TIDMFRAN
RNS Number : 8822J
Franchise Brands PLC
15 September 2016
15 September 2016
FRANCHISE BRANDS PLC
("Franchise Brands", the "Company" or the "Group")
Maiden Interim Results for the six months ended 30 June 2016
Franchise Brands plc, a multi-brand international franchisor, is
pleased to announce its maiden interim results for the six months
ended 30 June 2016, which are in-line with management's
expectations.
Financial highlights
-- Total revenue up 10% to GBP2,488,000 (H1 2015: GBP2,259,000).
-- Gross profit margin increased by 1.2% to 66.8% (H1 2015: 65.6%).
-- Profit before tax up 18.3% to GBP724,000 (H1 2015: GBP612,000).
-- Earnings per share of 4.79p (H1 2015: 4.05p), equivalent to
1.22p (H1 2015: 1.03p) on the basis of the number of shares in
issue following Admission.
-- Cash generated GBP668,000 (H1 2015: GBP44,000 outflow).
-- Cash balance at 30 June 2016 of GBP1,164,000 (H1 2015: GBP1,008,000)
Operational highlights
-- Admission of Franchise Brands to AIM on 5 August 2016 at 33p
per share, raising a net GBP2.9m.
-- 33 new franchise territories were sold in the period (H1 2015: 33).
-- Total number of UK franchisees across all brands increased
from 307 at 31 December 2015 to 323 by 30 June 2016.
-- Strong pipeline of acquisition prospects.
Current trading and outlook
-- ChipsAway and Ovenclean, the Group's two main brands, continue to trade well.
-- No discernible Brexit effect on franchisee recruitment or trading.
-- Confident in the full year outcome for the Group.
Stephen Hemsley, Executive Chairman, commented:
"I am pleased to be reporting our maiden interim results
following the Group's successful IPO in which we raised GBP2.9m net
and were well supported by institutional and retail shareholders,
the management team, employees and franchisees.
A key objective set out at the time of the IPO was to expand the
Group through targeted acquisitions of high quality franchise
businesses and we are actively reviewing a number of opportunities,
leaving us hopeful that we will be able to announce our first
transaction shortly.
The Company's two main brands, Chips Away and Ovenclean,
continue to trade well, giving us confidence in the full year
outcome.
With our highly experienced management team and Board, we have a
firm foundation for continuing to build on our success to
date".
- Ends -
For further information, please contact:
Franchise Brands plc 0800 012 6462
Stephen Hemsley, Executive Chairman
Tim Harris, Chief Executive Officer
Julia Choudhury, Corporate Development Director
MHP Communications +44 (0) 20 3128 8100
(Financial PR) franchisebrands@mhpc.com
Katie Hunt, Managing Director
Jade Neal, Associate Director
Allenby Capital Limited +44 (0) 20 3328 5656
(Nominated Adviser and Joint Broker)
Jeremy Porter/ James Thomas / Liz Kirchner
Executive Chairman's statement
I am pleased to be reporting our maiden interim results
following the Group's successful IPO in August, in which the
placing was over-subscribed. I would like to welcome our new
shareholders and thank our management team and all our franchisees
for their hard work and support during the IPO process.
The IPO raised GBP2.9m (net of expenses) and was well supported
by both institutional and retail shareholders. I was particularly
pleased with the level of support from our management team,
employees and franchisees who subscribed for over 20% of the issue.
I also note that none of the original shareholders who backed our
buyout in 2008 sold any shares in the IPO process, meaning that all
the net proceeds are available to the Group to support its
ambitious growth plan.
One of the key objectives of Franchise Brands is to build the
Group by the selective, earnings enhancing acquisition of high
quality franchise businesses that can benefit from our central
services, whilst addressing the same B2C market as our existing
brands. We are actively reviewing a number of opportunities at
present, leaving us hopeful that we will be able to announce our
first transaction shortly.
The Group's two main brands, Chips Away and Ovenclean continued
to trade well, with both franchise networks growing in the six
months ended 30 June 2016 and the Group's results for the period
are in-line with management's expectations. Cash generation
remained strong which enabled us to clear almost all the
outstanding shareholder debt immediately before the IPO.
