booked in relation to goodwill,
property, plant and equipment and right-of-use assets. The
remaining losses arose from the mandatory closures during the
period.
The tax credit for the current period was GBP0.7 million (2019:
tax charge GBP0.4 million).
In summary, for the 52-week period ended 28 June 2020 (compared
to the equivalent 52-week period ended 30 June 2019):
-- Revenue for the period GBP22.6 million (2019: GBP32.0
million)
-- Group EBITDA before highlighted items GBP2.5 million (2019: GBP5.3 million)
-- Group EBITDA after highlighted items GBP2.5 million (2019: GBP4.8 million)
-- (Loss)/profit before tax and highlighted items GBP(2.1) million (2019: GBP3.2 million)
-- (Loss)/profit before tax and after highlighted items
GBP(10.2) million (2019: GBP2.7 million)
-- Adjusted (loss)/earnings per share (basic) (see Note 4) (5.3)
pence (2019: 7.3 pence)
-- Adjusted (loss)/earnings per share (diluted) (see Note 4)
(5.3) pence (2019: 7.3 pence)
-- (Loss)/profit after tax and highlighted items GBP(9.5)
million (2019: GBP2.2 million)
-- Basic (loss)/earnings per share (25.5) pence (2019: 6.1
pence)
-- Diluted (loss)/earnings per share (25.5) pence (2019: 6.1
pence)
Note that the comparative period figures do not include the
impact of the adoption of IFRS 16.
Half-year results - 26 weeks to 29 December 2019 - pre the
outbreak of COVID-19
The Group's interim results were published on 17 March 2020.
During the 26 weeks to 29 December 2019, Group sales rose by 4.8%
at GBP17.3 million (when compared to the 26-week period ended 30
December 2018). Improved profitability saw profit before tax and
highlighted items up 12% at GBP2.0 million (2018: GBP1.7 million).
Profit before tax and after highlighted items was up 28% at GBP1.8
million (2018: GBP1.4 million).
Total Group revenue for the half year was up GBP0.8 million at
GBP17.3 million (2018: GBP16.5 million), benefitting from the
impact of two new site openings in Paradise Island Adventure Golf
during the period, the continuing growth in function business and
the new 'Sunset Cocktail Bar' on the pier, along with above
forecasted performance of the newly refurbished 'Putney le
Fez'.
Group gross margin for the 26-week period to 29 December 2019
increased by 85 basis points in comparison with the 2018 period,
reflecting the high-margin nature of the growing Golf division,
together with a continued focus on pricing in order to mitigate
pressure from rising input costs across the rest of the Group. The
Bars division's gross margin increased by 73 basis points versus
the same 26-week period last year.
Highlighted costs totalling GBP0.1 million (2018: GBP0.3
million) were incurred during the 26-week period, relating to site
pre-opening costs for the redevelopment of 'Po Na Na' in Bath and
the opening of the new adventure golf site in Plymouth.
Principal developments during the first half - pre the outbreak
of COVID-19
Reported Group EBITDA for the 26-week period after highlighted
items and post IFRS 16, was up 55% at GBP4.1 million (2018: GBP2.6
million); on a comparable basis (pre IFRS 16) with the prior
26-week period, Group EBITDA after highlighted items was up 9.6% at
GBP2.9 million (2018: GBP2.6 million).
-- Golf division - Golf EBITDA for the 26 weeks was up GBP0.78
million versus the prior period at GBP1.45 million (2018: GBP0.67
million).
IFRS 16 - GBP0.5 million of this increase reflects the impact of
the accounting treatment of rent under IFRS 16. On a pre-IFRS 16
basis, the Golf division was up GBP0.3 million on the prior
period.
New sites - Rushden Lakes and Plymouth Drake's Circus are both
trading ahead of expectations. The division continues to look for
new locations. At present no further sites have been acquired.
-- Pier division - EBITDA for the 26 weeks in the combined Palm
Court Restaurant and Horatio's Bar was up 18%, with the hospitality
team continuing to make excellent progress in the conference and
events business, demonstrating revenue growth during the period of
GBP82k versus the prior period.
The pier overall benefited from completion of the railway
upgrades on the London mainline route to Brighton, as well as good
weather during the August bank holiday weekend, both of which
contributed to the pier achieving a record week and meeting
expectations for the summer.
The rest of the pier was down GBP0.1 million versus the prior
26-week period. This reflects the impact of exceptional winter
weather forcing closure of many rides due to high winds from the
end of the summer onwards. However, increased revenue from the
arcades offset much of the impact of these closures, resulting in
the Pier division EBITDA as a whole being in line with the prior
26-week period at GBP1.8 million (2018: GBP1.8 million).
-- Bars division - Bars EBITDA for the 26 weeks was up GBP0.6
million at GBP1.3 million versus the prior 26-week period (2018:
GBP0.7 million).
IFRS 16 - GBP0.7 million of this increase reflects the impact of
the accounting treatment of rent under IFRS 16. On a pre-IFRS 16
basis, the Bars division was down GBP0.1 million on the prior
period, which reflects the ongoing challenges in this sector of the
market.
Results for the half-year show that the Group continued to be
cash-generative, with EBITDA before highlighted items of GBP4.2
million (2018: GBP2.9 million) and EBITDA after highlighted items
of GBP4.1 million (2018: GBP2.6 million).
Group operating profit before highlighted items was GBP2.5
million (2018: GBP2.0 million) and Group operating profit for the
period after highlighted items was GBP2.4 million (2018: GBP1.7
million).
Cash flow for the 26 weeks to 29 December 2019 - pre the
outbreak of COVID-19
Net cash flow generated from operations and available for
investment (after interest and tax payments) at the end of the half
year was GBP3.8 million (2018: GBP1.0 million).
Financial review
The adoption of IFRS 16 on 1 July 2019 has had a significant
impact on the current period financials. The effect of this new
accounting standard on the opening balance sheet is described in
detail in Note 7. Its impact on Group EBITDA before and after
highlighted items is outlined in Note 6. Comparative period
financial information has not been restated.
Cash flow and balance sheet for the 52 weeks to 28 June 2020
Cash flow generated from operations (after interest and tax
payments) available for investment was GBP0.6 million (2019: GBP3.2
million).
Deferred consideration
In July 2019, GBP0.4 million of deferred consideration was paid
to the previous shareholders of Lethington Leisure Limited for the
acquisition of Paradise Island Adventure Golf (2019: GBP0.6
million).
Fixed assets
The Group invested GBP1.6 million in capital expenditure during
the period (2019: GBP2.5 million). A significant proportion of this
related to the new golf site at Plymouth Drake's Circus. The
remaining spend relates to maintenance and minor capital projects
across all the divisions.
Shareholders will be aware that each year we undertake an annual
substructure survey on the pier. We can report that no additional
maintenance issues were identified other than the usual budgeted
maintenance requirements for the coming financial year.
