PRELIMINARY ANNOUNCEMENT OF THE FINAL RESULTS FOR THE YEAR ENDED
The profit for the financial year after taxation was
The Company generated cash from operating activities of
Results for year ended
I am pleased to report on the company’s results for the year ended
Whilst the turnover of the company has increased, the hotel’s operating costs have been impacted by the cost of acquiring business, with a large number of hotel bookings still being made via Online Travel Agencies. The upgrading of bedrooms and essential repair work to the fabric of the building has again led to an increase in repair costs for the year compared to the previous year. However, careful monitoring of food and drink costs and allocation of staff led to an increase in the post-tax profits compared to the previous year.
New marketing techniques will continue to be developed during the year to encourage direct bookings at the hotel, aided by the new online booking system on the company’s website, introduced in
With the public rooms’ refurbishment complete, and the outdoor wedding venue and terrace available for use, the Board is pleased to note an increase in the number of forward bookings for weddings and other celebrations at the hotel.
The cycle of bedroom refurbishments will continue. 11 bedrooms were updated in the 2018 financial year, and a further 12 bedrooms will be refurbished in the 2019 financial year.
The hotel’s fire alarm system will be upgraded during the current accounting year and management plan to refurbish the Garden Suite bar area.
I would like to congratulate our General Manager,
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
29 January 2019Chairman of the Board
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2018 2018 2017 GBP GBP Turnover Continuing operations 3,658,461 3,524,796 Cost of sales (3,244,833) (3,177,905) Gross profit 413,628 346,891 Administrative expenses (228,493) (198,320) Operating profit 185,135 148,571 Interest receivable and similar income 8,190 7,866 Profit before taxation 193,325 156,437 Taxation (40,065) (29,717) Profit for the financial year
GBP 153,260 GBP126,720 Earnings per share - continuing operations 25.54p 21.12p
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 20182018 2017 GBP GBP Fixed assets Tangible Assets 2,620,992 2,634,543 Current assets Stocks 30,438 27,719 Debtors 150,087 112,616 Investments 200,000 200,568 Cash at bank and in hand 1,089,507 1,018,326 1,470,032 1,359,229 Creditors: Amounts falling due within one year (611,500) (543,661) Net current assets 858,532 815,568
Total assets less current liabilities 3,479,524 3,450,111 Provisions for liabilities (87,175) (85,022) Net assets
GBP 3,392,349 GBP3,365,089 Capital and reserves Ordinary Shares - Authorised and Issued: 600,000 Shares of GPB1.00 each fully paid 600,000 600,000 Revaluation reserve 415,488 419,767 Profit and loss reserves 2,376,861 2,345,322 Total equity GBP 3,392,349 GBP3,365,089
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
An interim dividend of
The Board have declared a second interim dividend for the year ended
The Directors of
For further information please contact:
Peterhouse Capital Limited Mark Anwyl Telephone: (+44)(0) 2074 690930