Finally, I would like to welcome David Poutney and Rob Bellhouse
as independent non-Executive Directors. David has had a long career
in the City of London, most recently with Numis where he was
Director and Head of Corporate Broking activity. Rob is a very
experienced and commercial Company Secretary, who has held office
with FTSE 100 and 250 companies. It is testament to our ambition
that they have agreed to join our board at this early stage of our
development.
Stephen Hemsley
Executive Chairman
Financial Review
Financial results
Franchise Brand's revenue for the first half of 2016 rose by
10.1% to GBP2,488,000 (H1 2015: GBP2,259,000). This increase was
attributable to a 17.7% increase in the income from franchisee
recruitment. A total of 33 new franchise territories were sold in
the period (H1 2015: 33). Income was also generated through the
sale of additional postcodes to existing franchisees. Income from
licence fees increased by 8.3% to GBP996,000 (H1 2015: GBP920,000)
and income from product sales by 16.1% to GBP454,000 (H1 2015:
GBP391,000).
Gross profit margin improved by 1.2% to 66.8% from 65.6% as a
result of the improvement in the revenue mix, particularly licence
fee income. Overall gross profit increased by 12.3% to GBP1,663,000
(H1 2015: GBP1,481,000).
Overheads increased by GBP72,000 or 8.2% to GBP937,000 (H1 2015:
GBP865,000) almost entirely due to the introduction of the MyHome
overhead (the Company bought out its JV partner in September 2015).
However, overheads reduced as a percentage of sales to 37.7% (H1
2015: 38.3%) demonstrating the scalability of our central services
platform as we grow our franchise brands.
Profit from operations in the period increased by 18% to
GBP726,000 (H1 2015: GBP616,000). The finance expense remained
negligible resulting in an 18.3% increase in profit before tax to
GBP724,000 (H1 2015: GBP612,000).
The tax rate, which is estimated at 20.6%, is comparable to
prior years of 20.6%, resulting in a profit after tax for the
period of GBP575,000, an 18.3% increase on the previous year (H1
2015: GBP486,000).
Earnings per Share
At the balance sheet date of 30 June 2016 there were 12 million
shares in issue, resulting in an EPS of 4.79p (H1 2015: 4.05p).
Following Admission there are 47.1m shares in issue. The earnings
per share on this number of shares in issue would be 1.22p (H1
2015: 1.03p).
Financing and Cashflow
As a result of the strong first half results and low capital
expenditure, the Group generated a net cash inflow of GBP668,000,
taking cash on hand to GBP1,164,000 at 30 June 2016. In the
previous year the business generated a cash inflow of GBP691,000,
but chose to repay shareholder's loans of GBP735,000, resulting in
a net cash outflow of GBP44,000 in the first half of 2015, and cash
on hand at 30 June 2015 of GBP1,008,000.
Following the period end, but prior to the IPO, the remaining
balance on the shareholder's loans of GBP1,764,000 were repaid in
full. This was made possible by the utilisation of the period end
cash plus a loan of GBP500,000 from companies controlled by our
largest shareholders, Stephen Hemsley and Nigel Wray. The terms of
this loan are that it is unsecured, repayable in 12 equal quarterly
instalments commencing on 30 September 2016 (or earlier at the
Company's option) and on which interest is charged at 2.5% over
bank base rate.
In August, the Company floated on AIM raising GBP2.9m (net of
expenses). These resources will principally be used to acquire
complementary, earnings enhancing franchise businesses.
Dividend policy
The Directors recognise the importance of dividend income to
shareholders and, subject to the availability of distributable
reserves and the needs of the Company, we expect to propose a
dividend in respect of the year ended 31 December, 2016.
Outlook
The Group's two main brands, Chips Away and Ovenclean continue
to trade well and franchisee trading and recruitment has not been
affected by the Brexit referendum. The confidence of franchisees is
undiminished and is a testament to the resilience and attractive
economics of the ChipsAway and Ovenclean franchise opportunity.
However, the first half was unaffected by the IPO cost and the
additional overheads of becoming a publicly quoted company,
therefore the split between the first and second half will not
reflect the historic pattern. These factors were anticipated and
the board is confident of meeting its expectations for the full
year.