Bank debt and cash
At the period end the Group had total bank debt of GBP16.8
million (2019: GBP14.8 million) made up of:
-- an outstanding principal term facility of GBP11.8 million
(2019: GBP13.3 million), with no repayments due within the next
twelve months to July 2021 (2019: GBP1.5 million). Debt repayments
will be resumed in July 2021 at a reduced rate with bi-annual
payments of GBP0.2 million;
-- a new CBILS 1 facility of GBP1.8 million (2019: GBPnil) with
no repayments due within the next twelve months. Debt repayments
will be resumed in September 2021 at a quarterly rate of GBP0.45
million;
-- a new CBILS 2 facility of GBP3.2 million (2019: GBPnil) with
no repayments due within the next twelve months. Debt repayments
will be resumed in September 2021 at a quarterly rate of GBP0.46
million;
-- an undrawn RCF facility of GBP1.75 million (2019:GBP1.75
million facility with GBP1.5 million drawn), and
-- cash balances of GBP2.6 million (2019:GBP2.7 million).
During the 52-week period, the Group made net drawdowns of
GBP2.0 million (2019:net repayments of GBP2.0 million), made up
of:
-- GBP1.5 million of net repayments to the RCF (2019: GBP0.5 million);
-- GBP1.5 million of repayments to the principle term facility (2019: GBP1.5 million), and
-- new funding of GBP5 million from the CBILS 1 and 2 facilities.
Key performance indicators ('KPI's)
The loss of revenue for just over three months in the second
half of the period has had a major impact on the Group's
performance against its KPIs. This would normally be a key trading
period, spanning both the Easter break in April and two May Bank
Holiday weekends.
The Group's KPIs remain focused on the continued growth of the
Group's three divisions to drive revenues, EBITDA and earnings
growth. Despite the prolonged closures, the business remained cash
generative.
-- Revenue was GBP22.6 million (2019: GBP32.0 million)
-- EBITDA before highlighted items was GBP2.5 million (2019: GBP5.3 million)
-- EBITDA after highlighted items was GBP2.5 million (2019: GBP4.8 million)
-- Group operating loss before highlighted items was GBP(1.0)
million (2019: profit of GBP3.7 million)
-- Group operating loss after highlighted items was GBP(9.2)
million (2019: profit of GBP3.2 million)
The current year EBITDA figures above are inflated by the
adoption of IFRS 16, as prior year comparatives have not been
restated. Excluding the impact of IFRS 16, EBITDA after highlighted
items was GBP0.2 million.
Trading for the first half of the period shows the Group up on
these KPIs.
-- EBITDA before highlighted items at the end of the half year
was at GBP4.2 million (2018: GBP2.9 million) and EBITDA after
highlighted items was GBP4.1 million (2018: GBP2.6 million).
-- Group operating profit before highlighted items at the end of
the half year was GBP2.5 million (2018: GBP2.0 million) and Group
operating profit for the period after highlighted items was GBP2.4
million (2018: GBP1.7 million).
The Group has also benefited from EBITDA generated from the new
golf site openings at Rushden Lakes in March 2019 and Plymouth
Drake's Circus in October 2019, as well as the refurbished Putney
'Le Fez' in the Bars division which opened in November 2018. The
pier continues to benefit from the redevelopment of the Palm Court
Restaurant and Horatio's Bar boosting conference and events
bookings. All of these developments prior to the closures have
exceeded our expectations.
Strategy of the combined Group, current trading and outlook for
the coming period
Short to medium-term, strategy and outlook
In the short to medium term, our key aim has been to reopen our
businesses as soon as we were able and to focus on returning them
to the trading levels pre-closure.
The Group has made progress across its divisions as follows:
Pier division
The pier (with the sole exception of the soft play area)
reopened for trade on 4 July 2020, albeit at a reduced capacity to
allow for social distancing. The pier's large outside spaces make
it possible to allow social distancing and provide plenty of space
for tables serviced from the restaurant and bars. The enhanced
COVID-19 security measures ensure the safety of the team members
and customers.
Golf division
The Golf sites in England also reopened for trade on 4 July 2020
(the Scottish sites reopened on 24 August 2020), albeit at a
slightly reduced capacity to allow for social distancing. Adventure
golf is by its nature a one-way process with small family groups
playing together. We have introduced an online booking system (with
fixed time slots to avoid queues), a track and trace system, and
have released the last hole to give more space for players to
arrive and disperse safely.
Bars division
On 4 July 2020, 'Coalition' in Brighton reopened its rebranded
'La Plage' outside beach terrace to the public. At the same time
'Lowlander' in Covent Garden reopened with a significantly reduced
capacity to allow for social distancing.
We are continuing to negotiate with our Landlords for rent
concessions. For those marginal bars sites or those on short leases
of less than 12 months we are negotiating disposal. For all other
sites, 75% of our remaining landlords have so far agreed in
principle to some form of support during the extended closure
period such as rent reductions and/or some form of turnover
percentage rent when the sites return to full trading.
Financial impact
Whilst it is difficult to predict the amount of time it will
take to get back to pre-COVID-19 levels, the Directors are
encouraged by trading for open sites for the first 13 weeks to the
end of September 2020.
Like-for-like sales (excluding closed sites) for the Group as a
whole were at 81% compared to the same 13 weeks last year. The Pier
division has traded at 83%, the Golf division at 87% and the Bars
division at 65% compared to the same 13 weeks last year. This
trading was ahead of the Group's expectations at the time of the
reopening.
Longer term: new acquisitions and developments
The longer-term strategy of the enlarged Group continues to be
to capitalise on the skills of the Group to create a growth company
operating across a diverse portfolio of leisure and entertainment
assets in the UK. The Group will achieve this objective by way of
organic revenue growth across the whole estate, together with the
active pursuit of future potential strategic acquisitions of
leisure and entertainment destinations (many of which have been
significantly impacted by the pandemic) that could enhance the
Group's portfolio, realising synergies by leveraging scale. It is
the Board's longer-term strategy to position the Group as a
consolidator within this sector.
Significant events that have taken place since the period
end
The Government announced its decision to restrict the terminal
hours and the sale of alcohol in all hospitality settings from
10.00p.m. on 25 September 2020. This decision will not have a
significant impact for the Pier or the Golf divisions however it
has for the time being resulted in the halt of our trial at Embargo
and Putney 'Le Fez', as well as forcing earlier closures of
Lowlander in Covent Garden. We plan to restart this trial as soon
as these restrictions are lifted.
With the Government's original Coronavirus Job Retention Scheme
closing at the end of October 2020, and with the majority of the
late night bars still closed, the Group was forced to come to the
difficult decision that the Bars division could no longer continue
to keep large numbers of staff without the prospect of future work
and support from the furlough grant. On the 14 August 2020
therefore, the Group started a process to serve notice on all
non-essential staff, with most of these redundancies completed by
the end of September 2020.
The announcement from the Prime Minister on 31 October
indicating a return to a four week lockdown was not unexpected.
Whilst disappointing, with only 'Lowlander' now trading in the Bars
division and the Pier in its traditionally quiet period as we head
into the winter months, the impact in all three divisions will be
mitigated to a large degree by the extension of the furlough scheme
to the end of November. This limited closure period was part of our
considerations at the time we performed our stress testing of the
business and does not in any way change the conclusions we
reached.
