HOSTMORE PLC

National Storage Mechanism | Additional information

RNS Number : 0617A

Hostmore PLC

21 September 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

21 September 2022

Hostmore plc

INTERIM RESULTS

Stable performance despite macro-economic headwinds

Hostmore plc ("Hostmore" or the "Company" and, together with its subsidiaries, the "Group"), the hospitality business with brands including 'Fridays', '63rd+1st' and 'Fridays and Go', is pleased to announce its interim results for the 26 weeks ended 3 July 2022 ("HY22").

Key highlights

· Strong improvement in revenues (+147% over HY21 which was significantly impacted by the pandemic), with both volume and customer spend per head increasing.

· Increase in Group Adjusted EBITDA (+143% over HY21) due to improved revenues, cost mitigation activities and landlord concessions.

· Cash generation enabled Adjusted free cash flow of £10.1m, before the settlement of £6.8m of accrued listing costs.

· Undrawn banking facilities of £27.5m are presently available under the Revolving Credit Facility ("RCF") which will support the business during a time of uncertain consumer demand and inflated utility pricing.

· The impact of unhedged current utilities prices is expected to have an impact on FY23 EBITDA.

Financial summary


	26 weeks ended 3 July 2022	26 weeks ended 27 June 2021	* Restated 53 weeks ended 2 January 2022
Total revenue	£98.5m	£39.9m	£159.0m
Group Adjusted EBITDA (note 1)	£17.8m	£7.3m	£43.0m
Group Adjusted EBITDA pre IFRS 16	£7.1m	(£3.3m)	£21.5m
Adjusted basic earnings/(loss) per share (note 2)	3.5p	(6.1p)	7.2p
Net bank debt pre IFRS 16 (note 3)	(£26.2m)	(£28.9m)	(£12.2m)
Free cash flow (note 4)	£3.3m	£6.9m	£31.0m
Adjusted free cash flow (note 5)	£10.1m	£6.9m	£20.1m

* Refer to note 7 to the financial statements. In the 53 week period ended 2 January 2022 exceptional costs have increased by £965k from £8,121k, as previously reported, to £9,086k.

Notes

1. Group Adjusted EBITDA reflects the underlying trade of the overall business. It is calculated as statutory operating (loss)/profit plus depreciation, net interest and bank arrangement fees, impairment, amortisation, share based payments, loss on disposal of assets and any exceptional costs or income. Government grant income is included in Group Adjusted EBITDA. Please refer to page 14 for reconciliation.

2. Adjusted basic earnings per share represent the net loss after tax before impairment and exceptional items, divided by shares issued.

3. Net bank debt pre IFRS 16 is borrowings from bank facilities, excluding the unamortised portion of loan arrangement fees and leases, less cash and cash equivalents.

4. Free cash flow reflects the cash generated from operations less maintenance capital expenditures.

5. Adjusted free cash flow is free cash flow (note 4) adjusted for listing cashflows.

Operational highlights

Stable trading against a difficult consumer backdrop

· Comparable like-for-like ("LFL") revenue was up 145% compared to HY21 and down 7% compared to pre-COVID HY19, in line with expectations.

· Trading compared to FY19 was lower in the stadium (events led) and city centre (working from home) categories with the south-east and north-west most affected. Monthly consumer demand fluctuated significantly as compared to FY19.

· Group Adjusted EBITDA (pre IFRS 16) of £7.1m, an improvement on the prior year loss of £3.3m due to increased revenues, cost mitigation activity and the execution of landlord concession agreements.

Focus on managing inflationary pressures

· Secured £2.4m of landlord concessions, comprising the waiver of past obligations and confirmation of incentives for the extension of leases on profitable stores.

· Further hedging of gas and electricity post the reporting date reflects 100% of gas being hedged until 31 December 2022, and an increase in electricity hedging to c.89% of FY19 comparable volume until 31 March 2023, and c.44% until 31 December 2023.

· Food and beverage cost increases limited by leveraging our supplier relationships.

Financial position

· Cash generation enabled the settlement of material outstanding pandemic obligations (VAT and rent arrears of £3.3m) and accrued listing costs of £6.8m.

· Extended term of banking facilities and increased revolving credit facility, providing further flexibility to execute growth strategy.

· Long term ambition to further build portfolio through selective acquisitions as market conditions stabilise.

Organic growth across both established and new brands

· Creation and launch of the Fridays and Go fast-casual dining brand.

· Three new openings across our brands in Chelmsford (Fridays), Dundee (Fridays and Go) and, subsequent to HY22, Edinburgh (63rd+1st).

Broadened senior management team

· New Chief Operating Officer to enhance operational standards and efficiencies.

· New Chief Marketing Officer to evolve digital transformation and adopt a data-led marketing approach to broaden customer appeal and expand audience.

Focused on improving customer and staff proposition

· Improved guest satisfaction scores - Fridays' Guest Opinion Score at June 2022: 70 (December 2021: 68) and 63rd+1st's Guest Opinion Score at June 2022: 65 (December 2021: 44) - arising from the addition of vegan menu options and improved speed of service levels.

· Between June and September 2022, Fridays' Net Promoter Score improved from 23 to 43, driven primarily by improvements to the customer experience

· Increased levels of staff retention through improving employee rewards and a further investment in training.

Current trading and outlook

· LFL revenue for the 10 weeks since the reporting date is 14% lower than the FY19 comparable period and reflects the impact of weaker consumer demand and other factors including rail strikes (which are expected to continue periodically in the second half) and heatwaves; this impact has been partially offset by ongoing cost saving initiatives.

· Two Fridays openings planned for the final quarter of FY22 and discussions for further store opening opportunities are ongoing.

· Net bank debt has reduced from £26.2m to £23.7m in the 8 weeks since the period end. Net bank debt at 2 October 2022 is expected to be approximately £32.5m and will continue to peak at each quarter end principally due to the timing of the quarterly payments of VAT and landlord rent obligations.

· Trading conditions are expected to remain challenging, exacerbated by inflationary pressure on the consumer and the risk of higher utilities supply pricing. The Group's focus remains on continuing to mitigate the impact of these as far as possible.

· The Group welcomes Government intervention measures announced on 8 September 2022, which we expect will alleviate pressure on the consumer and mitigate the impact of higher utilities pricing in coming months. The beneficial impact of measures to further support businesses is awaited.

· In the absence of further Government support measures having been confirmed and considering both the uncertain consumer demand and the enduring inflationary environment as we enter our traditionally busiest period of the year, LFL revenue expectations for the second half are now forecast to be 11% lower than the FY19 comparative.

· The impact of current utilities pricing, after the mitigation of the hedges contracted for, would result in an incremental cost of c.£5.8m in FY23 over the comparable FY22 period.

Robert B. Cook, Chief Executive Officer, commented:

"We have delivered a stable performance for the first half of FY22 despite the undeniable and growing pressures on the consumer in the current environment. Against this tough backdrop, we have also taken swift action to manage the inflationary impacts that we and the rest of the sector face.

"We continue to develop our customer proposition and to apply a laser focus on our unique portfolio of iconic and vibrant hospitality brands. Nearly 200,000 customers per week visited our restaurants through June and July, showing the broad appeal of our attractive locations for consumers looking to have some downtime and enjoy a memorable occasion. Pleasingly, guest feedback is increasingly positive, with both Fridays' and 63rd+1st's Guest Opinion Scores improving since December; it is thanks to our incredible people that we are able to create such a fantastic experience for customers.

"We will continue to adopt a cautious approach, reflecting ongoing uncertainty in the UK trading environment and in particular utilities pricing, mitigating costs wherever possible, whilst continuing to invest in our proposition, our people and new sites.

"We, like many others in the sector, await further clarity on more Government intervention to support the hospitality industry in light of the inflationary pressures being felt by consumers and hospitality businesses alike, particularly in relation to energy."

Results webcast

Robert B. Cook, Chief Executive Officer, and Alan Clark, Chief Financial Officer, will be hosting a virtual webcast with a live Q&A for analysts and institutional investors at 9:00am today.

Please email [email protected] or call 020 3128 8011 to receive the details.

A live presentation will also be delivered via the Investor Meet Company platform at 11.00am. The presentation is open to all existing and potential shareholders. Those not registered with Investor Meet Company can sign up for free and access the presentation via:

https://www.investormeetcompany.com/hostmore-plc/register-investor

ENDS

Enquiries

Hostmore plc

Robert B. Cook, Chief Executive Officer Tel: +44 (0)330 460 5588

Alan Clark, Chief Financial Officer Email: [email protected]

MHP Communications

Oliver Hughes, Simon Hockridge, Eleni Menikou Tel: +44 (0)203 128 8100

Email: [email protected]

About Hostmore

Hostmore plc is a UK hospitality business which runs the American-themed casual dining brand, 'Fridays' (formerly TGI Fridays), the cocktail-led bar and restaurant brand, '63rd+1st, and the fast casual dining brand 'Fridays and Go'.

