AI Terminal
Hydro Hotel Eastbourne plc
Earnings Release • Jul 17, 2024
10279_rns_2024-07-17_b95c120a-6a11-4f9e-a71b-6cb90683c4d8.html
Earnings Release
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information
Hydro Hotel Eastbourne Plc - Interim Results for the Half Year ended 30 April 2024
PR Newswire
LONDON, United Kingdom, July 17
17 July 2024
Hydro Hotel, Eastbourne, Plc
(“Hydro Hotel” or the “Company”)
Interim Results for the Half Year ended 30 April 2024
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2024
I am pleased to report on the company’s results for the six months to 30 April 2024. The total turnover for the six month period to 30 April 2024 was £1,961,479 compared to £1,799,816 for the same period in the previous year, an increase of 9% (compared to a decrease in the six months to 30 April 2023 of 1%).
The gross profit for the period was 10% higher than in the six months to 30 April 2023 and staff costs increased by 6% compared to the figure for the period to 30 April 2023 (3% increase in the half year to 30 April 2023).
Overheads increased by 1% (17% increase in the half year ended 30 April 2023). There were increases in utility costs and a significant decrease in repair costs for this period compared to the same period in the previous year, contributing to a reduced loss for the half year to 30 April 2024 of £76,957 compared to a loss of £171,469 for the half year to 30 April 2023.
An updating of the air conditioning and replacement of furniture in the conservatory was undertaken in the period, together with the continued general refurbishment of some bedrooms and public areas and the purchase of new garden furniture.
The Board and the management of the company continue to monitor cash resources and have paid the dividend of £72,000 declared on 20 February 2024. No further dividends were declared in the period.
The Board wishes to express its thanks to the management and staff of the hotel for their co-operation and efforts during the period. The Hydro team look forward to welcoming new and returning guests in this our 129th year of operation.
Yours sincerely,
Christopher J Bean LL.B (Hons)
16 July 2024
SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 APRIL 2024
| Half year to | Half year to | Year ended | |||||
| 30 April 2024 | 30 April 2023 | 31 October 2023 | |||||
| (Unaudited) | (Unaudited) | (Audited) | |||||
| £ | £ | £ | |||||
| TURNOVER | 1,961,479 | 1,799,816 | 4,432,917 | ||||
| OPERATING (LOSS)/PROFIT | (111,562) | (192,313) | 259,602 | ||||
| INTEREST RECEIVABLE | 34,605 | 20,844 | 50,805 | ||||
| (LOSS)/PROFIT BEFORE TAXATION | (76,957) | (171,469) | 310,407 | ||||
| TAXATION | - | - | (74,462) | ||||
| (LOSS)/PROFIT FOR PERIOD | £(76,957) | *£(171,469)*** | *£235,945*** | ||||
| (Loss)/Earnings per share | (12.83)p | (28.58)p | 39.32p | ||||
STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2024
| 30 April 2024 | 30 April 2023 | 31 October 2023 | |||
| (Unaudited) | (Unaudited) | (Audited) | |||
| £ | £ | £ | |||
| FIXED ASSETS | |||||
| Tangible Assets | 2,550,478 | 2,565,055 | 2,525,316 | ||
| CURRENT ASSETS | |||||
| Stocks | 41,284 | 40,321 | 40,028 | ||
| Debtors | 130,626 | 156,803 | 189,158 | ||
| Investments – 3 month notice deposit account | 476,373 | 459,798 | 465,980 | ||
| Cash at bank and in hand | 1,352,585 | 1,146,320 | 1,626,588 | ||
| 2,000,868 | 1,803,242 | 2,321,754 | |||
| CREDITORS | |||||
| Amounts falling due within one year | (732,858) | (761,721) | (879,625) | ||
| NET CURRENT ASSETS | 1,268,010 | 1,041,521 | 1,442,129 | ||
| TOTAL ASSETS LESS | |||||
| CURRENT LIABILITIES | 3,818,488 | 3,606,576 | 3,967,445 | ||
| PROVISION FOR LIABILITIES | (148,564) | (123,109) | (148,564) | ||
| NET ASSETS | £3,669,924 | *£3,483,467*** | *£3,818,881*** | ||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 600,000 | 600,000 | 600,000 | ||
| Revaluation reserve | 394,093 | 398,372 | 394,093 | ||
| Profit and loss reserves | 2,675,831 | 2,485,095 | 2,824,788 | ||
| £3,669,924 | *£3,483,467*** | *£3,818,881*** |
STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 APRIL 2024