Consolidated statement of comprehensive income
For the 52-week period ended 28 June 2020
52 weeks 52 weeks
ended 28 ended 30
June 2020 June 2019
Notes GBP'000 GBP'000
Revenue 22,621 32,022
Cost of sales (3,329) (4,995)
Gross profit 19,292 27,027
Operating expenses - excluding
highlighted items (20,329) (23,301)
Highlighted items 3 (8,117) (557)
----------------------------------------- ------- ------------ ------------
Total operating expenses (28,446) (23,858)
Operating (loss)/profit - before
highlighted items (1,037) 3,726
Highlighted items 3 (8,117) (557)
----------------------------------------- ------- ------------ ------------
Operating (loss)/profit (9,154) 3,169
Finance income 18 -
Finance cost (1,071) (480)
(Loss)/profit before tax and
highlighted items (2,090) 3,246
Highlighted items 3 (8,117) (557)
----------------------------------------- ------- ------------ ------------
(Loss)/profit on ordinary activities
before taxation (10,207) 2,689
Taxation on ordinary activities 714 (446)
(Loss)/profit and total comprehensive
income for the period (9,493) 2,243
(Loss)/earnings per share - basic*
(pence) (25.5) 6.1
(Loss)/earnings per share - diluted
(pence) (25.5) 6.1
* 2020 basic weighted average number of shares in issue is 37.29
million (2019: 36.64 million).
No other comprehensive income was earned during the period
(2019: GBPnil).
Consolidated balance sheet
As at 28 June 2020
As at As at
28 June 30 June
2020 2019
GBP'000 GBP'000
Non-current assets
Intangible assets 9,467 12,715
Property, plant and equipment 25,763 27,169
Right-of-use assets 17,283 -
Net investment in finance leases 689 -
Other receivables due in more than
one year 367 367
---------- ----------
53,569 40,251
---------- ----------
Current assets
Inventories 562 624
Trade and other receivables 1,926 1,564
Cash and cash equivalents 2,649 2,725
5,137 4,913
---------- ----------
TOTAL ASSETS 58,706 45,164
========== ==========
EQUITY
Issued share capital 9,322 9,322
Share premium 15,993 15,993
Merger reserve (1,111) (1,111)
Other reserve 452 407
Retained deficit (9,660) (167)
Equity attributable to equity shareholders
of the Parent 14,996 24,444
---------- ----------
TOTAL EQUITY 14,996 24,444
---------- ----------
LIABILITIES
Current liabilities
Trade and other payables 3,945 5,022
Other financial liabilities - 2,003
Lease liabilities 2,250 -
Income tax payable 35 393
Provisions - 131
6,230 7,549
---------- ----------
Non-current liabilities
Other financial liabilities 16,797 12,787
Lease liabilities 20,683 -
Deferred tax liability - 384
37,480 13,171
---------- ----------
TOTAL LIABILITIES 43,710 20,720
---------- ----------
TOTAL EQUITY AND LIABILITIES 58,706 45,164
========== ==========
Consolidated statement of cash flows
For the period ended 28 June 2020
52 weeks 52 weeks
to to
30 June
28 June 2020 2019
GBP'000 GBP'000
Operating activities
(Loss)/profit before tax (10,207) 2,689
Net finance costs 1,053 480
Amortisation of intangible assets 84 62
Impairment of goodwill 3,209 -
Depreciation of property, plant and
equipment 1,528 1,493
Impairment of property, plant and 1,408 -
equipment
Depreciation of right-of-use assets 1,860 -
Impairment of right-of-use assets 3,463 -
Gain on recognition of sub-leased (40) -
property
Loss/(profit) on disposal of property,
plant and equipment and assets held
for sale 10 (96)
Share-based payment expense 45 45
(Decrease)/increase in provisions (54) 72
Decrease/(increase) in inventories 62 (25)
Increase in trade and other receivables (819) (140)
Increase/(decrease) in trade and
other payables 58 (119)
Interest paid on borrowings (398) (439)
Interest paid on lease liabilities (673) -
Interest received 1 -
Income tax paid (28) (809)
Net cash flow from operating activities 562 3,213
-------------- ----------
Investing activities
Purchase of property, plant and equipment
and intangible assets (1,585) (2,548)
Proceeds from disposal of property,
plant and equipment and assets held
for sale - 801
Interest received on finance lease 18 -
receivables
Capital element received on finance 50 -
leases
Payment of deferred consideration
to former Lethington Limited Shareholders (354) (591)
Net cash flows used in investing
activities (1,871) (2,338)
-------------- ----------
Financing activities
Proceeds from borrowings 6,750 1,300
Repayment of borrowings (4,785) (3,235)
Proceeds from issue of shares - 973
Principal paid on lease liabilities (732) -
Net cash flows generated from/(used
in) financing activities 1,233 (962)
-------------- ----------
Net decrease in cash and cash equivalents (76) (87)
Cash and cash equivalents at beginning
of period 2,725 2,812
Cash and cash equivalents end of
period 2,649 2,725
============== ==========
Consolidated statement of changes in equity
For the period ended 30 June 2019
Issued Share Merger Other Retained Total shareholders'
share premium reserve reserves earnings/ equity
capital (deficit)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2018 8,916 15,426 (1,111) 362 (2,410) 21,183
Profit and total
comprehensive income
for the period - - - - 2,243 2,243
---------------------------- ---------- ---------- ---------- ----------- ------------ -----------------------
Transactions with
owners:
Issue of shares 406 567 - - - 973
Share issue costs - - - - - -
taken directly to
equity
Share-based payments
charge - - - 45 - 45
---------------------------- ---------- ---------- ---------- ----------- ------------ -----------------------
At 30 June 2019 9,322 15,993 (1,111) 407 (167) 24,444
Loss and total
comprehensive
loss for the period - - - - (9,493) (9,493)
Transactions with
owners:
Share-based payments
charge - - - 45 - 45
At 28 June 2020 9,322 15,993 (1,111) 452 (9,660) 14,996
---------------------------- ---------- ---------- ---------- ----------- ------------ -----------------------
Notes to the consolidated financial statements
For the period ended 30 June 2019
1. Accounting policies
The Brighton Pier Group PLC is a public limited company
incorporated and domiciled in England and Wales. The Company's
ordinary shares are traded on AIM. Its registered address is 36
Drury Lane, London, WC2B 5RR. Both the immediate and ultimate
Parent of the Group is The Brighton Pier Group PLC. The Brighton
Pier Group PLC owns and operates Brighton Pier, one of the leading
tourist attractions in the UK. As at 28 June 2020, the Group also
operated 12 premium bars (2019:12) and 8 (2019:7) indoor adventure
golf facilities trading in major towns and cities across the
UK.
Announcement
This announcement was approved by the Board of Directors on 2
November 2020. The preliminary results for the period ended 28 June
2020 are based on the audited financial statements for the same
period. The financial information for the period ended 28 June 2020
and the period ended 30 June 2019 does not constitute the company's
statutory accounts for those periods. The auditors' reports on the
accounts for 28 June 2020 and 30 June 2019 were unqualified, did
not draw attention to any matters by way of emphasis, and did not
contain a statement under 498(2) or 498(3) of the Companies Act
2006.
Basis of preparation
The Group financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRSs) as adopted
by the European Union as they apply to financial statements of the
Group for the period ended 28 June 2020 and in accordance with the
Companies Act 2006. The accounting policies which follow set out
those policies which apply in preparing the financial statements
for the period ended 28 June 2020. These accounting policies were
consistently applied for all the periods presented, with the
exception of the adoption of IFRS 16 Leases in the current period,
the effects of which are detailed in Note 7.
The financial statements are presented in sterling under the
historical cost convention. All values are rounded to the nearest
thousand pounds (GBP'000) except when otherwise indicated.