The Group was established in 2021 to provide a platform for the development and growth of attractive hospitality brands, defined by their iconic brand experience and vibrant heritage. Hostmore is focused on the organic growth of its existing brands, alongside expanding through new, exciting concepts which have roll-out potential.

Hostmore currently operates 90 sites in the UK, the majority of which are in high footfall locations, including retail parks, shopping centres and city centres.

https://www.hostmoregroup.com

Business review

Introduction

During the period we have continued to successfully execute our strategy, despite the increasingly difficult macro-economic backdrop. These ongoing challenges, including the war in Ukraine, escalating inflation, and the deepening cost of living crisis in the UK, are impacting both consumer confidence and our operations.

Whilst these pressures have inevitably affected our financial metrics for the half year, we are reporting a stable performance. Comparable like-for-like revenues in HY22 were up 145% compared to HY21, and down by 7% compared to the same pre-COVID period in 2019. This reflects our focus on delivering an improved value and service experience to our Dine-in customers, although trading compared to FY19 was lower in the stadium (events led) and city centre (working from home) categories as the impact of the pandemic continued to affect our operations. Dine-out, which tends to be a less profitable revenue stream, has underperformed the market but remains a complementary revenue stream for growth.

Amidst a difficult trading backdrop, we took decisive action to mitigate the impact of the various pressures, making considered pricing adjustments across our menus and further hedging out utilities post the reporting date. In addition, we leveraged strong relationships with suppliers to mitigate the impact of food and beverage inflation and have introduced better waste management, as well as securing further concessions from landlords.

We are seeing tangible results from the improvements we have made to our brand propositions with our focus on improving product quality, simplifying the menu offering and brand relevance. These have all contributed to an improvement in guest satisfaction scores. In addition, we have seen Fridays' Net Promoter Score improve from 23 in June 2022 to 43 in September 2022.

Hostmore offers a unique collection of hospitality brands with significant long term growth potential, even more so following the launch of our Fridays and Go fast-casual dining brand. As part of our organic growth strategy, we have continued to roll out new sites across the estate, opening a new Fridays in Chelmsford and our first Fridays and Go in Dundee. Although Fridays and Go is still at an early stage of trials, we are excited by potential opportunities to roll this brand out more widely across the UK. We expect to open a further two Fridays before the end of 2022, taking us ahead of our planned schedule. Post period end, we opened a 63rd+1st in Edinburgh, our fourth store under this brand. Discussions to secure further sites are ongoing.

We have also recently extended the term of our banking facilities and increased our revolving credit facility (discussed below). This gives us greater flexibility to execute our strategy by continuing our rollout of stores.

Strategic progress

Our 4D strategy spans four key segments. Dine-in, Drive to, Digital and Delivery.

Dine-in LFL revenue was up 145% against HY21 and down 7% compared to pre-COVID HY19. We are on track to deliver our medium-term target of 100 Fridays restaurants and 25 63rd+1st restaurants, and before the end of the year, expect to open new Fridays stores in Barnsley and Durham, and exit a further loss-making store.

In Drive to, we are encouraged by the initial performance of our quick service restaurant ("QSR") concept, Fridays and Go, which opened in Dundee in March. Management is considering further QSR sites as we take learnings from this initial store and continue to develop and improve the customer offer.

Business review continued

Our approach to Digital spans CRM, customer experience and data. During the period, we embedded our CRM project, which is delivered through the Salesforce tool and aims to manage interactions with customers and potential customers. Additionally, a trial electronic point of sale (EPoS) system has been put in place across three of our four 63rd+1st restaurants. We also continue our omni-channel approach to data, heading towards a single customer view which will facilitate personalised content and marketing using artificial intelligence, as well as enabling the Group to obtain greater insight and maximise each interaction with each customer. We continue to work with external experts to develop a full digital transformation for Fridays, with the ambition of fully embedding this in summer 2023.

While Dine-in remains our core focus and main driver of higher quality revenue, in the medium term, we see Delivery as an important channel in our offering. Post period end, a contract has been signed with Uber Eats for the delivery of Fridays products.

Managing an inflationary environment

Inflation is a major challenge we are facing across many aspects of the business, including food costs, wages and utilities. As an example, food and beverage input cost inflation is currently at c. 10%. We are committed to mitigating the impact of inflation on margins and have taken a number of actions across the business, including:

· Securing £2.4m of concessions from our landlords in the period, comprising both the waiver of pandemic rents and incentives for profitable lease renewals, taking the aggregate value of rent concessions secured since September 2020 to £10m.

· The introduction of targeted pricing adjustments.

· Limiting food and beverage cost increases by leveraging our supplier relationships.

· Early hedging of gas and electricity costs, both volume and pricing, as well as further hedging our gas and electricity costs post the reporting date.

· Reducing food wastage and minimising transport costs.

· Re-engineering certain recipes post the reporting date, without compromising on quality.

· Continuing to invest in training and development across our employee base to increase retention.

The Group welcomes the Government intervention measures announced on 8 September 2022, which we expect will alleviate pressure on the consumer and mitigate the impact of higher utilities supply pricing in the coming months.

Operational developments

During HY22, we significantly strengthened our executive team, adding a new Chief Operating Officer, Julie McEwan, who joined from The Big Table Group, where she was Brand Director of Las Iguanas, the Latin American brand. Prior to this Julie held senior roles at Whitbread and Spirit Pub Company (which was subsequently acquired by Greene King). Additionally, Rhiannon Scarlett joined as Chief Marketing Officer from The Body Shop where, as Brand and Activism Director for the UK and Republic of Ireland, she was responsible for leading strategy and initiatives to drive customer acquisition, retention and growth.

With Rhiannon's appointment, we are enhancing our marketing to help drive market share in a difficult consumer environment. The second half of FY22 will see the launch of a number of new initiatives including the "Show your Stripes" campaign, a digital-first media activation to showcase Fridays' credentials as a renowned social hangout, and to champion inclusivity and liberation. We are also collaborating with Sky Sports to trial live sports TV coverage in a small number of our stores, helping to drive our local community focus and increase

Business review continued

visits. This development ties in with our move to a more focussed "local" store approach with associated pay-per-click and paid search spend being made on a store-by-store basis.

The labour market is behaving in unusual ways - a lack of staff in the early part of the post-COVID return has transitioned into a "wage war" to attract and retain talent. The volume of staff and interest in joining our brands has remained high and despite operating in a difficult labour market, our ability to attract staff is good. In the 12 weeks leading up to 15 September 2022, we had 22,111 applications for hourly paid roles and 620 applications for store management roles. We recognise that our people are instrumental in delivering our strategy, and we continue to invest in training and development across our employee base.

ESG

We are deeply committed to being a responsible business. We made significant progress in developing our ESG strategy during the period, working on a clearer plan towards achieving our goals. Our ESG strategy is engrained in the business at all levels and impacts the Group positively in all its functions, including IT, HR, Finance, Procurement, Brand, Operations, Marketing, and our Executive Team.

Our enhanced ESG disclosures at year end will include further detail on our net zero targets, policies around waste management and responsible sourcing. We will also provide further insight into our values and culture and our approach to being a responsible employer and corporate citizen. This will include detail around the work we have been conducting on our values and expected behaviours, our People Commitment initiative, our diversity and inclusion programme and our high potential development programme.

Whilst some elements of this work will be ongoing with further detail being reported going forward, we anticipate being able to publish our net zero roadmap in 2023, which will include details of our annual targets and measure how the Group is performing year to year.

Summary and outlook

Performance during the first half of FY22 has been stable, with swift actions taken to mitigate against a number of challenging external factors. We are pleased with progress made in delivering our strategy, continuing to improve our proposition whilst rolling out more sites across our brands.

We remain mindful of wider pressures on the consumer and how this may impact leisure spend, as well as the ongoing challenges in the operating environment. As such we will retain our strong focus on mitigation, limiting the impact on margins, as well as the execution of our strategy.

We will continue our efforts to strengthen our brands and their relevance, investing in a high-quality offering in food, drinks and a unique celebratory experience, whilst prudently expanding our store estate; we have two Fridays stores planned to open in the final quarter of 2022. The extended term of the banking facilities and the increased revolving credit facility provide additional balance sheet strength and flexibility for expansion in the event of a more benign macro environment providing opportunities.

Robert B. Cook

Chief Executive Officer

20 September 2022

Financial review

Introduction

The financial statements for the period under review have been prepared according to IFRS reporting standards and on a basis consistent with that of the 2021 annual financial statements.