Andrew Mallows
Finance Director
Franchise Brands plc
Consolidated statement of comprehensive income
For the six months ended 30 June 2016
Unaudited Unaudited Audited
6 months 6 months Year ended
to 30 June to 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
Revenue 2,488 2,259 4,379
Cost of sales (825) (778) (1,487)
_______ _______ _______
Gross profit 1,663 1, 481 2,892
Administrative expenses (937) (865) (1,770)
_______ _______ _______
Profit from operations 726 616 1,122
Finance expense (2) (4) (7)
_______ _______ _______
Profit before tax 724 612 1,115
Tax expense (149) (126) (227)
_______ _______ ______
Profit for the year 575 486
and comprehensive income _______ _______
attributable to equity 888
holders of the parent _______
company
Earnings per share (basic
and diluted) for profit
attributable to the
owners of the parent
during the period
Pre-Admission 4.79p 4.05p 7.4p
Post-Admission 1.22p 1.03p 1.88p
_______ _______ ______-
All amounts relate to
continuing operations
Franchise Brands plc
Consolidated statement of financial position
at 30 June 2016
Unaudited Audited
30 June 31 December
2016 2015
GBP'000 GBP'000
Current assets
Inventories 192 170
Trade and other receivables 415 249
Cash and cash equivalents 1,164 496
----_______ ______
1,771 915
Non-current assets
Intangible assets 1,255 1,260
Plant, property and
equipment 140 162
Trade and other receivables 129 115
_______ _______
1,524 1,537
_______ _______
Total assets 3,295 2,452
_______ _______
Liabilities
Current liabilities
Trade and other payables 996 785
Loans and borrowings 1,764 1,764
Obligations under
finance leases 32 35
Current tax liability 190 111
_______ _______
2,982 2,695
_______ _______
Obligations under
finance leases 87 106
Deferred tax liability 31 31
_______ _______
118 137
_______ _______
Total liabilities 3,100 2,832
_______ _______
NET ASSETS / (LIABILITIES) 195 (380)
_______ _______
Issued capital and
reserves attributable
to owners of the parent
Share capital 120 120
Accumulated surplus
/ (deficit) 75 (500)
_______ _______
TOTAL SURPLUS / (DEFICIT)
ATTRIBUTABLE TO EQUITY
HOLDERS 195 (380)
_______ _______
Franchise Brands plc
Consolidated statement of cash flows
For the six months ended 30 June 2016
Unaudited Unaudited Audited
6 months 6 months Year
to 30 to 30 June ended
June 2015 31 December
2016 GBP'000 2015
GBP'000 GBP'000
Cash flows from operating
activities
Profit for the year 575 486 888
Adjustments for:
Depreciation of property,
plant and equipment 33 28 63
Amortisation of intangible 5 - -
fixed assets
Finance expense 2 4 7
(Gain) on sale of property,
plant and equipment - (7) (8)
Income tax expense 149 125 226
_______ _______ _______
764 636 1,176
(Increase) in trade and other
receivables (180) (123) 88
Increase in inventories (22) (76) (61)
Increase in trade and other
payables 211 252 44
_______ _______ _______
Cash generated from operations 773 689 1,247
Income taxes (paid)/received (71) 12 (206)
_______ _______ _______
Net cash flows from operating
activities 702 701 1,041
Investing activities
Purchases of property, plant
and equipment (10) (3) (17)
Sale of property, plant and
equipment - 7 11
Acquisition of subsidiary - - (83)
_______ _______ _______
(Net cash used in investing
activities) (10) 4 (89)
Financing activities
Repayment of shareholder loans - (735) (1,470)
Interest paid on finance leases (2) (4) (8)
Payments to finance lease
creditors (22) (10) (31)
_______ _______ _______
Net cash used in financing
activities (24) (749) (1,509)
Net (decrease)/increase in
cash and cash equivalents 668 (44) (556)
Cash and cash equivalents
at beginning of year 496 1,052 1,052
_______ _______ _______
Cash and cash equivalents
at end of year 1,164 1,008 496
_______ _______ _______
Franchise Brands plc
Notes forming part of the financial statements
For the six months ended 30 June 2016
1. Accounting policies
Basis of preparation
The financial information set out in these consolidated interim
financial statements for the six months ended 30 June 2016 and the
comparative statement of comprehensive income and statement of cash
flow figures are unaudited. The financial information presented are
not statutory accounts prepared in accordance with the Companies
Act 2006 and are prepared only to comply with the AIM requirements
for interim reporting.
These interim financial statements have been prepared in
accordance with International Financial Reporting Standards
("IFRS") and under the historical cost convention.