The financial statements are prepared on a 52 or 53-week basis
up to the last Sunday in June or the first Sunday in July each year
(2020: 52-week period ended 28 June 2020; 2019: 52-week period
ended 30 June 2019). The notes to the consolidated financial
statements are on this basis.
Going concern
The closure of the Group's operations in FY2020 and the gradual
unlocking of trading in FY2021 has had, and will continue to have,
a significant impact on historical and future trading. Despite
these closures, the business has generated positive earnings before
interest, tax, depreciation and amortisation ("EBITDA") for the
52-week period ended June 2020. All areas of the Pier and the Golf
divisions are currently trading (with the children's soft play
being the last to open in the week beginning 10 August 2020 and the
two Scottish golf sites reopening on the 25 August 2020), albeit
subject to the lockdown restrictions in England due to commence on
5 November 2021. The Directors believe that this trading, albeit
below normal levels, along with existing cash reserves, will
continue to fund the Group's cash requirements through FY2021.
The Directors and management of the business have reviewed the
Group's detailed forecast cash flows for the forthcoming twelve
months from the date of the approval of the financial statements
and consider that the Group will have sufficient cash resources
available to meet its liabilities as they fall due. These cash flow
forecasts and re-forecasts are prepared regularly as part of the
business planning process. These have been analysed in the light of
the COVID-19 outbreak, subjected to stress testing, scenario
modelling and sensitivity analysis, which the Directors consider
sufficiently robust.
As part of this assessment, the Directors performed a "stress
test" in order to model a scenario to identify the adequacy of the
Group's cash resources as a whole to fund all of the various parts
of the Group for the next twelve months. This scenario modelled the
impact of a second wave of COVID-19 which results in a two month
closure of the Group's eight Golf businesses otherwise trading at a
reduced basis of 80% of sales until March 2021; furthermore, all of
the Bars division sites, continue to be closed until March 2021,
and the pier closes for two months due to the national lockdown
then enters its traditionally quiet winter period where sales no
longer fund its operating costs. This scenario included other
critical assumptions specifically in relation to the Group
including:
That the Pier Division;
-- remained fully open to the end of summer 2020, benefitting
from trading from the start of July (traditionally this sales
period represents a significant proportion of the division's
profits);
-- that the pier is closed for most of November and December 2020 due to the national lockdown;
-- only the usual essential staff remain after January 2021
until the pier gears up again for Easter and the following summer
period;
-- returns most staff on the pier to furlough for the two months
of the lock down period except for security and essential
maintenance, and
-- has no further mitigations that are available to further
reduce direct operational costs or other fixed overheads once the
pier reopens.
That the Bars Division;
-- disposes of sites generating marginal EBITDA and/or with
leases that are due to expire in the next 12 months;
-- receives ongoing support from landlords by agreeing
three-year deals with a significant reduction from pre-COVID-19
rent, combined with a turnover rent paid when sales return to prior
year levels;
-- retains only essential management in the business and that
they remain on reduced salary until the businesses reopen, and
-- obtains support where necessary for staff, from the corona virus Job Support Scheme.
That the Golf division;
-- remained fully open to the end of October 2020;
-- thereafter the Golf division is closed for all of November
and December 2021 due to the national lockdown;
-- reopening from January 2021 albeit at a reduced level of 80%
of the prior year revenue through until March 2021;
-- returns most staff in the Golf division to furlough for the
two months of lock down period, and
-- has no further mitigations that are available to further
reduce direct operational costs or other fixed overheads once the
businesses reopen.
In addition, this assumes that the Group gets no additional
Government support other than that already announced, which
includes ongoing savings until March 2021 from the Government's
rates relief scheme, benefit from the 'Job Retention Bonus' (this
bonus is a GBP1,000 one-off taxable payment for each eligible
employee that was furloughed and kept continuously employed until
31 January 2021), Job Support Scheme and benefit from the extended
furlough grant during lock down at 80%.
This stress test shows that the Group as a whole has adequate
resources to continue to trade, despite these extended closures.
Furthermore, until the September 2021 quarter, the Group's bank has
waived all existing covenant tests and introduced a new monthly
minimum liquidity test that is triggered when the Group's cash
resources fall below GBP1.75 million. Even under the stress test
scenario, the Group's forecast shows significant headroom on the
liquidity test throughout the forecast period to the end of June
2022.
The Group's existing covenant testing had been agreed to restart
from the quarter ending September 2021. These tests, prepared at
the time of the refinancing, assumed that all the Group's trading
operations will have been open for the prior twelve months.
In light of ongoing events, formal bank credit approval has now
also been received from the Group's bank for the waiver of the
September 2021 quarterly covenant tests (legal documentation is now
in process) which will provide further headroom over the coming 12
months.
However, if closures in the Bars division were to extend beyond
the stress test assumptions into July 2021, then given the
sensitivity of these covenant tests, it is possible that a breach
could occur in December 2021 if the tests were applied with no
modifications. Even with extended closure of the Bars to the end of
July 2021 and a three month closure of the rest of the business
through until the end of January 2021, the liquidity test would not
be breached.
Nevertheless, the Directors believe that given the low levels of
leverage, the asset-backed nature of the debt and the level of cash
that is forecast to be available at the end of summer 2021,
renegotiated covenant levels could be agreed with the Bank to take
into account the loss of cash flow during the forced extended
closures.
Whilst stress testing the business is important given the
unprecedented nature of the events surrounding COVID-19, the
Directors expect the Group to continue to meet its day-to-day
working capital requirements from the cash flows generated by its
trading activities, loan facilities with its bank as well as cash
resources available to it throughout the three divisions should it
be required. Accordingly, these financial statements have been
prepared on the going concern basis.
2. Segmental information
The following tables' present revenue, profit and loss and
certain asset and liability information regarding the Group's
business segments for the 52 week period ended 30 June 2019, and
the 53 week period ended 1 July 2018.
52-week period ended Owned Brighton Golf Total Head 2020 consolidated
28 June 2020 Bars Palace segments office total
Pier costs
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- --------- ---------- --------- ----------- ---------- -------------------
Revenue 8,878 9,459 4,284 22,621 - 22,621
Cost of sales (1,704) (1,561) (64) (3,329) - (3,329)
-------------------------------- --------- ---------- --------- ----------- ---------- -------------------
Gross profit 7,174 7,898 4,220 19,292 - 19,292
Gross profit % 81% 84% 99% 85% - 85%
Administrative expenses
(excluding depreciation
and amortisation) (6,077) (7,671) (2,287) (16,035) (821) (16,856)
-------------------------------- --------- ---------- --------- ----------- ---------- -------------------
Divisional earnings/(loss) 1,097 227 1,933 3,257 (821) 2,436
Highlighted items (8,117) (8,117)
Depreciation and amortisation
(excluding depreciation
of right-of-use assets) (1,612) (1,612)
Depreciation of right-of-use
assets (1,860) (1,860)
Net finance cost (excluding
interest on lease
liabilities) (398) (398)
Net finance costs
arising on lease liabilities (656) (656)
Profit/(loss) before
tax 1,097 227 1,933 3,257 (13,464) (10,207)
Income tax - -
-------------------------------- --------- ---------- --------- ----------- ---------- -------------------
Profit/(loss) after
tax 1,097 227 1,933 3,257 (13,464) (10,207)
EBITDA (before highlighted
items) 1,097 227 1,933 3,257 (759) 2,498
EBITDA (after highlighted
items) 1,097 227 1,933 3,257 (796) 2,461
-------------------------------- --------- ---------- --------- ----------- ---------- -------------------
Concession income from the pier is included within pier revenue
and amounted to GBP136,000 for the period ended 28 June 2020 (2019:
GBP201,000).