References to any pre-IFRS reporting, referred to as IAS 17 standards, are made, where appropriate, to improve the understanding of changes between reporting periods.

Trading results

The Group's trading results for the 26 weeks ended 3 July 2022 are summarised below:


	26 weeks ended 3 July 2022	26 weeks ended 27 June 2021	* Restated 53 weeks ended 2 January 2022
Total revenue	£98.5m	£39.9m	£159.0m
Group Adjusted EBITDA (note 1)	£17.8m	£7.3m	£43.0m
Group Adjusted EBITDA pre IFRS 16	£7.1m	(£3.3m)	£21.5m
Adjusted basic earnings/(loss) per share (note 2)	3.5p	(6.1p)	7.2p
Net bank debt pre IFRS 16 (note 3)	(£26.2m)	(£28.9m)	(£12.2m)
Free cash flow (note 4)	£3.3m	£6.9m	£31.0m
Adjusted free cash flow (note 5)	£10.1m	£6.9m	£20.1m

Refer to note 7 to the financial statements. In the 53 week period ended 2 January 2022 exceptional costs have increased by £965k from £8,121k, as previously reported, to £9,086k.

Notes

2. Adjusted basic earnings per share represent the net loss after tax before impairment and exceptional items, divided by shares issued.

3. Net bank debt pre IFRS 16 is borrowings from bank facilities, excluding the unamortised portion of loan arrangement fees and leases, less cash and cash equivalents.

4. Free cash flow reflects the cash generated from operations less maintenance capital expenditures.

5. Adjusted free cash flow is free cash flow (note 4) adjusted for listing cashflows.

Group revenue for the period was substantially greater than the comparable prior year period, due to 2021 being negatively affected by the impact of the COVID-19 pandemic which resulted in stores not being able to open for normalised trading until 17 May 2021, in line with legislative restrictions.

Financial review continued

During 2022, trading conditions have been affected by changes in macro-economic and geo-political factors which include:

· Inflationary pressures, including both increases to food and beverage raw materials and the impact of increases to fuel prices and labour shortages that affected the supply chain;

· A shortage of skilled staff to replace employees leaving the sector, which initially limited operational trading hours; and

· The material impact that the cost of utilities has had indirectly on both consumer household incomes and the Group's operational cost base.

Whilst the Group has successfully managed many of the practical operational challenges, the impact on consumer household income has resulted in a 7% reduction in like-for-like revenues compared to the 2019 financial period. Notwithstanding these headwinds, it is encouraging that more than 5.2 million main courses were served during the 26-week period to 3 July 2022, with almost 1 million delivered in June, representing the busiest month of the period.

Our high quality and competitively priced menu, and the introduction of promotional activities in a targeted manner, are minimising spend dilution and gross margin erosion. In addition, customer feedback has improved from December 2021 to June 2022. This growing customer loyalty provides the basis for customers retention whilst consumer household income continues to come under pressure due to the combination of inflation and higher interest rates.

The basic loss per share, which includes the non-cash fixed asset impairments referred to below, is (10.6p) (2021: (6.8p)), and the adjusted basic earnings per share (being the loss before exceptional items after tax) is 3.5p (2021: (6.1p)).

Profit and margins

The Group measures its business performance on the FRS 102 basis of lease accounting which is consistent with prior years. This does not include the impact of IFRS 16, which is recorded separately. On this basis, Adjusted EBITDA of £7.1m (2021: (£3.3m)) is reported for the 26 weeks ended 3 July 2022. This includes the impact of the pandemic Government financial support measures, the reduced output VAT rate of 12.5% until 31 March 2022 and the reduced level of business rates until March 2022.

Food and beverage cost inflation, which is predicted to be c.10% for the full financial year, has been successfully mitigated by a combination of menu changes, limited levels of discounting, and selective price increases. This ensured that the gross profit margin, after adjusting for the VAT rate change, remained in line with management expectations.

The Group has continued to secure a number of landlord concessions with these only being recognised on execution of legal documentation. This resulted in concessions of £1.6m being accounted for in the period.

Cost mitigation measures include the benefit of hedging of gas and electricity for the duration of the period at prices determined in September 2020 when retail prices were substantially lower than current levels. Such hedging, based on financial year 2019 volumes, has recently been increased as follows:

· Gas - 100% until 31 December 2022;

· Electricity - c.89% until 31 March 2023, and then c.44% until 31 December 2023.

Financial review continued

The costs of the Demerger and subsequent listing of the Company on the London Stock Exchange have been accounted for as an exceptional item.

A non-cash impairment charge of £17.8m has been included in the results for the 26 weeks ended 3 July 2022 in respect of certain stores that have been more substantially affected by recent trading conditions.

This has no impact on current or future underlying trading performance and is merely a non-cash adjustment to reflect the difference in market values to historic purchase prices. In addition, it may reverse and be credited to earnings when trading conditions improve.

EBITDA

The Group continues to be a strong cash generating business, as evidenced by its EBITDA performance. The Group Adjusted EBITDA was £17.8m (2021: £7.3m). For HY22, Group Adjusted EBITDA pre IFRS 16 totalled £7.1m, in comparison to (£3.3m) for HY21, and £21.5m for FY21. The Board has continued to expand the operations of the Group as outlined in the business review section, with further cash generation used to pay down debt and strengthen the financial standing of the Group.

Increased financing

After the reporting date, the Group, under the terms of the existing banking facility agreement, executed an extension to these facilities with its lending banks which now provides for:

· Deferral of the termination date by 12 months to 1 October 2024;

· A £5m reapportionment from the term loan facility to the revolving credit facility ("RCF"), resulting in facilities of £35m and £30m respectively, reflecting in an increase to the RCF;

· Amortisations to continue at £1.5m per quarter for the additional year; and

· The extension of the credit support undertaking of £2.5m until 30 June 2023.

The leverage and fixed charge cover ratio covenants remain unchanged, whilst the minimum liquidity covenant has been reduced from £15.0m to £12.5m until 30 June 2023.

Financial review continued

Cash flow and net debt

The Group' consolidated statement of cash flows and movement in debt for the 26 weeks ended 3 July 2022 is summarised below:


	26 weeks ended 3 July 2022 £'000	26 weeks ended 27 June 2021 £'000	53 weeks ended 2 January 2022 £'000
Net cash from operating activities	4,882	7,706	32,904
New store openings and purchase of other fixed assets	(4,956)	(2,105)	(4,075)
Net cash used in financing activities	(20,856)	(6,636)	(33,950)
Net decrease in cash in period	(20,930)	(1,035)	(5,121)
Net cash at start of period	32,080	37,201	37,201
Net cash at end of period	11,150	36,166	32,080

Gross bank debt at start of period	44,300	65,800	65,800
Loans drawn	-	-	5,000
Loans repaid	(7,000)	(700)	(26,500)
Gross bank debt at end of period	37,300	65,100	44,300

Net bank debt	26,150	28,934	12,220

The reduction in net cash between 2 January 2022 and 3 July 2022 reflects:

· the final payment of VAT deferred under the Government pandemic business incentives of £0.8m;

· settlement of pandemic period rent emanating from concessions secured during the period of £2.5m;

· payment of accrued listing costs of £6.8m; and

· the use of surplus cash of £5.0m to pay down the balance on the RCF to reduce borrowing costs.

As a result of the above short-term movements in cash, net bank debt (being cash and cash equivalents less borrowings from bank facilities excluding the unamortised portion of loan arrangement fees) has increased from £12.2m at 2 January 2022 to £26.2m at 3 July 2022.

Net bank debt (being cash and cash equivalents less borrowings from bank facilities excluding the unamortised portion of loan arrangement fees) has reduced from £28.9m at 27 June 2021 to £26.2m. The Group had available cash and undrawn facilities of £36.1m at 3 July 2022, significantly more than the minimum liquidity requirement of £15.0m under the Group's bank facility. The liquidity headroom, as reflected by the undrawn RCF at the reporting date of £25m, provides the Group with the ability to manage the impact of any weaker consumer demand whilst providing a strong financial base for expansion.

New store developments during the 26 weeks ended 3 July 2022 include the opening of the new concept Fridays and Go in Dundee on 15 March 2022, the Fridays in Chelmsford on 13 May 2022, and subsequent to the period under review, the development of the 63rd+1st store in Edinburgh that opened on 7 July 2022. Of the £5.0m of capex during the period, £1.6m was incurred for the purposes of maintaining the existing estate.

Financial review continued

Principal risk & uncertainties

The Directors have continued to assess potential risks together with appropriate mitigating actions as outlined in the Risk Management section of the Strategic Report in the Company's 2021 Annual Report.

