Tasty PLC – TAST – Final Results

Tasty PLC – TAST – Final Results

Tasty (AIM: TAST), the owner and operator of restaurants in the casual dining sector, announces its annual results for the 52 week period ended 27 December 2020.

Key Points:

Financial

·    Revenue £24.2m (2019: £44.6m), significantly impacted by Covid-19 related restrictions

·    Adjusted EBITDA1 loss (pre IFRS 16) of £1.5m (2019: profit £1.1m)

·    Adjusted EBITDA (post IFRS 16) of £2.7m

·    Impairment charge of £8.1m (2019: £nil)

·    Loss after tax for the period (post IFRS 16) of £12.7m (2019: loss of £0.3m (pre IFRS16))

·    Bank loan as at 27 December 2020 of £nil (29 December 2019: £1.7m)

·    Net cash after allowing for deferred creditors and HMRC payments of £1.5m

·    Post year end - bank loan of £1.25m fully drawn in January 2021

Operational

·    Sale of More London dim t completed in January 2020 for gross proceeds of £2m

·    All sites closed from 24 March 2020 including takeaway

·    Phased reopening of some sites for takeaway from end of May 2020 and gradually reopened most sites for eat-in from July 2020

·    All sites closed again in November 2020 for in-store dining, with further tier restrictions introduced in December 2020 impacting trading

·    Currently trading from 38 of 54 restaurants for delivery and takeaway

·    Post year end - Samuel Kaye stepping down from Board following 2021 Annual General Meeting

1 Adjusted for depreciation, amortisation, share based payments

The report and accounts for the 52 week period ended 27 December 2020 will be available on the Company's website at https://dimt.co.uk/investor-relations/ shortly.

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