52-week period ended Owned Brighton Golf Total Head 2019 consolidated
30 June 2019 Bars Palace segments office total
Pier costs
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- --------- ---------- --------- ----------- --------- -------------------
Revenue 12,845 14,695 4,482 32,022 - 32,022
Cost of sales (2,525) (2,423) (47) (4,995) - (4,995)
------------------------------ --------- ---------- --------- ----------- --------- -------------------
Gross profit 10,320 12,272 4,435 27,027 - 27,027
Gross profit % 80% 84% 99% 84% 84%
Administrative expenses
(excluding depreciation
and amortisation) (8,959) (9,204) (2,855) (21,018) (728) (21,746)
------------------------------ --------- ---------- --------- ----------- --------- -------------------
Divisional earnings 1,361 3,068 1,580 6,009 (728) 5,281
Highlighted items (557) (557)
Depreciation and
amortisation (1,555) (1,555)
Finance cost (480) (480)
Profit before tax (3,320) 2,689
Income tax (446) (446)
------------------------------ --------- ---------- --------- ----------- --------- -------------------
Profit after tax (3,766) 2,243
EBITDA (before highlighted
items) 1,361 3,068 1,580 6,009 (683) 5,326
EBITDA (after highlighted
items) 1,361 3,068 1,580 6,009 (1,240) 4,769
------------------------------ --------- ---------- --------- ----------- --------- -------------------
All segment assets and liabilities are located within the United
Kingdom and all revenues arose in the United Kingdom.
Segment revenues are generated from the sale of goods to
external customers on a point in time basis, with the exception of
concession income on the Pier as detailed above. There were no
inter-segment sales in the years presented. No single customer
contributed more than 10% of the Group's revenues.
The accounting policies of the reportable segments have been
consistently applied. Overheads have been separated out to reflect
how management reviews the discrete financial information and uses
it to allocate resources.
3. Highlighted items
Period ended Period ended
28 June 30 June
2020 2019
GBP'000 GBP'000
------------------------------------------------ -------------- --------------
Acquisition and pre-opening costs
Site pre-opening costs 37 356
-------------- --------------
37 356
Impairment, closure and legal costs
Impairment of goodwill 3,209 -
Impairment of property, plant and equipment 1,408 -
Impairment of right-of-use assets 3,463 -
Profit on disposal of Derby freehold - (133)
Other closure costs & legal costs - 334
-------------- --------------
8,080 201
Total 8,117 557
The above items have been highlighted to give a better
understanding of non-comparable costs included in the consolidated
statement of comprehensive income for this period.
Period ended 28 June 2020
Site pre-opening costs of GBP37,000 incurred during the period
ended 28 June 2020 relate to expenses incurred during the
development of two new sites at Rushden Lakes and Plymouth.
Impairments to goodwill, property, plant and equipment and
right-of-use assets totalling GBP8,080,000 relate to 8 sites in the
Bars division and one site in the Golf division. Further details
can be found in Note 5.
Period ended 30 June 2019
Site pre-opening costs of GBP356,000 incurred during the period
ended 30 June 2019 relate to expenses incurred during the
redevelopment of 'Le Fez' in Putney and of two new sites at Rushden
Lakes and Plymouth.
Other closure and legal costs of GBP201,000 were incurred during
the period ended 30 June 2019. These arose from the closure of
Reading Coalition GBP236,000, a book profit of GBP133,000 from the
disposal of the Derby freehold site and a further GBP98,000 of
costs related to redundancies.
4. Earnings per share
Basic earnings per share amounts are calculated by dividing net
income for the period attributable to ordinary shareholders of The
Brighton Pier Group PLC by the weighted average number of ordinary
shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing
the net profit attributable to ordinary equity holders of the
Parent by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of
ordinary shares that would be issued on conversion of all the
dilutive potential ordinary shares into ordinary shares.
Adjusted basic and diluted earnings per share are calculated
based on the profit for the period adjusted for highlighted items
and their related tax effects.
The following reflects the income and share data used in the
basic and diluted earnings per share computations:
Basic (loss)/earnings per share Period ended Period ended
28 June 30 June
2020 2019
(Loss)/profit for the period (GBP'000) (9,493) 2,243
Basic weighted number of shares (number) 37,286,284 36,641,819
(Loss)/earnings per share - Basic (pence) (25.5) 6.1
Basic adjusted (loss)/earnings per
share Period ended Period ended
30 June
28 June 2020 2019
(Loss)/profit for the period before
highlighted items (GBP'000) (1,977) 2,669
Basic adjusted weighted number of
shares (number) 37,286,284 36,641,819
Adjusted (loss)/earnings per share
- Basic (pence) (5.3) 7.3
Diluted basic (loss)/earnings
per share Period ended Period ended
30 June
28 June 2020 2019
(Loss)/profit for the period
(GBP'000) (9,493) 2,243
Diluted weighted number of shares
(number) 37,286,284 36,779,103
(Loss)/earnings per share - Diluted
(pence) (25.5) 6.1
Adjusted diluted (loss)/earnings per share Period ended Period ended
28 June 30 June
2020 2019
(Loss)/profit for the period before highlighted
items (GBP'000) (1,977) 2,669
Diluted weighted number of shares (number) 37,286,284 36,779,103
Adjusted (loss)/earnings per share - Diluted
(pence) (5.3) 7.3
Reconciliation of adjusted (loss)/profit for the period
Adjusted profit is calculated as follows:
Period ended Period ended
28 June 30 June
2020 2019
GBP'000 GBP'000
(Loss)/profit for the period (9,493) 2,243
Highlighted items 8,117 557
Tax on highlighted items (601) (131)
---------------------------------------- -------------- --------------
Adjusted (loss)/profit for the period (1,977) 2,669
Diluted basic earnings per share
The impact of dilutive shares on the weighted average number of
shares is summarised below:
2020 2019
Number Number
Weighted average number of shares for
Basic EPS 37,286,284 36,641,819
Dilutive effect of share options and warrants - 137,284
Weighted average number of shares for
Diluted EPS 37,286,284 36,779,103
In the prior year, share options with exercise prices of 55p,
63.5p, 95p and 111p have not been included in the calculation of
weighted average number of shares for diluted earnings per share as
these options are anti-dilutive.
5. Impairment review
The Group performed its annual impairment test in June 2020
(2019: June). The Group considers the relationship between the
trading performance of each CGU and their book value when reviewing
for indicators of impairment. The onset of the COVID-19 pandemic
resulted in the compulsory closure of all the Group's trading sites
on 20 March 2020. As at 28 June 2020, almost all of the Group's
trading estate remaining closed, however the Pier and the Golf
sites located in England were due to reopen on 4 July 2020. In
addition, the Lowlander and Brighton Coalition sites were due to
reopen on 4 July 2020, albeit at a significantly reduced capacity.