The following risks are considered to be particularly relevant for the remainder of FY22 and medium term:

(a) Changes to consumer demand

Recent Bank of England guidance is now for an extended period of economic contraction. The Group has therefore focussed on delivering a quality product as a value proposition to retain customers. The Group intends to enhance quality of revenue by promotional activities whilst protecting gross margins. Additionally, the Group may use variable cost management to reduce variable costs relative to changes in revenues.

(b) Supply interruption and inflation on food and beverage inputs

Whilst the Group's supplies are contracted, the Board continues to evaluate alternative suppliers for core product lines to ensure a consistent supply of products in a timely manner. Menus are revised in light of cost movements.

Applications for employment with the Group have remained consistently strong, with retention further enhanced by the introduction of both deferred bonuses and share awards under the long-term incentive plan for senior store and support centre personnel. Onboarding activities have been enhanced to reduce staff turnover, whilst pay rates have been adjusted in key areas as a further retention tool.

(d) Utilities inflation

The implications of events in Ukraine and how these have impacted on utilities supply and pricing has been more enduring in the UK than previously anticipated. The Group has pricing and volume hedges in place for both gas and electricity, details of which are referred to above. The Board considers that the costs of utilities will remain elevated for the 2022 and 2023 financial years.

(e) Increases in borrowing costs

Interest rates on the Group's bank borrowings move in line with the underlying SONIA rate. The interest cost is mitigated by the recently secured increase in borrowings under the RCF which incurs a lower interest cost than the term loan facility. Excess cash is also used to repay bank borrowings under the RCF.

(f) Re-emergence of COVID-19

The emergence of a variant of the virus remains a possibility which could result in lockdowns or other measures which could restrict trading. Nevertheless, it is considered less likely in the near term due to the effective immunisation programme conducted previously and the ability of further vaccination programmes. The Board keeps this very much under review.

Alan Clark

Chief Financial Officer

20 September 2022

Responsibility statement

The Directors confirm to the best of their knowledge that:

a. the condensed set of financial statements, which have been prepared in accordance with International Accounting Standard IAS 34 (Interim Financial Reporting), gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation as a whole as required by DTR 4.2.4R (preparation and content of condensed set of financial statements);

b. the interim management results include a fair review of the information required by DTR 4.2.7R (indication of important events during the first 26 weeks and description of principal risks and uncertainties for the remaining 26 weeks of the year); and

c. the interim management results include a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

Approved by the Board of Directors on 20 September 2022 and signed on its behalf by:

Robert B. Cook Alan Clark

Chief Executive Officer Chief Financial Officer

Calculation of key performance indicators and alternative performance measures

The Group uses several key performance indicators ("KPIs") to track the financial and operating performance of its business. These measures are derived from the Group's internal systems. Some of the KPIs are alternative performance measures ("APMs") that are not defined or recognised under IFRS. They may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as a substitute for analysis of the Group's operating results as reported under IFRS. The following information on the KPIs includes reconciliations to the nearest IFRS measures where relevant.

LFL sales

Like-for-like sales enables the performance of the Group to be measured on a consistent year-on-year basis and is an important metric to understand customer patronage. The table below includes sites that were open for all of 2021 for comparability and separately includes any sites opened since 2021 or subsequently disposed of.


		26 weeks ended 3 July 2022 (unaudited) £'000		26 weeks ended 27 June 2021 (unaudited) £'000		53 weeks ended 2 January 2022 (audited) £'000
LFL	95,849		39,098		154,987
Additions since Jan 2021	2,554		383		2,579
Disposals since Jan 2021	118		284		1,065
Deferred revenue provisions	(68)		155		363
Total	98,453		39,920		158,994

EBITDA and Adjusted EBITDA

EBITDA is calculated as earnings before interest and bank arrangement fees, tax, depreciation, amortisation, impairment and share based payments. Adjusted EBITDA is calculated as EBITDA before exceptional items (as described in note 8).


	26 weeks ended 3 July 2022 (unaudited) £'000	26 weeks ended 27 June 2021 (unaudited) £'000	* Restated 53 weeks ended 2 January 2022 (audited) £'000
Loss before tax	(17,089)	(11,171)	(2,549)
Depreciation	10,895	11,063	22,339
Net interest and bank arrangement fees	5,934	6,556	13,597
Impairment	17,806	-	1,019
Share based payments	254	10	78
EBITDA	17,800	6,458	34,484
Lease exit cost/(income)	-	-	(616)
Exceptional items	-	860	9,086
Adjusted EBITDA	17,800	7,318	42,954

Calculation of key performance indicators and alternative performance measures continued

Refer to note 7 to the financial statements. In the 53 week period ended 2 January 2022 exceptional costs have increased by £965k from £8,121k to £9,086k, increasing loss before tax from £1,584k, as previously reported, to £2,549k.

Free cash flow

Free cash flow is calculated as the cashflow from operating activities for the period, adjusted for working capital movements, rental income from sub-leases, corporation tax and maintenance capex.


	26 weeks ended 3 July 2022 (unaudited) £'000	26 weeks ended 27 June 2021 (unaudited) £'000	* Restated 53 weeks ended 2 January 2022 (audited) £'000
Cashflow from operating activities	16,169	5,396	29,658
Change in working capital	(10,454)	2,296	1,931
Rental income from sub-leases	25	14	337
Corporation taxes (paid)/ recovered	(858)	-	978
Cash generated from operations	4,882	7,706	32,904
Maintenance capex	(1,559)	(778)	(1,929)
Free cash flow	3,323	6,928	30,975

Refer to note 7 to the financial statements. In the 53 week period ended 2 January 2022 exceptional costs have increased by £965k from £8,121k to £9,086k, reducing cashflow from operating activities of £30,623k, as previously reported, to £29,658k.

Net debt

Net debt is calculated as the Group's long-term borrowings (excluding issue costs) and lease liabilities less cash and cash equivalents at each period end.


	3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	2 January 2022 (audited) £'000
Gross bank debt	(37,300)	(65,100)	(44,300)
Lease liabilities	(150,474)	(152,194)	(150,994)
Cash & cash equivalents	11,150	36,166	32,080
Net debt	(176,624)	(181,128)	(163,214)

Consolidated statement of comprehensive income for the 26 week period ended 3 July 2022


				* Restated
	Note	26 weeks ended 3 July 2022 (unaudited) £'000	26 weeks ended 27 June 2021 (unaudited) £'000	53 weeks ended 2 January 2022 (audited) £'000
Revenue		98,453	39,920	158,994
Cost of sales		(22,311)	(7,710)	(31,256)
Gross profit		76,142	32,210	127,738

Underlying administrative expenses	7	(70,243)	(50,851)	(121,773)
Exceptional items *	7, 8	-	(860)	(9,086)

Administrative expenses	7	(70,243)	(51,711)	(130,859)
Impairment of property, plant and equipment and right of use assets **	12, 13	(17,806)	-	(1,019)
Other operating income		752	14,886	15,188
(Loss)/profit from operations		(11,155)	(4,615)	11,048

Finance income	9	4	22	6
Finance expense	9	(5,938)	(6,578)	(13,603)
Loss before tax		(17,089)	(11,171)	(2,549)

Tax credit	10	3,743	3,200	1,017
Loss for the period		(13,346)	(7,971)	(1,532)

Total comprehensive expense		(13,346)	(7,971)	(1,532)

All operations are continuing operations.

There are no amounts recognised within other comprehensive income in the current or prior periods.

* Refer to note 7 for further details.

** In prior periods, impairment of property, plant and equipment and right of use assets were disclosed as part of administrative expenses.

Consolidated statement of comprehensive income for the 26 week period ended 3 July 2022 continued


				* Restated
Earnings/(loss) per share (pence)	Note	26 weeks ended 3 July 2022 (unaudited)	26 weeks ended 27 June 2021 (unaudited)	53 weeks ended 2 January 2022 (audited)
Basic loss per share *	11	(10.6)	(6.8)	(1.3)
Adjusted basic earnings/(loss) per share **	11	3.5	(6.1)	7.2
Adjusted diluted earnings/(loss) per share **	11	3.5	(6.1)	7.2

Adjusted earnings per share exclude impairments and exceptional items.

* Refer to note 7 for further details.

* Refer to note 11 for further details.