The interim financial statements are presented in Pounds
Sterling ("Sterling"), being the Group's functional currency.
The financial information included for the year ended 31
December 2015 does not constitute the full statutory accounts for
that period. The annual report and financial statements for 2015
has been filed with the Registrar of Companies.
The preparation of the financial statements in conformity with
IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical
experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the
basis of making the judgements about carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. These estimates and
assumptions are reviewed on an ongoing basis with revisions to
accounting estimates being recognised in period in which the
estimate is revised and in any future periods affected.
The principal accounting policies adopted in preparation of the
consolidated interim financial statements are set out below.
The interim report for the period ended 30 June 2016 was
approved by the board of Directors on the 14 September 2016.
Segmental reporting
Management has determined that based on the operating reports
reviewed by the Chief Executive Officer that are used to assess
both performance and strategic decisions, the Group has one
operating segment. Management has identified that the Chief
Executive Officer is the chief operating decision maker in
accordance with the requirements of IFRS 8 'Operating
segments'.
Whilst the group operates multiple franchise brands, across
various business sectors, the Board has concluded that the key
management and financial data used to manage them is the same, as
the key drivers are attributable to them being franchises rather
than the activity of the franchise.
All segment revenue, profit before taxation, assets and
liabilities are attributable to the principal activity of the
Group.
Statement of compliance
The consolidated interim financial statements have been prepared
in accordance with IFRS as adopted by the European Union.
Basis of consolidation
The interim consolidated financial statements incorporate the
results and net assets of the company and its subsidiary
undertakings to 30 June 2016.
Subsidiaries are consolidated from the date of their
acquisition, being the date on which the group obtains control and
continue to be consolidated until the date control ceases. All
inter-company transactions and balances between group entities are
eliminated upon consolidation.
Business combinations
The Group applies the acquisition method to account for business
combinations. The consideration transferred for the acquisition of
a subsidiary is the fair values of the assets transferred, the
liabilities incurred to the former owners of the acquiree and the
equity issued by the group, plus if the business combination is
acquired in stages the fair value of the existing interest in the
acquiree. The consideration transferred includes the fair value of
any asset or liability resulting from a contingent consideration
arrangement. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition
date.
Goodwill
Goodwill arising on the acquisition of a subsidiary undertaking
is the difference between the fair value of the consideration paid
and the fair value of the identifiable assets, liabilities and
contingent liabilities acquired.
Impairment of non-financial assets
Impairment tests on goodwill are carried out on an annual basis
at each financial year-end. For other non-financial assets, the
Group assesses at each reporting date whether there is an
indication that an asset may be impaired. If any such indication
exists, or when annual impairment testing for an asset is required,
the Group makes an estimate of the assets or cash generating unit's
recoverable amount. Recoverable amount is the higher of fair value
less costs to sell and its value in use. Where the carrying amount
of an asset or cash generating unit exceeds its recoverable amount
the asset or cash generating unit is considered impaired and
written down to its recoverable amount. Any impairment is charged
to the profit and loss in the period concerned.
Revenue
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the group and the revenue can be
reliably measured. Revenue is measured at the fair value of
consideration received or receivable net of returns, rebates and
value-added taxes.
The following criteria must also be met before revenue is
recognised:
Sales of goods
Revenue from sale of goods is recognised on delivery to
customers.
Franchise fees
The franchise fee is effectively a joining fee which includes
training, other start-up support and equipment package. No element
of the franchise fee relates to subsequent services. Revenue from
franchise fees is recognised when a franchisee completes the
relevant training. Where deferred payment terms are offered
franchise fees are recognised to the extent that there is not
considered to be significant doubt over the eventual recovery.
Licence fees
Licence fees are fees charged for the continuing use of the
rights and continuing services provided during the franchise
agreements term. They are recognised as the service is provided and
the rights are used.
Research and development
Development costs are charged to the statement of comprehensive
income in the year of expenditure, unless individual projects
satisfy all of the following criteria:
-- The project is clearly defined and related expenditure is separately identifiable;
-- The project is technically feasible and commercially viable; and
-- Current and future costs are expected to be exceeded by
future sales and adequate resources exist for the project to be
completed.
In such circumstances the costs are carried forward and
amortised over a period not exceeding five years commencing in the
year the asset is ready for use.
Trademarks and licences
Where separately identifiable trademarks and licences are
acquired, they are recognised at fair value.