As at the period end date all remaining sites in the Bars division
remained closed with no prospective date for reopening issued by
the UK Government. Further information relating to the impact of
COVID-19 on the Group can be found in the Strategic Report.
The COVID-19 pandemic has therefore been treated by management
as an indicator for impairment, prompting a full review of the
recoverable amount of all cash generating units (CGUs) within the
Group. Each of the Group's sites represents a separate CGU, which
were assessed individually for impairment. The carrying value of
each CGU consists of the net book value of goodwill (where
applicable), property plant and equipment and right-of-use assets.
Goodwill is allocated to the site on which it arose.
Based on management's review of the expected performance of the
core estate, impairments totalling GBP8,080,000 were identified.
These impairments, along with their impact on the carrying value of
the Group's CGUs is detailed in the table below. There were no
impairments required during the prior period.
Carrying value Carrying
prior to impairment value carried
review Impairment forward
GBP'000 GBP'000 GBP'000
-------------------------------- ---------------------- ------------ ----------------
Goodwill 12,396 (3,209) 9,187
Property, plant and equipment 27,171 (1,408) 25,763
Right-of-use assets 20,746 (3,463) 17,283
-------------------------------- ---------------------- ------------ ----------------
Total carrying value of CGUs 60,313 (8,080) 52,233
The impairments mostly relate to the Bars division, with some
also occurring in the Golf division, as shown in the table below.
There were no impairments required in respect of the Pier
division.
Property,
plant and Right-of-use Recoverable
Goodwill equipment assets Total amount (value-in-use)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- ---------- ------------ -------------- ----------- --------------------------
Bars division
Embargo 860 - - 860 2,548
Lowlander 736 115 103 954 57
Putney Fez 298 - - 298 2,950
Bath Po Na Na 268 91 966 1,325 -
Bristol Po Na
Na 249 - - 249 855
Brighton Coalition 130 337 135 602 -
Wimbledon Smash 137 407 922 1,466 -
Reading Lola
Lo - 33 279 312 975
Reading Smash - 296 767 1,063 -
Cambridge Fez - 30 25 55 -
Total Bars 2,678 1,309 3,197 7,184 7,385
Golf division
Derby 531 99 266 896 1,711
Total group impairments 3,209 1,408 3,463 8,080
Methodology
The recoverable amount of each CGU has been determined based on
a value in use calculation performed as at 28 June 2020 using cash
flow projections from financial budgets as at 28 June 2020 approved
by senior management covering the period to June 2022. In order to
reflect the uncertainty regarding future performance resulting from
the COVID-19 pandemic, these cash flow projections modelled two
scenarios - a 'base case', which represents management's realistic
expectation for the performance of each site, and a 'stress test'
scenario which models a reasonably possible situation in which the
impact of the pandemic is more severe and long-lasting. Management
then applied a percentage likelihood of each scenario occurring and
from that derived weighted average forecast cash flows for each
CGU. Cash flows for each CGU beyond June 2022 are extrapolated,
using assumed terminal growth and pre-tax discount rates for each
operating segment as follows:
Division Terminal growth rate Pre-tax discount rate
----------- ---------------------- -----------------------
Bars 2% 13.74%
Golf 2% 12.42%
Pier 2% 12.42%
----------- ---------------------- -----------------------
In the prior period, a terminal growth rate of 1.5% and a
pre-tax discount rate of 9.60% was used across all divisions. This
was because in the prior period, each CGU shared similar risks and
had materially similar geographical characteristics, being UK sites
located out of town in shopping centres or similar retail outlets.
The COVID-19 pandemic has resulted in the Bars division facing
uncertainty over when or if its sites can resume normal trading.
This uncertainty is not shared by the Pier and Golf divisions,
which fully reopened during summer 2020. Management has therefore
applied an additional risk to the pre-tax discount rate applied to
the CGUs within the Bars division.
To assess for impairment, the value in use of the CGU is
compared to the carrying value of the assets of that CGU including
any attributed goodwill. If the resultant net present value of the
discounted cash flows is less than the carrying value of the CGU
including goodwill, the difference is written off through the
statement of comprehensive income. Impairments to property, plant
and equipment and right-of-use assets are allocated on a
proportional basis based on the carrying value of each category of
asset and the impairment required.
The calculation of value in use for all CGUs is most sensitive
to the following assumptions:
-- discount rates;
-- growth rates used to extrapolate cash flows beyond the forecast period;
-- growth in expenses, including rent based on rent reviews.
Discount rates - The discount rate calculation is based on the
specific circumstances of each division and is derived from its
weighted average cost of capital (WACC). The WACC takes into
account both debt and equity. The cost of equity is derived from
the expected return on investment by the Group's investors. The
cost of debt is based on the interest-bearing borrowings the Group
is obliged to service.
Growth rates - Rates are based on market conditions and economic
factors such as the changing habits of students in the towns and
cities the Group operates in as well as competition faced from
other businesses in these areas. Management has also considered
general consumer confidence, including factors like job prospects,
inflation and household disposable income. When determining the
appropriate growth rates, management has also considered the
regulatory environment.
Growth in expenses including rent - the Group's main costs are
drinks, labour and rent. Estimates regarding the drink cost are
based on past actual price movements as well as expected results
from supplier negotiations. Labour increases have been estimated in
relation to the National Minimum Wage. Rent reviews are typically
every five years and budgets assume increases of between 2 to 5%
annually compounded. The rate reflects the specific market
locations for the related venue.
Period of cash flows - the Group considers the period of cash
flows over which it expects the future cash generating units to be
operational. This can be longer than the current period upon which
the sites hold rental agreements and therefore require an element
of judgement by the Group. The majority of leasing arrangements are
inside the Landlords and Tenants Act 1954, therefore it can be
reasonably assumed that an extension will occur. For leases outside
the Landlords and Tenants Act 1954 the Group considers the best
available information to determine whether a lease extension is
likely, and whether the period of cash flows should be reviewed on
a period longer than the current lease agreement. For those leases
outside of the act, the extension required to the existing lease
terms to result in no impairment would be as follows:
Glasgow - 9 years
Manchester - 8 years
Livingston - 6 years
Headroom is dependent upon sensitivities to these and other
assumptions. The only element of goodwill remaining in the Bars
division is in 'Putney Le Fez'. An increase in the WACC or a
decrease in the long-term growth rate would result in further
impairment of goodwill at this site.
All sites in the Golf division are sensitive to small to
moderate changes in either the WACC or the long-term growth rate.
An increase to the WACC or decrease in the long-term growth rate of
less than 0.5% would result in goodwill impairments at the
Livingston, Cheshire Oaks and Rushden sites.
The site which is allocated the most goodwill in the Golf
division, Manchester, is able to support an increase in the WACC
discount factor to 18.4% before an impairment is triggered.
Similarly, the site is able to support a reduction in the terminal
growth rate of 6.1% before an impairment is triggered.
The other sites, excluding Plymouth which does not have
goodwill, are able to support increases in the WACC to between
14.6% (Sheffield) and 14.7% (Glasgow), and a reduction in the
terminal growth rate of 2.0% (Sheffield and Glasgow) before an
impairment is triggered.
Should EBTIDA remain in line with management forecasts to FY22,
but then remain flat after FY22 and into perpetuity, then this
would result in further impairments of GBP0.8million in the Bars
division and GBP1.0million in the Golf division.