Consolidated statement of financial position at 3 July 2022


Note		3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	* Restated 2 January 2022 (audited) £'000
Assets
Non-current assets
Property, plant and equipment	12	39,928	45,130	42,781
Right of use assets	13	104,302	116,856	116,388
Goodwill	14	145,979	145,979	145,979
Net investment in sublease		100	534	106
Deferred tax assets	10	10,596	7,142	6,192
Long term prepayment		-	60	-
Total non-current assets		300,905	315,701	311,446
Current assets
Inventories		1,300	1,049	1,489
Trade and other receivables		7,477	6,980	5,579
Net investment in sublease		83	454	98
Current tax assets		-	1,902	-
Cash and cash equivalents		11,150	36,166	32,080
Total current assets		20,010	46,551	39,246
Total assets		320,915	362,252	350,692
Liabilities
Non-current liabilities
Loans and borrowings	17	26,180	63,296	33,931
Lease liabilities	16	135,989	130,046	131,980
Provisions		2,352	2,850	2,430
Total non-current liabilities		164,521	196,192	168,341
Current liabilities
Trade and other payables *	15	19,188	167,600	27,742
Contract liabilities		800	-	1,024
Current tax liabilities		113	-	309
Loans and borrowings	17	10,497	1,426	9,491
Lease liabilities	16	14,485	22,148	19,014
Provisions		377	509	745
Total current liabilities		45,460	191,683	58,325
Total liabilities		209,981	387,875	226,666
Net current liabilities		(25,450)	(145,132)	(19,079)
Net assets/(liabilities)		110,934	(25,623)	124,026

* Refer to note 7 for further details.

Consolidated statement of financial position at 3 July 2022


Note		3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	* Restated 2 January 2022(audited) £'000
Issued capital and reserves attributable to owners of the Company
Share capital	18	25,225	8,930	25,225
Share premium reserve		14,583	-	14,583
Merger reserve		(181,180)	-	(181,180)
Share based payment reserve		307	10	53
Retained earnings/(accumulated losses) *		251,999	(34,563)	265,345
Total equity/(deficit)		110,934	(25,623)	124,026

* Refer to note 7 for further details.

The notes on pages 23 to 38 form part of these financial statements.

The financial statements on pages 16 to 38 were approved and authorised for issue by the Board of Directors on 20 September 2022 and were signed on its behalf by:


Robert B. Cook	Alan Clark
Chief Executive Officer	Chief Financial Officer

Consolidated statement of changes in equity for the 26 week period ended 3 July 2022


	Share capital £'000	Share premium reserve £'000	Merger reserve £'000	Share based payment reserve £'000	Retained earnings/ (accumulated losses) £'000	Total equity/ (deficit) £'000
At 2 January 2022 (restated)	25,225	14,583	(181,180)	53	265,345	124,026
Comprehensive expense for the period
Loss for the period	-	-	-	-	(13,346)	(13,346)
Total comprehensive expense for the period	-	-	-	-	(13,346)	(13,346)
Contributions by and distributions to owners
Share based payment charge	-	-	-	254	-	254
Total contributions by and distributions to owners	-	-	-	254	(13,346)	(13,092)
At 3 July 2022 (unaudited)	25,225	14,583	(181,180)	307	251,999	110,934


At 27 December 2020 (audited)	-	-	-	4,054	(30,646)	(26,592)
Comprehensive expense for the period
Loss for the period	-	-	-	-	(7,971)	(7,971)
Share based payments	-	-	-	10	-	10
Share issue	8,930	-	-	-	-	8,930
Reclassified to retained earnings on lapsing	-	-	-	(4,054)	4,054	-
At 27 June 2021 (unaudited)	8,930	-	-	10	(34,563)	(25,623)

Consolidated statement of changes in equity for the 26 week period ended 3 July 2022


	Share capital £'000	Share premium reserve £'000	Merger reserve £'000	Share based payment reserve £'000	Retained earnings/ (accumulated losses) £'000	Total equity/ (deficit) £'000
At 27 December 2020 (audited)	-	-	-	4,054	(30,646)	(26,592)
Comprehensive expense for the period
Loss for the period	-	-	-	-	(567)	(567)
Total comprehensive expense for the period	-	-	-	-	(567)	(567)
Correction of error *	-	-	-	-	(965)	(965)
Total comprehensive expense for the period (restated)	-	-	-	-	(1,532)	(1,532)
Contributions by and distributions to owners
Issue of share capital	1,518	11,624	-	-	-	13,142
Acquisition of subsidiaries by Hostmore	20,477	144,278	(164,755)	-	-	-
Transfer of share capital of a subsidiary to Hostmore	138,930	-	-	-	-	138,930
Capital reduction in a subsidiary	(137,541)	-	-	-	137,541	-
Share issue proceeds extinguish of shareholder loan	1,841	14,584	(16,425)	-	-	-
Cancellation of share premium	-	(155,903)	-	-	155,903	-
Reclassification of share based reserve to retained earnings on lapse of share incentive	-	-	-	(4,079)	4,079	-
Share based payment charge	-	-	-	78	-	78
Total contributions by and distributions to owners	25,225	14,583	(181,180)	(4,001)	297,523	152,150
At 2 January 2022 (restated)	25,225	14,583	(181,180)	53	265,345	124,026

* Refer to note 7 for further details.

Consolidated statement of cash flows for the 26 week period ended 3 July 2022


Note		26 weeks ended 3 July 2022 (unaudited) £'000	26 weeks ended 27 June 2021 (unaudited) £'000	* Restated 53 weeks ended 2 January 2022 (audited) £'000
Cash flows from operating activities *	19	16,169	5,396	29,658
Movements in working capital:
(Increase)/decrease in trade and other receivables		(1,897)	(460)	1,002
Decrease/(increase) in inventories		191	(347)	(787)
(Decrease)/increase in trade and other payables *		(8,303)	3,073	1,872
(Decrease)/increase in provisions and employee benefits		(445)	30	(156)
Cash generated from operations		5,715	7,692	31,589
Corporation taxes (paid)/recovered		(858)	-	978
Rental income from finance subleases		25	14	337
Net cash from operating activities		4,882	7,706	32,904
Cash flows from investing activities
Purchases of property, plant and equipment		(4,956)	(2,090)	(4,075)
Initial direct costs incurred on new leases		-	(15)	-
Net cash used in investing activities		(4,956)	(2,105)	(4,075)
Cash flows from financing activities
Repayment of intercompany loan		-	(8,930)	-
Repayment of bank borrowings		(7,000)	(700)	(26,500)
Payment of loan arrangement fees		-	-	(816)
Receipt of bank borrowings		-	-	5,000
Interest paid on bank borrowings		(892)	(978)	(1,751)
Proceeds from share issue		-	8,930	13,094
Payment of lease liabilities		(12,964)	(4,958)	(22,977)
Net cash used in financing activities		(20,856)	(6,636)	(33,950)
Net cash decrease in cash and cash equivalents		(20,930)	(1,035)	(5,121)
Cash and cash equivalents at the beginning of period		32,080	37,201	37,201
Cash and cash equivalents at the end of the period		11,150	36,166	32,080

* Refer to note 7 for further details.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022

1. Basis of preparation

The consolidated financial statements included in these interim results have been prepared in accordance with IAS 34 (Interim Financial Reporting). The accounting policies and methods of computation used are consistent with those used in the Group's latest annual audited financial statements. The consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's latest annual consolidated financial statements for the 53 weeks ended 2 January 2022.

The information for the 53 weeks ended 2 January 2022 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory financial statements for that period has been delivered to the Registrar of Companies and has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS). The auditor's report on those financial statements was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

The accounting period of the Group runs to the nearest Sunday at the end of each half year. The Directors have presented their results and consolidated interim financial statements for the 26 week period ended 3 July 2022, with the comparative period to 27 June 2021 also being a 26 week period.

2. Functional and presentation currency

These consolidated financial statements are presented in pounds sterling, which is the Group's functional currency. All amounts have been rounded to the nearest thousand pounds, unless otherwise indicated.

3. Going concern

The financial statements have been prepared on a going concern basis. Whilst the Group is in a net current liability position, the strong positive EBITDA, net assets and the positive operating cash flow supports the Directors' belief that the Group is well placed to manage its business and financial risks successfully. For this reason, they have adopted the going concern basis in preparing the interim report and financial statements.

The Group has prepared forecasts of the expected position for the next 24 months from the date of approval of these financial statements, including severe but plausible downside sensitivities.

The severe but plausible downside, which considers the macro-economic guidance from the Bank of England on 4 August 2022, may result in a severely depressed trading environment and significant worsening of the performance of the restaurants, and the subsequent impact on the profitability and cash generation of the Group. This scenario is based on the business plan of the Group and applies a downturn in trading of its restaurants in the remainder of 2022 and into 2023, including proposed new openings, with a worsening profit conversion as a result of enduring elevated utilities prices. As a result, it models the impact this would have on the cash position and covenants calculations of the Group.

