HYDP Hydro Hotel Eastbourne plc

 
TIDMHYDP; HYDP 
 
HYDRO HOTEL, EASTBOURNE, PLC 
 
PRELIMINARY ANNOUNCEMENT OF THE FINAL RESULTS FOR THE YEAR ENDED 31 OCTOBER 
2019 
 
HIGHLIGHTS 
 
The profit for the financial year after taxation was GBP224,516 (2018 
GBP153,260). Turnover from the Hydro Hotel operation increased during the year 
by 2.1% (2018 increase of 3.8%). Earnings per share were 37.42p compared to 
25.54p for the previous year. 
 
The Company generated cash from operating activities of GBP504,842 (2018 
GBP378,888) and invested GBP341,207 in new fixed assets (2018 GBP173,960). 
During the year the Company paid ordinary dividends of GBP126,000 (2018 
GBP126,000). At the year end the Company had net current assets of GBP852,027 
(2018 GBP858,532). 
 
CHAIRMAN'S STATEMENT 
 
Results for year ended 31 October 2019 
I am pleased to report on the company's results for the year ended 31 October 
2019.  Sales for the year totalled GBP3,733,698, an increase of 2.1% on the 
GBP3,658,461 sales for the previous year (2018 3.8% increase). Operating profit 
for the year was GBP271,809 (2018 GBP185,135).  After interest receivable and 
the corporation tax charge, the post-tax profits for the year were GBP224,516 
(2018 GBP153,260).  Taking into account the level of post-tax profits for the 
year and with the company having strong reserves and assets, the Board decided 
to increase the dividend to 23p per share (2018 21p per share) absorbing 
GBP138,000 (2018 GBP126,000). 
 
The trading environment  for the company continued to be challenging. Careful 
monitoring of food and drink costs meant that the gross profit percentage 
remained similar to the previous year but increased staffing costs affected 
profitability. Repair costs decreased with no significant work required to the 
fabric of the building in the year. 
 
Capital improvements at the hotel during the year included the replacement of 
the fire alarm system, refurbishment of 12 bedrooms and Garden Suite bar area, 
and installation of energy efficient lighting in the kitchen. 
 
Developments since 31 October 2019 
New marketing techniques will continue to be developed during the year to 
encourage direct bookings at the hotel. The Board has been pleased to note that 
the new online booking system on the company's website, introduced in September 
2018, has reduced the proportion of bookings made via Online Travel Agents with 
consequent commission savings. 
 
Updating of the décor and furniture of the conservatory has been undertaken 
and, subject to planning permission, a bar will be installed in the Wedgwood 
Room. No other major refurbishment of bedrooms or public areas is planned for 
the current year. 
 
Our Staff 
I would like to congratulate our General Manager, Jonathan Owen, on an improved 
profit for the hotel, despite ongoing challenges for the hotel and tourism 
industry. 
 
I wish also to record our thanks to our management team and all our staff for 
their dedication to the hotel.  All staff continued to deliver the Hydro's 
renowned quality of service which our customers value so much. 
 
Graeme C King, MA, CA 
Chairman of the Board 
 
28 January 2020 
 
 
 
 
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2019 
 
                                                          2019           2018 
 
                                                          GBP            GBP 
 
Turnover 
 
Continuing operations                                     3,733,698      3,658,461 
 
Cost of sales                                           (3,231,920)    (3,244,833) 
 
Gross profit                                                501,778        413,628 
 
Administrative expenses                                   (229,969)      (228,493) 
 
Operating profit                                            271,809        185,135 
 
Interest receivable and similar income                       10,265          8,190 
 
Profit before taxation                                      282,074        193,325 
 
Taxation                                                   (57,558)       (40,065) 
 
Profit for the financial year                           GBP 224,516    GBP 153,260 
 
Earnings per share - continuing operations               37.42p         25.54p 
 
 
Earnings per share have been calculated using 600,000 shares, being the 
weighted average number of shares for both years. The company has no potential 
ordinary shares, therefore basic and diluted earnings per share is the same 
figure. 
 
STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2019 
 
                                                          2019           2018 
 
                                                          GBP            GBP 
 
Fixed assets 
 
Tangible Assets                                           2,759,650      2,620,992 
 
Current assets 
 
Stocks                                                       37,123         30,438 
 
Debtors                                                     129,098        150,087 
 
Investments                                                 200,000        200,000 
 
Cash at bank and in hand                                  1,107,586      1,089,507 
 
                                                          1,473,807      1,470,032 
 
Creditors: Amounts falling due within one year            (621,780)      (611,500) 
 
Net current assets                                          852,027        858,532 
 
 
 
 
Total assets less current liabilities                     3,611,677      3,479,524 
 
Provisions for liabilities                                (120,812)       (87,175) 
 
Net assets                                           GBP 3,490,865  GBP 3,392,349 
 
Capital and reserves 
 
Ordinary Shares - Authorised and Issued: 
 
600,000 Shares of GPB1.00 each fully paid                   600,000        600,000 
 
Revaluation reserve                                         411,209        415,488 
 
Profit and loss reserves                                  2,479,656      2,376,861 
 
Total equity                                         GBP 3,490,865  GBP 3,392,349 
 
 
 
STATUS OF FINANCIAL INFORMATION 
 
The financial information set out above does not constitute statutory accounts 
as defined in section 434 of the Companies Act 2006. This has, however, been 
extracted from the statutory accounts for the year ended 31 October 2019. These 
accounts have not to date been delivered to the Registrar of Companies. The 
Company's auditor, Mazars LLP, has issued an unqualified audit report which 
does not contain a statement under section 498 of the Companies Act 2006 in 
respect of these accounts. 
 
DIVIDEND ANNOUNCEMENT 
 
An interim dividend of 9.0 pence per share (2019 7.0 pence) was paid on 16 
January 2020 to shareholders on the register on 20 December 2019. 
 
The Board have declared a second interim dividend for the year ended 31 October 
2019 of 14.0 pence per share (year ended 31 October 2018 14.0 pence) for 
payment on 30 April 2020 to shareholders on the register on 17 April 2020. The 
directors do not propose the payment of a final dividend. 
 
The Directors of Hydro Hotel, Eastbourne, plc accept responsibility for this 
announcement. 
 
For further information please contact: 
 
Hydro Hotel, Eastbourne, plc 
Sally Gausden 
Telephone: (+44) (0) 1323 431200 
 
Peterhouse Capital Limited 
Mark Anwyl 
Telephone: (+44) (0) 20 7469 0930 
 
Market Abuse Regulation (MAR) Disclosure 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END 
 

(END) Dow Jones Newswires

January 29, 2020 02:01 ET (07:01 GMT)

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