Should EBTIDA suffer a fall of 5% per year over the forecast two
year period to June 2022, before recovering to 2% growth in
perpetuity, then this would result in further impairments of
GBP0.5million in the Bars division and GBP0.7million in the Golf
division. Neither of these scenarios would result in impairments
being required to the Pier division.
An analysis of goodwill by CGU for those CGUs where the goodwill
is significant in the context of the overall goodwill is as
follows:
GBP'000
----------------- ---------
Bars
Putney 888
Golf
Glasgow 2,055
Manchester 2,997
Sheffield 1,012
Rushden 1,272
------------------ ---------
8,224
Other sites 963
------------------ ---------
Total goodwill 9,187
------------------ ---------
6. Non-GAAP measures
The Group uses certain alternative performance measures such as
EBITDA as a means of evaluating the trading performance and cash
generation of the underlying business. EBITDA is presented before
and after highlighted items. Highlighted items reflect
non-comparable costs included in the consolidated statement of
comprehensive income for each period. This allows users of the
annual report and financial statements to assess the current period
trading performance of the Group and compare it to the prior period
on a like-for-like basis.
Likewise, the impact of IFRS 16 has been highlighted in order to
aid comparability with the prior period, which has not been
restated to reflect the new accounting standard. The application of
IFRS 16 results in a material change to the presentation of the
Group's results. Prior to the adoption of IFRS 16, lease payments
were treated as an expense which was included in EBITDA. From 1
July 2019, these costs were reflected through right-of-use asset
depreciation and finance costs which result in significant cash
outflows and are excluded from EBITDA.
Group profit before tax can be reconciled to Group EBITDA as
follows:
2020 2019
------------------------------------------------------------------------------------- --------------------------- --------------------------- ----------------------------
52 week 26 week 52 week
26 week 26 week period 26 week period period
period to period to 28 period to to 30 to 30
EBITDA 29 December to 28 June 30 December June June
Reconciliation 2019 June 2020 2020 2018 2019 2019
----------------- --------------------------- --------------------------- --------------------------- --------------------------- --------------------------- ----------------------------
Profit before
tax for the
year 1,846 (12,053) (10,207) 1,438 1,251 2,689
Add back
depreciation
of property,
plant and
equipment 710 818 1,528 907 586 1,493
Add back
depreciation
of
right-of-use
assets 901 959 1,860 - - -
Add back
amortisation 67 17 84 30 32 62
Add back
finance
costs 535 536 1,071 236 244 480
Add back share
based payment
charge 21 24 45 21 24 45
Add back
highlighted
items 110 8,007 8,117 303 254 557
----------------- ----------------------------
Group EBITDA
before
highlighted
items 4,190 (1,692) 2,498 2,935 2,391 5,326
Impact of IFRS
16 (1,197) (1,026) (2,223) - - -
Pre-IFRS 16
Group EBITDA
before
highlighted
items 2,993 (2,718) 275 2,935 2,391 5,326
----------------- --------------------------- --------------------------- --------------------------- --------------------------- --------------------------- ----------------------------
Group EBITDA after highlighted items excludes those highlighted
items that do not impact EBITDA as follows:
2020 2019
------------------------------------------ ------------------------------------------
52 week
26 week 26 week period 26 week 26 week 52 week
period to period to 28 period to period period
29 December to 28 June 30 December to 30 to 30
2019 June 2020 2020 2018 June 2019 June 2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- ----------------- ------------ --------- -------------- ------------ ------------
EBITDA before highlighted
items 4,190 (1,692) 2,498 2,935 2,391 5,326
Highlighted items (110) (8,007) (8,117) (303) (254) (557)
Add back impairments
of:
Goodwill - 3,209 3,209 - - -
Property, plant
and equipment - 1,408 1,408 - - -
ROU asset write
down - 3,463 3,463 - - -
Group EBITDA after
highlighted items 4,080 (1,619) 2,461 2,632 2,137 4,769
--------------------------------- ---------- ------------ --------- -------------- ------------ ------------
Impact of IFRS 16 (1,197) (1,026) (2,223) - - -
Pre-IFRS 16 Group
EBITDA after highlighted
items 2,883 (2,645) 238 2,632 2,137 4,769
--------------------------------- ---------- ------------ --------- -------------- ------------ ------------
Based on the above, EBITDA after highlighted items is split
between the Group's operating segments as follows:
As reported IFRS 16 Pre-IFRS
For the 52-weeks ended 28 June 2020 adjustments 16
------------- --------------- ----------
Operating segment GBP'000 GBP'000 GBP'000
Bars 1,097 (1,293) (196)
Pier 227 (4) 223
Golf 1,933 (926) 1,007
Head office costs (796) - (796)
-------------------------------------- ------------- --------------- ----------
EBITDA (after highlighted items) 2,461 (2,223) 238
-------------------------------------- ------------- --------------- ----------
For the 26-weeks ended 29 December As reported IFRS 16 Pre-IFRS
2019 adjustments 16
------------- -------------- ----------
Operating segment GBP'000 GBP'000 GBP'000
Bars 1,335 (699) 636
Pier 1,820 (20) 1,800
Golf 1,446 (478) 968
Head office costs (521) - (521)
------------------------------------- ------------- -------------- ----------
EBITDA (after highlighted items) 4,080 (1,197) 2,883
------------------------------------- ------------- -------------- ----------
The apportionment of other alternative performance measures can
be reconciled to statutory measures as follows:
2020 2019
-------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------
26 week 26 week 26 week 26 week 52 week
period period 52 week period period period
to to period to to to
29 December 28 June to 28 30 December 30 June 30 June
2019 2020 June 2020 2018 2019 2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------------------------- -------------------------- -------------------------- ----------------------------- --------------------------- -----------------------------
Group revenue:
Bars division 6,602 2,276 8,878 6,627 6,218 12,845
Pier division 7,936 1,523 9,459 7,854 6,841 14,695
Golf division 2,793 1,491 4,284 2,053 2,429 4,482
Total revenue 17,331 5,290 22,621 16,534 15,488 32,022
--------------------- --------------------------- -------------------------- -------------------------- ----------------------------- --------------------------- -----------------------------
Group operating
profit/(loss)
before highlighted
items 2,491 (3,528) (1,037) 1,977 1,749 3,726
Highlighted items (110) (8,007) (8,117) (303) (254) (557)
Group operating
profit/(loss)
after highlighted
items 2,381 (11,535) (9,154) 1,674 1,495 3,169
--------------------- --------------------------- -------------------------- -------------------------- ----------------------------- --------------------------- -----------------------------
Profit before tax
and
highlighted items 1,956 (4,046) (2,090) 1,741 1,505 3,246
Highlighted items (110) (8,007) (8,117) (303) (254) (557)
Profit after tax
and
highlighted items 1,846 (12,053) (10,207) 1,438 1,251 2,689
--------------------- --------------------------- -------------------------- -------------------------- ----------------------------- --------------------------- -----------------------------
Earnings/(loss) per
share:
Basic (pence) 3.9 (29.4) (25.5) 3.5 2.6 6.1
Basic (with
highlighted
items added back)
(pence) 4.1 (9.4) (5.3) 4.3 3.0 7.3
Diluted (pence) 3.9 (29.4) (25.5) 3.4 2.7 6.1
Diluted (with
highlighted
items added back)
(pence) 4.1 (9.4) (5.3) 4.3 3.0 7.3
--------------------- --------------------------- -------------------------- -------------------------- ----------------------------- --------------------------- -----------------------------
Cash flows
generated
from/(used in)
operations 3,791 (3,229) 562 1,029 2,184 3,213
--------------------- --------------------------- -------------------------- -------------------------- ----------------------------- --------------------------- -----------------------------
7. Impact of change in accounting policy
On 1 July 2019, the Group adopted a new accounting standard,
IFRS 16 Leases.