Acquired trademarks and licences are amortised on a straight
line basis over their useful life but no longer than ten years. The
carrying values of trademarks and licences are subject to
impairment review by the directors if there have been indications
of impairment. Any amortisation or impairment provisions are
charged to the statement of comprehensive income in the period
concerned.
Property, plant and equipment
Property, plant and equipment assets are carried at cost less
accumulated depreciation and any recognised impairment in value.
Cost comprises the aggregate amount paid and the fair value of any
other consideration given to acquire the asset and includes cost
directly attributable to making the asset capable of operating as
intended.
The Group adds to the carrying amount of an item of fixed assets
the cost of replacing part of such item when that cost is incurred,
if the replacement part is expected to provide incremental future
benefits to the Group. The carrying amount of the replaced part is
derecognised. Repairs and maintenance are charged to the statement
of comprehensive in come in the period they are incurred.
Depreciation is provided to write off the cost, less the
estimated residual values, of all tangible fixed assets evenly over
their expected useful lives.
It is calculated at the following rates:
Leasehold property improvements - 7% straight line
Short term leasehold improvements - 33% straight line
Motor vehicles - 25% straight line
Fixtures and fittings - 10% straight line
Short term fixtures and fittings - 33% straight line
Computer equipment - 33% straight line
The assets' residual values, useful lives and methods of
depreciation are reviewed and adjusted, if appropriate on an annual
basis. Any gain or loss arising on recognition of an asset is
included in the statement of comprehensive income in the year that
the asset is derecognised.
Share-based payment
When share options are awarded to employees, the fair value of
the options at the date of grant is charged to the statement of
comprehensive income over the vesting period. When the terms and
conditions of options are modified before they vest the increase in
fair value of the options, measured immediately before and after
the modification, is also charged to the statement of comprehensive
income over the remaining vesting period.
Where share options vesting is contingent on a future event a
charge is recognised only if the future event is considered
probable.
Fair value is measured by the use of an appropriate valuation
model, which takes into account conditions attached to the vesting
and exercise of the equity instruments. The expected life used in
the model is adjusted, based on management's best estimate, for the
effects of non-transferability, exercise restrictions and
behavioural considerations. The volatility in the model is
calculated by reference to an implied volatility of a group of
listed entities that have similar characteristics and are in the
same industry sector.
Inventories
Inventory is valued at the lower of cost and net realisable
value, after making due allowances for obsolete and slow moving
items. Cost is determined on a first in, first out basis. Net
realisable value is based on estimated selling price less any
further costs expected to be incurred to disposal.
Income taxes
Current tax assets and liabilities are measured at the amount
expected to be received or paid to the taxation authorities.
Income tax is charged or credited to the income statement,
except when it relates to items charges directly to other
comprehensive income or to equity, in which case the income tax is
also dealt with in other comprehensive income or equity
respectively.
Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the statement of
financial position differs from its tax base, except for
differences arising on:
-- The initial recognition of goodwill;
-- The initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of
the transaction affects neither accounting or taxable profit;
and
-- Investments in subsidiaries where the company is able to
control the timing of the reversal of the difference and it is
probable that the difference will not reverse in the foreseeable
future.
Recognition of deferred tax assets is restricted to those
instances where it is probable that taxable profit will be
available against which the difference can be utilised.
The amount of the asset or liability is determined using tax
rates that have been enacted or substantially enacted by the
balance sheet date and are expected to apply when the deferred tax
liabilities or assets are settled or recovered.
Deferred tax assets and liabilities are offset when the Group
has a legally enforceable right to offset current tax assets and
liabilities.
Valuation of investments
Investments in subsidiaries are measured at cost less
accumulated impairment.
Leased assets
Where assets are financed by leasing agreements that give rights
approximating to ownership (finance leases) the assets are treated
as if they had been purchased outright. The amount capitalised is
the present value of the minimum lease payments payable over the
term of the lease. The corresponding leasing commitments are shown
as amounts payable to the lessor. Depreciation on the relevant
assets is charged to the statement of comprehensive income over the
shorter of estimated useful economic life and the period of the
lease.
Lease payments are analysed between capital and interest
components so that the interest element of the payment is charged
to the statement of comprehensive income over the period of the
lease and is calculated so that it represents a constant proportion
of the balance of capital repayments outstanding. The capital part
reduces the amounts payable to the lessor.