| Half year to | Half year to | Year ended | ||||
| 30 April 2024 | 30 April 2023 | 31 October 2023 | ||||
| (Unaudited) | (Unaudited) | (Audited) | ||||
| £ | £ | £ | ||||
| NET CASH (USED IN)/INFLOW FROM OPERATING ACTIVITIES (Note 1) |
(107,376) | (133,517) | 485,680 | |||
| NET CASH (USED IN) INVESTING ACTIVITIES (Note 2) |
(94,627) | (167,810) | (234,739) | |||
| FINANCING ACTIVITIES | |||||
| Dividends paid | (72,000) | (138,000) | (210,000) | ||
| NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS |
(274,003) | (439,327) | 40,941 | ||
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD |
1,626,588 | 1,585,647 | 1,585,647 | ||
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD |
£1,352,585 | *£1,146,320*** | *£1,626,588*** | ||
| RELATING TO: | |||||
| Cash at bank and in hand | £1,352,585 | *£1,146,320*** | *£1,626,588*** |
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 APRIL 2024
| Half year to | Half year to | Year ended | ||||||||||
| 30 April 2024 | 30 April 2023 | 31 October 2023 | ||||||||||
| (Unaudited) | (Unaudited) | (Audited) | ||||||||||
| £ | £ | £ | ||||||||||
| Note 1 | ||||||||||||
| CASH FLOWS FROM OPERATING | ||||||||||||
| ACTIVITIES | ||||||||||||
| (Loss)/profit after tax | (76,957) | (171,469) | 235,945 | |||||||||
| Adjustments for: | ||||||||||||
| Taxation | - | - | 74,462 | |||||||||
| Depreciation | 93,545 | 95,450 | 200,534 | |||||||||
| Loss on disposal of fixed assets | 132 | 3,625 | 4,338 | |||||||||
| Interest receivable | (34,605) | (20,844) | (50,805) | |||||||||
| OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES | (17,885) | (93,238) | 464,474 | |||||||||
| MOVEMENTS IN WORKING CAPITAL | ||||||||||||
| (Increase) in stocks | (1,256) | (3,676) | (3,383) | |||||||||
| Decrease in debtors | 58,532 | 57,328 | 24,973 | |||||||||
| (Decrease)/increase in creditors | (146,767) | (93,931) | 79,677 | |||||||||
| Income taxes paid | - | - | (80,061) | |||||||||
| NET CASH (USED IN)/GENERATED FROM OPERATING ACTIVITIES | £(107,376) | *£(133,517)*** | *£485,680*** | |||||||||
| Note 2 INVESTING ACTIVITIES |
||||||||||||
| Purchase of tangible fixed assets | (118,839) | (182,780) | (273,488) | |||||||||
| Interest received | 34,605 | 20,844 | 50,805 | |||||||||
| Payment for other investments | (10,393) | (5,874) | (12,056) | |||||||||
| NET CASH FLOW (USED IN) INVESTING ACTIVITIES | £(94,627) | *£(167,810)*** | *£(234,739)*** | |||||||||
NOTES TO THE ACCOUNTS
1 The results are prepared on the basis of the accounting policies set out in the Company’s Annual Report and Accounts for the year ended 31 October 2023.
2 The earnings per share are based on a loss of £76,957 (2023 loss of £171,469) being the loss on ordinary activities after taxation.
3 The movement in retained Profit and Loss Reserves from £2,824,788 at 31 October 2023 to £2,675,831 at 30 April 2024 includes the loss for the period of £76,957 and dividends paid of £72,000 (2023: £138,000 paid in the period and £Nil accrued).
4 Dividends of £72,000 in 2024 were all paid in the period and no accrual is included in creditors, amounts falling due within one year as at 30 April 2024 (2023: £138,000 dividends paid and no accrual included in creditors, amounts falling due within one year as at 30 April 2023).
5 A copy of the interim report and accounts and the Chairman’s statement thereto, which were approved by the Board of Directors on 16 July 2024, will be posted to all registered shareholders shortly thereafter.
6 The financial information set out above does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 October 2023, on which the report of the auditor was unqualified and did not contain a statement under section 498 of the Companies Act 2006, have been filed with the Registrar of Companies.
7 The company’s auditor, UHY Hacker Young LLP, has not reviewed these unaudited interim accounts.
Enquiries:
| Hydro Hotel, Eastbourne, Plc Sally Gausden Company Secretary |
Telephone: +44 1323 431 200 |
| Peterhouse Capital Limited Aquis Corporate Adviser Mark Anwyl |
Telephone: +44 20 7469 0930 |
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).
