Interim Results
19 Setembro 2006 - 4:00AM
UK Regulatory
RNS Number:1172J
Maypole Group plc
19 September 2006
19 September 2006
Maypole Group plc
Interim Results for the six months ended 30 June 2006
It is with much pleasure that we report our maiden interim results, since our
admission to the AIM market, for the six months ended 30 June 2006.
Maypole Group Plc has had an eventful and successful first half which includes
the Group's admission to the AIM market on 13 April 2006. This transition to the
AIM market has enhanced our market profile and visibility within the UK hotel
sector and provides access to capital via a broader investment base. The Group
has also changed its name from AJ Leisure Holdings plc to Maypole Group Plc with
a view to developing a brand across the Group as it expands. A management
structure and central accounting function has also been established that will
provide a solid platform from which to grow.
Trading
The Wroxton House Hotel
Wroxton House, set in the Cotswolds, has a total of 32 rooms offering a mixture
of traditional and modern decor. The hotel has a 3 star AA rating and the
restaurant has 40 covers. Facilities at the hotel cater for meetings, weddings
and functions. There are two dedicated meeting rooms for up to 50 delegates. A
helipad is located next to the hotel.
Wroxton has traded very strongly in the first six months due to a combination of
improvements made to the fabric of the hotel since we acquired it in February
2004 and the new business that has been generated by our Sales and Marketing
Manager.
The Lifeboat Inn
The 14 bedroom Lifeboat Inn is situated in the picturesque Norfolk coastal
countryside village of Thornham. Traditional country fayre is the main theme for
the bar menu whilst the restaurant menu is more sophisticated and individual in
style. The restaurant and bar have a combined total of 150 covers.
The Old Coach House
The Old Coach House is also set in Thornham and comprises 12 bedrooms and a 59
cover restaurant. It is situated less than a mile away from The Lifeboat Inn
and has recently been refurbished. The Old Coach House serves lunches and
evening meals in its restaurant while breakfast is served at The Lifeboat Inn.
We have recently added a further double bedroom onto the Old Coach House and
with the introduction of the new and highly experienced management team we have
seen a significant improvement in revenue.
Both the Lifeboat and Old Coach House continue to perform in line with
management's expectations
Financial Results
Turnover for the first six months increased by 53% from #843,000 to #1,287,000
due largely to the inclusion of the Lifeboat and the Old Coach House for the
full six month period following their acquisition in April 2005. The results
also reflect excellent growth at the Wroxton House Hotel where like for like
sales increased by 12% from #352,000 to #395,000 and margins improved by 1% year
on year due to better purchasing and tighter cost controls.
Group operating profit increased by 172% from #34,000 to #94,000 despite the
higher overhead costs following the establishment of a central finance function,
the appointment of a Sales and Marketing Manager and the costs of being listed
on the AIM market.
Interest payable increased from #120,000 to #188,000 reflecting the inclusion of
the Lifeboat and Old Coach House Loan for a full six month period.
The current year results will include a one off exceptional charge of #240,000
relating to the cost of moving the Group from OFEX to the AIM market.
Outlook
This has been an excellent start to Maypole's first six months on AIM. The
increase in like for like sales and the improved margins at the Wroxton House
hotel have begun to demonstrate the success of management's strategy. It is a
very exciting time in the sector and we now have both the management and central
accounting functions to play an active part in the current consolidation that is
taking place.
Future prospects for the Group are very promising. Trading since the half year
has remained strong and we are currently looking at a number of further
acquisition opportunities.
Overall, the outlook for the Group remains very positive and the next six months
should see further benefits from our successful marketing operations and
additional cost synergies flowing through to the bottom line.
For further information:
Maypole Group plc
Alastair McEwen - Chief Executive 0207 067 0700
Weber Shandwick Square Mile
Nick Dibden / James White 0207 067 0700
Consolidated Profit and Loss Account
For The Period:
Six months Year ended Six months
ended 30 June 31 December ended 30 June
2006 # 2005 # 2005 #
Turnover 1287277 2566581 842567
Cost of sales 301940 618640* 185264
----------- ------------- ------------
GROSS PROFIT 985337 1947941 657303
Operating expenses 891645 1576404 622870
----------- ------------- ------------
OPERATING PROFIT 93692 371537 34433
Exceptional costs -
AIM costs 239881 0 0
----------- ------------- ------------
(146189) 371537 34422
Interest receivable 678 6939 1358
Interest payable 188826 307212 121693
(LOSS)/PROFIT ON
ORDINARY ACTIVITIES
BEFORE TAXATION (334337) 71264 (85902)
=========== ============= ============
Loss per Ordinary
share (0.1)
Diluted loss per
Ordinary share (0.1)
*Various cost of sales reclassified as operating expenses, to ensure consistency
with six months ended 30 June 2006
Consolidated Balance Sheet
As at 30 June 2006
30 June 31 December 30 June
2006 2005 2005
# # #
FIXED ASSETS
Intangible 92500 95000 3626175
Tangible 7680437 7655956 4430981
------------ ------------- ------------
7772937 7750956 8057156
------------ ------------- ------------
CURRENT ASSETS
Stock 32148 40401 37168
Debtors 169789 107481 222868
Cash at bank 39726 65101 99888
------------ ------------- ------------
241663 212983 359924
CREDITORS: amounts falling
due within one year (1849372) (1063758) (956887)
------------ ------------- ------------
NET CURRENT LIABILITIES (1607709) (850775) (596963)
------------ ------------- ------------
CREDITORS: amounts falling
due after more than one year 5103954 5729570 6238558
------------ ------------- ------------
NET ASSETS 1061274 1170611 1221635
============ ============= ============
CAPITAL AND RESERVES
Share capital 263158 224202 246260
Share premium 1369954 1183910 1310127
Profit and loss account (571838) (237501) (334752)
------------ ------------- ------------
SHAREHOLDERS' FUNDS 1061274 1170611 1221635
============ ============= ============
Cash Flow Statement
For The Period:
Six months Year ended
ended 30 June 31 December
2006 2005
# #
Net cash (outflow)/inflow from
operating activities (15788) 215507
Returns on investments and
servicing of finance (188148) (300273)
Taxation (165336) 165165
Capital expenditure (42484) (60817)
Acquisitions and disposals 0 (3770517)
------------- -------------
(411756) (3750935)
Financing 109077 3824498
------------- -------------
(Decrease)/Increase in cash in
the period (302679) 73563
============= =============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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