In both the base and the severe but plausible downside case, the Group has sufficient liquidity via its existing facilities to finance its operations for the next twelve months to the end of September 2023, including the requisite compliance of the Group with the banking covenants and the debt amortisation as they come due. Both models, beyond the period of assessment for going concern purposes, anticipate the successful concluding of the refinancing of the debt in advance of the repayment date of 1 October 2024.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

3. Going concern continued

Accordingly, as the Directors continue to adopt the going concern basis in preparing these accounts, they do not include any adjustments to the carrying amounts or classification of assets and liabilities that would result if the Group was unable to continue as a going concern.

Both scenarios, being the Group business plan and the severe but plausible downside, show that there will be no breach of the Group's covenant tests and that the Group has headroom above the minimum covenant levels.

After the reporting date, the Group completed an extension of its current financing arrangements and existing covenants to 1 October 2024, which extends beyond the period in the scenarios described above. Refer to note 17 for further details.

The Directors are confident that the business will continue to trade for a period of at least 12 months following the signing of these financial statements. They are therefore confident that it is appropriate to prepare these financial statements on a going concern basis.

4. Accounting policies

These consolidated financial statements have been prepared on a basis consistent with the accounting policies set out in the Group's annual report for the 53 week period ended 2 January 2022.

5. Accounting estimates and judgements

Estimates and judgements are evaluated at each reporting date and are based on historical experience as adjusted for current market conditions and other factors. Estimates and assumptions have been made in respect of the following:

5.1 Judgement

Goodwill

The Group does not allocate goodwill to individual cash generating units ("CGUs") as it is deemed to represent the ongoing value of the existing business and brand and it cannot be allocated to individual restaurants on a non-arbitrary basis. Therefore, the goodwill is allocated to all CGUs as a group as it is considered that they all benefit equally from the brand value.

Lease term

Several leases of restaurant properties contain extension options or break clauses. Profitable stores' leases have been considered to be extended, discounted back using pre-tax discount rate of 12.4%. The non-cancellable period and enforceable period are both considered to be the initial lease term in the contract at the period end for which leases have already been extended.

Leases for restaurant properties are generally long-term and due to the nature of the business, decisions to extend or terminate are based on evolving market dynamics that may create an economic incentive to do so. Therefore, at the period end date, except for those where decisions have already been made, there is no reasonable certainty of whether an option to extend or terminate will be exercised.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

5. Accounting estimates and judgements continued

5.2 Estimates and assumptions

Property, plant and equipment and RoU assets impairment

The Group performs an impairment assessment at the end of each reporting period. Each restaurant within the Group is considered a separate cash generating unit ("CGU"). An impairment charge is recognised where the recoverable amount is less than the carrying value of the property, plant and equipment or RoU of the CGU. The recoverable amount is based on value-in-use calculations, using forecasted cashflows and each restaurant's ability to cover its costs, including an allocation of central overheads, marketing and maintenance of standards of assets.

When trading data and forecasts indicate that an impairment no longer exists, any previously recognised impairments are reversed up to the recoverable amount, without exceeding the previous carrying value less depreciation. This impairment reversal is recognised in the statement of comprehensive income.

The recoverable amount is based on value-in-use calculations with cash flow projections over the lease term of each restaurant, using the Group's forecast performance for 2022 and the business plan for the next 2 years, with a long-term growth rate of 2% applied. The discount rate applied in the value-in-use calculations has been calculated with reference to the Group's weighted average cost of capital and similar benchmarks in the industry. The pre-tax discount rate of 12.3% (2021: 11.7%) has been applied in the value-in-use calculations.

6. Segment information

The Group's reportable segments constituting revenue, profit, assets and liabilities are all under the Fridays brand. '63rd + 1st' was launched within the 53 week period ended 2 January 2022 as a trading brand. It is aggregated with Fridays within internal reporting and is therefore not a separate reportable segment under IFRS 8 (Operating Segments). For these purposes, the Group's Chief Executive Officer and all other Board members are considered to be the Chief Operating Decision Maker, who receive information at a consolidated Group and site-by-site level. These sites share similar economic characteristics and are corporately under the TGI Fridays licensed branding and meet the aggregation criteria under IFRS 8 paragraph 12.

7. Prior period administrative expenses restatement

The Company has restated prior period exceptional costs associated with the listing of the Company's ordinary shares on the London Stock Exchange, by increasing this amount by £965k, with such amount being included within administrative expenses. The restatement was due to a late invoice not being accrued for at the prior period end. The under accrual has been corrected by restating each of the affected financial statement line items for the prior period as follows:

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

7. Prior period administrative expenses restatement continued


Consolidated statement of comprehensive income (extract)	Previously reported 53 weeks ended 2 January 2022 £'000	Inclusion of under accrual £'000	* Restated 53 weeks ended 2 January 2022 £'000
Administrative expenses	130,913	965	131,878
Profit from operations	12,013	(965)	11,048
Finance income	6	-	6
Finance expense	(13,603)	-	(13,603)
Loss before tax	(1,584)	(965)	(2,549)
Tax credit	1,017	-	1,017
Loss for the period	(567)	(965)	(1,532)


Consolidated statement of comprehensive income (extract)	Previously reported 53 weeks ended 2 January 2022 £'000	Inclusion of under accrual £'000	* Restated 53 weeks ended 2 January 2022 £'000
Basic loss per share (pence)	(0.5)	(0.8)	(1.3)


Consolidated statement of financial position (extract)	Previously reported 2 January 2022 £'000	Inclusion of under accrual £'000	* Restated 2 January 2022 £'000
Trade and other payables	26,777	965	27,742
Total current liabilities	57,360	965	58,325
Total liabilities	225,701	965	226,666
Net current liabilities	(18,114)	(965)	(19,079)
Net assets	124,991	(965)	124,026

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

7. Prior period administrative expenses restatement continued


Consolidated statement of cash flows (extract)	Previously reported 53 weeks ended 2 January 2022 £'000	Inclusion of under accrual £'000	* Restated 53 weeks ended 2 January 2022 £'000
Cash flows from operating activities	30,623	(965)	29,658
Movement in working capital
Increase in trade and other payables	907	965	1,872

8. Exceptional items

Included within the (loss)/profit from operations are items which are considered to be exceptional in nature. These are as follows:


	26 weeks ended 3 July 2022 (unaudited) £'000	26 weeks ended 27 June 2021 (unaudited) £'000	* Restated 53 weeks ended 2 January 2022 (audited) £'000
Costs associated with Hostmore's listing	-	860	9,086

Exceptional items are those items that, by virtue of their unusual nature or size, warrant separate, additional disclosure in the financial statements to fully assess the performance of the Group. These related to costs associated with the listing of the Company's ordinary shares on the London Stock Exchange. These costs principally comprised fees related to accounting and legal advice associated with the London Stock Exchange listing.

Further to note 7, the 53 week period ended 2 January 2022 exceptional costs have increased by £965k from £8,121k, as previously reported, to £9,086k.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

9. Finance income and expense


	26 weeks ended 3 July 2022 (unaudited) £'000	26 weeks ended 27 June 2021 (unaudited) £'000	53 weeks ended 2 January 2022 (audited) £'000
Finance income
Interest receivable on net investment in sublease	4	22	-
Other interest receivable	-	-	6
Total finance income	4	22	6
Finance expense
Bank interest payable	829	1,000	2,576
Amortisation of loan arrangement fees	254	162	804
Interest on lease liabilities	4,827	4,989	10,165
Interest on withholding tax	-	392	-
Other interest payable	28	35	-
Unwinding of discount on provisions	-	-	58
Total finance expense	5,938	6,578	13,603

10. Tax credit

10.1 Income tax credit recognised in profit or loss


	26 weeks ended 3 July 2022 (unaudited) £'000	26 weeks ended 27 June 2021 (unaudited) £'000	53 weeks ended 2 January 2022 (audited) £'000
Current tax
Current tax charge on profits for the period	(661)	-	(1,217)
Adjustments in respect of prior periods	-	544	528
Total current tax	(661)	544	(689)
Deferred tax credit
Origination and reversal of timing differences	4,404	2,401	(142)
Adjustments in respect of prior periods	-	255	328
Change in future tax rate	-	-	1,520
Total deferred tax credit	4,404	2,656	1,706
Tax credit for the period	3,743	3,200	1,017

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

10. Tax credit continued

10.2 Deferred tax balances

The following is the analysis of deferred tax assets/(liabilities) in the consolidated statement of financial position:


	Opening balance £'000	Recognised in profit and loss £'000	Closing balance £'000
Deferred tax assets in relation to:
Accelerated capital allowances on property, plant and equipment	1,970	591	2,561
Short term timing differences	71	-	71
Deferred tax arising from GAAP differences	4,151	3,813	7,964
3 July 2022	6,192	4,404	10,596


