Hydro Hotel Eastbourne Plc - Final Results For The Year Ended 31 October 2022
Announcement provided byHydro Hotel Eastbourne plc · HYDP
22 February 2023
HYDRO HOTEL, EASTBOURNE, PLC
(“Hydro Hotel” or the “Company”)
FINAL RESULTS FOR THE YEAR ENDED 31 OCTOBER 2022
The profit for the financial year after taxation was
The Company’s operating activities generated cash of
Results for year ended 31 October 2022
I report on the company’s results for the year ended 31 October 2022.
It was another challenging trading year for the Company with the ongoing Coronavirus pandemic, the cost of living crisis and the general effects of Brexit on supply sources. However, I am pleased to announce that sales recovered in the year totalling £4,402,288, an increase of 57.7% on the £2,791,482 sales for the previous year (2021 25.0% increase). Operating profit for the year was £429,300 (2021 £461,312). After interest receivable and the corporation tax charge, the post-tax profits for the year were £336,700 (2021 £362,660). 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 pay a dividend of 14p per share in October 2022 absorbing £84,000, reinstating the second interim dividend based on the results for the year ended 31 October 2019, declared for payment in April 2020 and then cancelled due to the Coronavirus pandemic. The Board also decided to declare a dividend of 23p per share (2021 20p per share) absorbing £138,000 (2021 £120,000).
The trading environment for the company continues to be challenging. Despite careful monitoring of food and drink costs the gross profit percentage was slightly down on the previous year but increased sales meant that overall profitability was up. Repair costs increased in the year reflecting the implementation of window replacement and general maintenance and refurbishment projects which were delayed during the Coronavirus pandemic.
Capital improvements at the hotel during the year included the refurbishment of the Orangery, the Crystal Restaurant and Wedgewood patio, as well as general refurbishment of some bedroom interiors.
There have been no periods of closure since last financial year but the Board and management are mindful that future restrictions may be imposed by Government to curb the spread of new variants of the Coronavirus and all necessary action will be undertaken at the appropriate time to protect and maintain the company’s business.
Developments since 31 October 2022
New marketing techniques will continue to be developed during the year to further encourage direct bookings at the hotel, which show an increase, year on year.
Further updating of the décor and furniture of the Crystal Restaurant will be undertaken in the coming year and it is planned to instal solar panels at the hotel, in keeping with the company’s green policy and to save energy costs. Refurbishment of bedrooms and public areas will continue.
I would like to congratulate our General Manager, Jonathan Owen, on the results achieved for the hotel this year, 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 during these challenging times. All staff continued to deliver a high quality of service to the hotel’s customers in difficult circumstances.
|Graeme C King, MA, CA|
|21 February 2023||Chairman of the Board|
|STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2022|
|Cost of sales||(3,694,357)||(2,444,700)|
|Other operating income||7,098||351,771|
|Interest receivable and similar income||15,911||5,000|
|Interest payable and similar expenses||-||(9,286)|
|Profit before taxation||445,211||457,026|
|Profit for the financial year|
|Earnings per share - continuing operations||56.12p||60.44p|
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 2022|
|Cash at bank and in hand||1,585,647||1,328,353|
|Creditors: Amounts falling due within one year||(831,002)||(677,291)|
|Net current assets||1,459,345||1,254,405|
|Total assets less current liabilities||3,916,045||3,754,616|
|Provisions for liabilities||(123,109)||(94,380)|
|Capital and reserves|
|Ordinary Shares - Authorised and Issued:|
|600,000 Shares of GPB1.00 each fully paid||600,000||600,000|
|Profit and loss reserves||2,794,564||2,657,585|
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 2022. These accounts have not to date been delivered to the Registrar of Companies. The Company’s auditor, UHY Hacker Young 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.
An interim dividend of
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) 2074 690930
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).
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