The new standard replaced IAS 17 Leases and fundamentally
altered the classification and measurement of operating leases for
lessees, removing the distinction between operating and finance
leases.
The Group's leases predominantly relate to long-term property
leases in the Bars and Golf divisions. In the prior period, leases
of property, plant and equipment were classified as either finance
or operating leases. Payments made under operating leases (net of
any incentives received from the lessor) were charged to profit or
loss on a straight-line basis over the period of the lease.
From 1 July 2019, leases are recognised as a right-of-use asset
and a corresponding liability at the date at which the leased asset
is available for use by the group. Each lease payment is allocated
between the liability and finance cost. The finance cost is charged
to profit or loss over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability
for each period. The right-of-use asset is depreciated over the
shorter of the asset's useful life and the lease term on a
straight-line basis.
Lease liabilities are initially measured as the total payments
required under the terms of the lease, discounted by the
incremental borrowing rate or the rate implicit in the lease to
account for time value of money. On transition to IFRS 16, a
discount rate of 3% was used This represented the weighted average
incremental borrowing rate at that time.
The Group adopted IFRS 16 on a modified retrospective basis,
meaning comparative period information has not been restated, as
permitted under the specific transitional provisions in the
standard. The reclassifications and adjustments arising from the
new leasing rules are therefore recognised in the opening balance
sheet on 1 July 2019.
The standard also permits a choice on initial adoption, on a
lease-by-lease basis, to measure the right-of-use asset at either
its carrying amount as if IFRS 16 had been applied since the
commencement of the lease, or an amount equal to the lease
liability, adjusted for accrued or prepaid rent and lease
incentives. In all cases, the Group has opted to measure the
right-of-use asset at an amount equal to the lease liability,
adjusted for accrued or prepaid rent and lease incentives.
When applying IFRS 16, the Group has applied the following
practical expedients, on transition date:
- Reliance on the previous identification of a lease (as
provided by IAS 17) for all contracts that existed on the date of
initial application;
- Reliance on previous assessments on whether leases are onerous
instead of performing an impairment review;
- Exclusion of initial direct costs from the measurement of the
right of use asses at the date of initial application;
- The accounting for operating leases with a remaining lease
term of less than 12 months as at 1 July 2019 as short term leases;
and
- The use of hindsight, such as determining the lease term if
the contract contains options to extend or terminate the lease.
The Group has applied the following key judgements and estimates
when applying IFRS 16:
- The present value of lease liabilities relating to property
were measured using the Group's incremental borrowing rate of 3%.
All other leases were discounted using the rate implicit in the
lease.
- When determining the lease term where extension or termination
options exist, all facts and circumstances that may create an
economic incentive to exercise an extension option, or not exercise
a termination option, have been considered to determine the lease
term. Extension periods (or periods after termination options) are
only included in the lease term if the lease is reasonably certain
to be extended (or not terminated).
GBP'000
Minimum operating lease commitment at 30 June 2019
(restated) 28,031
Plus: effect of extension options reasonably certain
to be exercised 1,500
Undiscounted lease payments 29,531
Less: effect of discounting at the date of initial
application (5,867)
------------------------------------------------------- ---------
Lease liability as at 1 July 2019 23,664
------------------------------------------------------- ---------
Impact on consolidated balance sheet
The adoption of IFRS 16 impacted the opening consolidated
balance sheet as at 1 July 2019 as follows:
As reported IFRS 16 As at
at 30 adjustments 1 July
June 2019 2019
GBP'000 GBP'000 GBP'000
Non current assets
Intangible assets 12,715 - 12,715
Property, plant & equipment 27,169 - 27,169
Right-of-use assets - 23,183 23,183
Net investment in finance leases - 121 121
Other receivables due in more than
one year 367 367
40,251 23,304 63,555
------------- -------------- ---------
Current assets
Inventories 624 - 624
Trade and other receivables 1,564 (458) 1,106
Cash and cash equivalents 2,725 - 2,725
4,913 (458) 4,455
------------- -------------- ---------
TOTAL ASSETS 45,164 22,846 68,010
============= ============== =========
EQUITY
Issued share capital 9,322 - 9,322
Share Premium 15,993 - 15,993
Merger reserve (1,111) - (1,111)
Other reserve 407 - 407
Retained earnings (167) - (167)
Equity attributable to equity shareholders
of the parent 24,444 - 24,444
------------- -------------- ---------
TOTAL EQUITY 24,444 - 24,444
------------- -------------- ---------
LIABILITIES
Current liabilities
Trade and other payables 5,022 (741) 4,281
Other financial liabilities - current 2,003 - 2,003
Lease liabilities - current - 1,500 1,500
Income tax payable 393 - 393
Provisions 131 (77) 54
7,549 682 8,231
------------- -------------- ---------
Non-Current liabilities
Other financial liabilities - non-current 12,787 - 12,787
Lease liabilities - non-current - 22,164 21,164
Deferred tax liability 384 - 384
13,171 22,164 35,335
------------- -------------- ---------
TOTAL LIABILITIES 20,720 22,846 43,566
------------- -------------- ---------
TOTAL EQUITY AND LIABILITIES 45,164 22,846 68,010
============= ============== =========
Impact on operating segment disclosures
Excluding the impact of IFRS 16, the performance of the Group's
operating segments was as follows:
Brighton Total Head office 2020 consolidated
Bars Pier Golf segments costs total
GBP'000 GBP'000 GBP'001 GBP'000 GBP'000 GBP'000
-------------------------------- --------- ---------- --------- ----------- ------------- -------------------
Revenue 8,878 9,459 4,284 22,621 - 22,621
Cost of sales (1,704) (1,561) (64) (3,329) - (3,329)
--------------------------------- --------- ---------- --------- ----------- ------------- -------------------
Gross profit 7,174 7,898 4,220 19,292 - 19,292
Gross profit % 81% 84% 99% 85% - 85%
Administrative expenses
(excluding depreciation
and amortisation) (7,368) (7,675) (3,217) (18,260) (820) (19,080)
--------------------------------- --------- ---------- --------- ----------- ------------- -------------------
Divisional earnings (194) 223 1,003 1,033 (820) 212
Highlighted items (8,117) (8,117)
Depreciation and amortisation (1,612) (1,612)
Net finance cost (398) (398)
Profit/(loss) before
tax (194) 223 1,003 1,033 (10,947) (9,914)
Income tax 714 714
--------------------------------- --------- ---------- --------- ----------- -------------------
Profit/(loss) after
tax (194) 223 1,003 1,033 (10,233) (9,200)
EBITDA (before highlighted
items) (194) 223 1,003 1,033 (759) 275
EBITDA (after highlighted
items) (194) 223 1,003 1,033 (796) 238
--------------------------------- --------- ---------- --------- ----------- ------------- -------------------
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