	Opening balance £'000	Recognised in profit and loss £'000	Closing balance £'000
Deferred tax assets in relation to:
Accelerated capital allowances on property, plant and equipment	1,318	346	1,664
Short term timing differences	44	(10)	34
Trading losses utilised	410	2,066	2,476
Deferred tax arising from GAAP differences	2,714	254	2,968
27 June 2021	4,486	2,656	7,142


	Opening balance £'000	Recognised in profit and loss £'000	Closing balance £'000
Deferred tax assets in relation to:
Accelerated capital allowances on property, plant and equipment	1,318	652	1,970
Short term timing differences	44	27	71
Trading losses utilised	410	(410)	-
Deferred tax arising from GAAP differences	2,714	1,437	4,151
2 January 2022	4,486	1,706	6,192

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

11. (Loss)/earnings per share


	26 weeks ended 3 July 2022 (unaudited)	26 weeks ended 27 June 2021 (unaudited)	* Restated 53 weeks ended 2 January 2022 (audited)
Basic loss per share
Weighted average outstanding shares ('000)	126,127	116,920	118,463
Loss after tax for the period (£'000)	(13,346)	(7,971)	(1,532)
Basic EPS (pence)	(10.6)	(6.8)	(1.3)

Adjusted earnings/(loss) per share
Loss after tax for the period (£'000)	(13,346)	(7,971)	(1,532)
Exceptional items (£'000) (note 8)	-	860	9,086
Impairment of property, plant and equipment and right of use assets	17,806	-	1,019
Adjusted (loss)/profit for the period (£'000)	4,460	(7,111)	8,573
Adjusted EPS (pence)	3.5	(6.1)	7.2

Adjusted diluted earnings/(loss) per share
Weighted average outstanding shares ('000)	126,127	116,920	118,463
Dilutive shares ('000)	-	-	-
	126,127	116,920	118,463
Adjusted diluted EPS (pence)	3.5	(6.1)	7.2

The calculation of diluted earnings per share does not assume conversion, exercise or other issue of potential ordinary shares that would have an anti-dilutive effect on earnings per share, as the Group is in a loss-making position.

Comparative (loss)/earnings per share is calculated using the current capital structure, excluding shares issued immediately prior to the listing date.

In the 53 week period ended 2 January 2022, adjusted earnings per share and adjusted diluted earnings per share have been increased from 6.4 pence, as previously reported, to 7.2 pence. This is due to the inclusion of impairment of property, plant and equipment and right of use assets in the calculation of both adjusted earnings per share and adjusted diluted earnings per share. The exceptional items within this calculation have also been restated in line with details included in Note 7, however this has no impact on the adjusted earnings per share and adjusted diluted earnings per share figures.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

12. Property, plant and equipment


	Plant and machinery £'000	Fixtures and fittings £'000	Total £'000
Net book value at 2 January 2022 (audited)	6,819	35,962	42,781
Additions	2,230	2,399	4,629
Disposals	(1)	(17)	(18)
Depreciation charge for the period	(1,591)	(2,768)	(4,359)
Impairment charge for the period	-	(3,105)	(3,105)
Net book value at 3 July 2022 (unaudited)	7,457	32,471	39,928

Cost at 27 June 2021 (unaudited)	49,489	88,620	138,109
Accumulated depreciation and impairment	(41,837)	(51,142)	(92,979)
Net book value at 27 June 2021 (audited)	7,652	37,478	45,130


Cost at 2 January 2022 (audited)	50,665	90,058	140,723
Accumulated depreciation and impairment	(43,846)	(54,096)	(97,942)
Net book value at 2 January 2022 (audited)	6,819	35,962	42,781

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

13. Right of use assets


					Property and vehicle leases £'000

Net book value at 2 January 2022 (audited)					116,388
Additions					9,151
Depreciation charge for the period					(6,536)
Impairment charge for the period					(14,701)
Net book value at 3 July 2022 (unaudited)					104,302

Cost at 27 June 2021 (unaudited)					132,903
Accumulated depreciation and impairment					(16,047)
Net book value at 27 June 2021 (unaudited)					116,856


Cost at 2 January 2022 (audited)					168,657
Accumulated depreciation and impairment					(52,269)
Net book value at 2 January 2022 (audited)					116,388

Impairment losses recognised in the period

The Group performs an impairment assessment at the end of each reporting period. Each restaurant within the Group is considered a separate cash generating unit ("CGU"). An impairment charge is recognised where the recoverable amount is less than the carrying value of the right of use assets of the CGU. The recoverable amount is based on value-in-use calculations, using forecasted cashflows and each restaurant's ability to cover its costs, including an allocation of central overheads, marketing and maintenance of standards of assets.

The Group has recognised an impairment charge on property, plant and equipment and RoU assets of £17,806k for the period ended 3 July 2022 (2021: £1,019k). The charge relates to a number of specific CGUs, including their year to date trading performance, and represents the potential impact of short to medium term macro-economic trading conditions as projected by the Bank of England on 4 August 2022.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

13. Right of use assets continued

Sensitivities to impairment charges

The key assumptions in the impairment calculation are the predicted cashflows of the CGU and the discount rate applied. The following table shows the effect on impairment of property, plant and equipment and right of use assets for a 2% absolute change in the discount rate or 10% variation in EBITDA, with all other variables held constant:


	3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	2 January 2022 (audited) £'000
Discount rate - 2% increase	1,894	-	1,382
Discount rate - 2% decrease	(1,933)	-	(285)
EBITDA - 10% increase	(2,741)	-	(457)
EBITDA - 10% decrease	3,320	-	1,829

14. Goodwill


	3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	2 January 2022 (audited) £'000
Cost	155,284	155,284	155,284
Accumulated impairment	(9,305)	(9,305)	(9,305)
	145,979	145,979	145,979

The Group continues to assess goodwill for impairment at each reporting date in line with its accounting policy. No impairment charge has been necessary for the 26 weeks ended 3 July 2022 as the value-in-use supports the carrying value of all assets, goodwill, property, plant and equipment and RoU assets.

The value-in-use calculations are based on future projected cashflows of the operating business, over the life of the leases, assuming profitable stores' leases will be extended, discounted back using pre-tax discount rate of 12.4%.

Sensitivity analysis conducted shows that +/- 2% increase in the discount rate and a +/- 10% movement in the EBITDA results in £nil impairment to the goodwill.

The Directors consider that the Fridays brand is the sole cash generating unit of goodwill as it cannot be allocated to individual restaurants on a non-arbitrary basis.

15. Trade and other payables

As part of the Capital Reorganisation referred to in the Group's audited financial statements for the 53 weeks ended 2 January 2022, payables to related parties of £133m were capitalised. Full details were set out in the Prospectus.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

16. Leases

The Group has entered into a number of leases on properties from which it operates its restaurants. It has also entered into lease arrangements for motor vehicles for use by certain employees. These have all been recognised as right-of-use assets in the consolidated statement of financial position.


	3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	2 January 2022 (audited) £'000
Contractual undiscounted cash flows due
Not later than one year	19,763	32,563	21,108
Between one year and five years	80,357	82,343	77,591
Later than five years	112,215	110,192	111,285
	212,335	225,098	209,984


	3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	2 January 2022 (audited) £'000
Discounted lease liabilities
Non-current	135,989	130,046	131,980
Current	14,485	22,148	19,014
	150,474	152,194	150,994

17. Loans and borrowings


	3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	2 January 2022 (audited) £'000
Secured bank loans and borrowings
Non-current	26,180	63,296	33,931
Current	10,497	1,426	9,491
	36,677	64,722	43,422

The Group completed an extension of the bank loan facilities on 5 July 2022. The amended facility agreement now consists of a £35m term loan and a £30m revolving credit facility (previously it consisted of a £40m term loan and a £25m revolving credit facility). No arrangement fees were incurred in respect of this refinancing exercise. At the period end, £37.3m of the then term loan available had been drawn and £nil had been drawn on the revolving credit facility. The Group's loans are denominated in pounds sterling. There is no foreign exchange risk on the Group's loan arrangements.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

17. Loans and borrowings continued

The carrying value of loans and borrowings classified as financial liabilities are measured at amortised cost approximate to their fair value.


Loan Facility	Nominal interest rate	Year of maturity	Repayment schedule	3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	2 January 2022 (audited) £'000
Secured bank loan	Margin plus compound reference rate based on SONIA	2024	£1.5m per quarter from June 22, with balance on maturity	37,300	65,100	44,299
Unamortised loan arrangement fees				(623)	(378)	(877)
				36,677	64,722	43,422

The facility agreement includes the following covenants:

· a minimum liquidity covenant which is tested on a monthly basis until August 2022, requiring a cash balance of no less than £15.0m until 31 August 2022, at which time it was reduced to £12.5m until 30 June 2023;

· leverage and fixed cost cover ratio covenants that are tested on a quarterly basis from September 2022. The leverage ratio covenant requires that the Group's total net debt to Adjusted EBITDA must not exceed 3.0 times between 30 September 2022 and 31 December 2022, and 2.5 times from 1 January 2023; and

· the fixed cost cover ratio covenant requires EBITDA, adjusted for rental payments, to be not less than 1.5 times the aggregation of such rental payments and bank interest charges.

