TIDMHYDP; HYDP
9 July 2019
Hydro Hotel, Eastbourne, Plc
("Hydro Hotel" or the "Company")
Interim Results for the Half Year ended 30 April 2019
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2019
I am pleased to report on the Company's results for the six months to 30 April
2019. The total turnover for the six-month period to 30 April 2019 was GBP
1,553,553 compared to GBP1,514,627 for the same period the previous year, an
increase of 2.57% (compared to a decrease in the six months to 30 April 2018 of
0.29%).
The gross profit percentage for the period was 0.65% higher than in the six
months to 30 April 2018 and staff costs increased by 6.7% compared to the
figure for the period to 30 April 2018 (2.7% decrease in the half year to 30
April 2018).
Overheads decreased by 15.02% (14.32% increase in the half year ended 30 April
2018). Essential repair work to the fabric of the building was undertaken
during the six months to 30 April 2018. With no comparable repair work carried
out during the period to 30 April 2019, there was a reduction in repairs costs
of GBP103,533 for this period compared to the same period in the previous year.
There is a reduction in the loss for the half year to 30 April 2019 to GBP101,271
compared to GBP199,834 for the half year to 30 April 2018.
The bedroom refurbishment programme continued (12 rooms refurbished in the
period ended 30 April 2019 compared to 29 rooms in the period ended 30 April
2018) and the fire alarm system was upgraded.
The management team continue to explore new methods of promoting and marketing
the enhanced facilities at our 4* status hotel.
Yours sincerely,
Graeme C King, MA, CA
9 July 2019
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEARED 30 APRIL 2019
Half year to Half year to Year ended
30 April 2019 30 April 2018 31 October
(Unaudited) (Unaudited) 2018
(Audited)
GBP GBP GBP
TURNOVER 1,553,553 1,514,627 3,658,461
OPERATING (LOSS)/PROFIT (106,271) (203,817) 185,135
INTEREST RECEIVABLE 5,000 3,983 8,190
(LOSS)/PROFIT BEFORE TAXATION (101,271) (199,834) 193,325
TAXATION - - (40,065)
(LOSS)/PROFIT FOR PERIOD GBP(101,271) GBP(199,834) GBP153,260
(Loss)/Earnings per share (16.88)p (33.31)p 25.54p
STATEMENT OF FINANCIAL POSITION
AT 30 APRIL 2019
30 April 2019 30 April 2018 31 October
(Unaudited) (Unaudited) 2018
GBP GBP (Audited)
GBP
FIXED ASSETS
Tangible Assets 2,823,218 2,707,485 2,620,992
CURRENT ASSETS
Stocks 27,502 32,883 30,438
Debtors 103,049 112,685 150,087
Investment - 6-month notice deposit 200,000 200,000 200,000
account
Cash at bank and in hand 601,622 634,892 1,089,507
932,173 980,460 1,470,032
CREDITORS
Amounts falling due within one year (503,138) (563,668) (611,500)
NET CURRENT ASSETS 429,035 416,792 858,532
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,252,253 3,124,277 3,479,524
PROVISION FOR LIABILITIES (87,175) (85,022) (87,175)
NET ASSETS GBP3,165,078 GBP3,039,255 GBP3,392,349
CAPITAL AND RESERVES
Called up share capital 600,000 600,000 600,000
Revaluation reserve 415,488 419,767 415,488
Profit and loss reserves 2,149,590 2,019,488 2,376,861
GBP3,165,078 GBP3,039,255 GBP3,392,349
STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 APRIL 2019
Half year to Half year to Year ended
30 April 2019 30 April 2018 31 October
(Unaudited) (Unaudited) 2018
(Audited)
GBP GBP GBP
NET CASH (USED IN)/INFLOW FROM OPERATING ACTIVITIES (67,538) (187,991) 362,383
(Note 1)
NET CASH GENERATED (USED IN) INVESTING ACTIVITIES (294,347) (153,443) (165,202)
(Note 2)
FINANCING ACTIVITIES
Dividends paid (126,000) (42,000) (126,000)
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (487,885) (383,434) 71,181
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 1,089,507 1,018,326 1,018,326
CASH AND CASH EQUIVALENTS AT THE OF THE PERIOD GBP601,622 GBP634,892 GBP1,089,507
RELATING TO:
Cash at bank and in hand GBP601,622 GBP634,892 GBP1,089,507
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 APRIL 2019
Half year to Half year to Year ended
30 April 2019 30 April 2018 31 October 2018
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Note 1
CASH FLOWS FROM OPERATING
ACTIVITIES
(Loss)/profit after tax (101,271) (199,834) 153,260
Adjustments for:
Taxation - - 40,065
Depreciation 98,308 91,392 183,937
(Gain)/Loss on disposal of fixed (1,187) 3,574 3,574
assets
Interest receivable (5,000) (3,983) (8,190)
OPERATING CASH FLOW BEFORE WORKING (9,150) (108,851) 372,646
CAPITAL CHANGES
MOVEMENTS IN WORKING CAPITAL
Decrease/(increase) in stocks 2,936 (5,164) (2,719)
Decrease/(increase) in debtors 47,038 (69) (37,471)
(Decrease)/increase in creditors (108,362) (73,907) 46,432
Income taxes paid - - (16,505)
NET CASH (USED IN)/GENERATED FROM GBP(67,538) GBP(187,991) GBP362,383
OPERATING ACTIVITIES
Note 2
INVESTING ACTIVITIES
Purchases of tangible fixed assets (300,744) (157,994) (173,960)
Proceeds on disposal of tangible 1,397 - -
fixed assets
Interest received 5,000 3,983 8,190
Proceeds from/(payment for) other - 568 568
investments
NET CASH FLOW (USED IN) INVESTING GBP(294,347) GBP(153,443) GBP(165,202)
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 2018.
2 The earnings per share are based on a loss of GBP101,271 (2018 loss GBP199,834)
being the loss on ordinary activities after taxation.
3 The movement in retained Profit and loss Reserves and Revaluation Reserves
from GBP2,792,349 at 31 October 2018 to GBP2,565,078 at 30 April 2019 includes the
loss for the period and dividends of GBP126,000 (GBP126,000 paid in the period and
GBPNil accrued).
4 All dividends in 2019 were paid in the period and no accrual is included in
creditors, amounts falling due within one year as at 30 April 2019. The
comparative creditors, amounts falling due within one year for 2018, include a
dividend for the year ended 31 October 2017 declared by the directors and paid
on 3 May 2018 at the rate of 14p per share of GBP84,000.
5 A copy of the interim report and accounts and the Chairman's statement
thereto, which were approved by the Board of Directors on 9 July 2019, 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 2018, on which the report of the auditor
was unqualified and did not contain a statement under section 498 of the
Companies Act 2006, have been filed with the Registrar of Companies.
7 The Company's auditor, Mazars LLP, has not reviewed these unaudited interim
accounts.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.
END
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