The Group complied with all covenants within its bank facilities during the 26 week period ended 3 July 2022 and until the date of publication of these financial statements. As a part of the facility extension a credit support undertaking of £2.5m was also extended until 30 June 2023.

Interest on the Group's loan facilities is payable at the aggregate of a margin of 4% plus a compound reference rate based on SONIA. A margin rachet applies from the date on which the adjusted leverage covenant and the fixed cost cover ratio covenant begin to be tested, with the impact on margin shown below. Any increase or decrease on the margin as a result of the margin rachet will apply from the beginning of the next interest quarter.

Whilst the Group has complied with all of its covenants during the 26 week period ended 3 July 2022, the margin rachet has not applied. Based on the Board's forecasts, it is not expected to be applied during the 12 months from the date of approval of these financial statements.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

17. Loans and borrowings continued


	Margin % per annum
Adjusted Leverage
Greater than or equal to 2.0x	4.00
Less than 2.0x but greater than or equal to 1.5x	3.75
Less than 1.5x but greater than or equal to 1.0x	3.50
Less than 1.0x	3.25

The borrower and guarantor Group companies under the facilities agreement have provided English law fixed and floating charges over all of their assets in support of their obligations under the facilities agreement. Hostmore Group Limited has also provided third party security in respect of the shares that it holds in its wholly owned subsidiary Wednesdays (Bidco) Limited.

The term loan is repayable in quarterly instalments of £1.5m from 30 June 2022. The remaining balance is due for repayment at the end of the facility on 1 October 2024. At 3 July 2022, and in accordance with the terms of the facility agreement, there was £219k of interest owed to the lender.

Undrawn facilities

The Group had committed borrowing floating rate facilities available to be drawn at 3 July 2022 as follows:


	3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	2 January 2022 (audited) £'000
Expiring between 1 and 2 years	25,000	-	20,000

Undrawn loan facilities incur a charge at 40% of the interest rate margin on the drawn facilities.

Movement of Loans


	3 July 2022 (unaudited) £'000	27 June 2021 (unaudited) £'000	2 January 2022 (audited) £'000
At the beginning of period	43,422	65,260	65,260
Loans drawn down	-	-	5,000
Loans repaid	(7,000)	(700)	(26,500)
Amortisation of loan arrangement fees	255	162	804
Loan arrangement fees incurred in period	-	-	(1,142)
Balance at end of period	36,677	64,722	43,422

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

18. Share capital

Issued and fully paid

Issue of ordinary shares during the half-year


	Number '000	£'000
Ordinary shares of 20p each at 2 January 2022 and 3 July 2022	126,127	25,225

The Company has one class of ordinary shares, comprising the entire issued share capital of the Company.

Share issuances during the period

There were no shares issued during the 26 week period ended 3 July 2022.

Rights attaching to ordinary shares

The Company's shares form a single class for all purposes, including with respect to voting, dividends and other distributions declared, made or paid on the Company's share capital. Shareholders are entitled to one vote per share at shareholder meetings of the Company.

Dividends on ordinary shares

No dividends were declared by the Company during the 26 week period ended 3 July 2022.

Market purchases of ordinary shares

At the Company's annual general meeting held on 27 May 2022, the Company's shareholders passed a special resolution in accordance with the Act to authorise the Company to purchase in the market up to a maximum number of 12,612,727 shares in the Company, representing 10% of its issued share capital at 27 May 2022, within normal guidelines. No market purchases were made under this authority during the period from the Company's annual general meeting held on 27 May 2022 to 3 July 2022. The authority will expire (unless previously revoked, varied or renewed) at the close of business on 30 June 2023 or, if earlier, at the conclusion of the Company's annual general meeting to be held in 2023.

Under the existing authority, purchases can be made at a minimum price of the nominal value of the share and a maximum price of the higher of (a) 5% above the average of the closing price for a share for the five business days immediately preceding the date the share is contracted to be purchased, and (b) an amount equal to the higher of the price of the last independent trade of a share and the highest current independent bid for a share as derived from the London Stock Exchange Trading System.

Authorities to issue share capital

At the Company's annual general meeting held on 27 May 2022, the Directors were authorised to allot and issue ordinary shares in the Company within ordinary guidelines. No issuances were made under this authority during the period from the Company's annual general meeting on 27 May 2022 to 3 July 2022. This authority will expire (unless previously revoked, varied or renewed) at the close of business on 30 June 2023 or, if earlier, at the conclusion of the Company's annual general meeting to be held in 2023.

Notes to the consolidated financial statements for the 26 weeks ended 3 July 2022 continued

19. Cash flows from operating activities


	26 weeks ended 3 July 2022 (unaudited) £'000	26 weeks ended 27 June 2021 (unaudited) £'000	* Restated 53 weeks ended 2 January 2022 (audited) £'000
Loss for the period	(13,346)	(7,971)	(1,532)
Adjustments for cash items and amounts disclosed separately:
Depreciation of property, plant and equipment and right of use assets	10,895	11,063	22,339
Impairment of property, plant and equipment and right of use assets	17,806	-	1,019
Lease exit income	-	-	(616)
Finance income	(4)	(22)	(6)
Finance expense	5,938	6,593	13,603
COVID-19 rent concessions	(1,631)	(1,077)	(4,210)
Income tax credit	(3,743)	(3,200)	(1,017)
Share based payment charge	254	10	78
Cash flows from operating activities	16,169	5,396	29,658

Further to note 7, the 53 week period ended 2 January 2022 exceptional costs have increased by £965k from £8,121k to £9,086k, increasing the loss after tax from £567k, as previously reported, to £1,532k.

20. Related parties

Identity of related parties with which the Group has transacted

The Group was previously wholly owned by Electra. During the 53 week period ended 2 January 2022, a distribution in specie of all of the issued share capital of the Company was declared. This resulted in each Electra shareholder receiving three shares in the Company pro-rata for each Electra share then held. Further details relating to the Demerger were set out in the Prospectus.

Independent review report to Hostmore plc

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Hostmore plc's condensed consolidated interim financial statements (the "interim financial statements") in the Interim Results of Hostmore plc for the 26 week period ended 3 July 2022 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

The interim financial statements comprise:

• the Consolidated Statement of Financial Position at 3 July 2022;

• the Consolidated Statement of Comprehensive Income for the 26 week period then ended;

• the Consolidated Statement of Cash Flows for the 26 week period then ended;

• the Consolidated Statement of Changes in Equity for the 26 week period then ended; and

• the explanatory notes to the interim financial statements.

The interim financial statements included in the Interim Results of Hostmore plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 ("ISRE"), 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the Interim Results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the Directors have inappropriately adopted the going concern basis of accounting or that the Directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with this ISRE. However, future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The Interim Results, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Interim Results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Interim Results, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements in the Interim Results based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP

Chartered Accountants

Watford

21 September 2022

Definitions

The following definitions shall apply throughout this document unless the context requires otherwise:


"Adjusted EBITDA"	EBITDA before exceptional items
"Company"	Hostmore plc, a company registered in England and Wales with company number 13334853 whose registered office is at Highdown House, Yeoman Way, Worthing, West Sussex BN99 3HH
"Demerger"	the demerger of the Company from Electra
"EBITDA"	earnings before interest and bank arrangement fees, tax, depreciation, amortisation, impairment and share based payments
"Electra"	Electra Private Equity PLC (now renamed Unbound Group PLC), a company registered in England and Wales with company number 00303062 whose registered office is at 17 Old Park Lane, London W1K 1QT
"Exceptional items"	items that, by virtue of their unusual nature or size, warrant separate, additional disclosure in the financial statements in order to assess the performance of the Group
"Free cash flow"	the profit/(loss) for a period adjusted for depreciation, non-cash items, changes in working capital, tax paid and maintenance capex, and excludes cash used in financing activities
"Group"	the Company together with its direct and indirect subsidiaries and subsidiary undertakings
"GAAP"	Generally accepted accounting principles in the UK
"IFRS"	International Financial Reporting Standards as adopted by the UK
"Like-for-like (LFL) Sales"	the revenue performance of the Group measured on a consistent year-on- year basis
"Net Debt"	the Group's long-term borrowings (excluding issue costs) and lease obligations less cash and cash equivalents at each period end
"Prospectus"	the document issued by the Company dated 15 October 2021 relating to Admission
"RoU asset"	Right of use asset

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