All other leases are treated as operating leases. Their annual
rentals are charged to the statement of comprehensive income on a
straight line basis over the term of the lease.
National advertising fund and central advertising fund
accounting
In addition to franchise fees, franchisees pay contributions
which are collected by the group for specific use within the
national and central advertising funds. The Group operates the
funds on behalf of the franchisees with the objective of driving
revenues for the franchisees. The fund is planned to break even
with any short term surplus or deficit carried in the group's
statement of financial position within working capital. As all fund
contributions are designated for specific purposes and do not
result in a profit or loss for the Group, revenue recognition
criteria are not met and therefore the income and expense of the
fund are not included in the Group statement of comprehensive
income.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial
institutions repayable without penalty on notice of not more than
24 hours. Cash equivalents are highly liquid investments that
mature in no more than three months from the date of acquisition
and that are readily convertible to known amounts of cash with
insignificant risk of change in value.
Foreign currency
Foreign currency transactions are translated at the rates ruling
when they occurred. Foreign currency monetary assets and
liabilities are translated at the rates ruling at the balance sheet
date. Any differences are taken to the statement of comprehensive
income. All financial statements are presented in sterling.
Pension costs
Contributions to the group's defined contribution pension scheme
are charged to the statement of comprehensive income in the year in
which they become payable.
Trade receivables
Trade receivables are carried at amortised cost using the
effective interest rate method, less provision for impairment.
Impairment provisions are recognised when there is objective
evidence (such as significant financial difficulties on the part of
the counterparty or default or significant delay in payment) that
the group will be unable to collect all of the amounts due under
the terms receivable, the amount of such a provision being the
difference between the net carrying amount and the present value of
the future expected cash flows associated with the impaired
receivable. For trade receivables, which are reported net, such
provisions are recorded in a separate allowance account with the
loss being recognised within administrative expenses in the income
statement. On confirmation that the trade receivables will not be
collectable, the gross carrying value of the asset is written off
against the associated provision.
Trade payables
Short term trade payables are measured at their transaction
price.
Borrowings
Borrowings are recognised initially at fair value, net of
transaction costs incurred. Borrowings are
subsequently carried at amortised cost; any difference between
the proceeds (net of transaction costs) and the redemption value is
recognised in the income statement over the term of the borrowings
using the effective interest method.
2. Dividend
No dividends were paid by the Group in the period or are
proposed for the period.
3. Earnings per share
At the balance sheet date of 30 June 2016 there were 12,000,000
shares in issue. Given a profit of GBP575,000 for the six months to
30 June 2016, the resultant earnings per share is 4.79p. At 30 June
2015 there were 12,000,000 shares in issue. Given a profit of
GBP486,000 for the six months to 30 June 2015, the resultant
earnings per share is 4.05p.
Following the admission to trading on AIM, there are now
47,120,093 shares in issue. The earnings per share on this number
of shares in issue would result in an earnings per share for H1
2016 of 1.22p and an earnings per share for H1 2015 of 1.03p.
Pre-admission
to AIM 6 months 6 months Year ended
ended ended 31 December
30 June 30 June 2015
2016 2015
Profit used GBP575,000 GBP486,000 GBP888,000
in calculation
Number of shares 12,000,000 12,000,000 12,000,000
Basic/Diluted 4.79p 4.05p 7.40p
Post-admission
to AIM
6 months 6 months Year ended
ended ended 31 December
30 June 30 June 2015
2016 2015
Profit used GBP575,000 GBP486,000 GBP888,000
in calculation
Number of shares 47,120,093 47,120,093 47,120,093
Basic/Diluted 1.22p 1.03p 1.88p
4. Post balance sheet events
The Company was incorporated and registered in England and Wales
on 15 July 2016 under the Act as a public company limited by shares
with registration number 10281033 with the name FB Holdings plc. On
16 July 2016 the Company acquired the entire issued share capital
of Franchise Brands Limited (now FB Holdings Limited), the previous
holding company of the Group. On 15 July 2016 the Company changed
its name to Franchise Brands plc. On 5 August 2016 the ordinary
shares of Franchise Brands plc were admitted to trading on AIM, a
market operated by the London Stock Exchange.
5. Copies of the Interim Report
Copies of this report will be available to the public at the
offices of Franchise Brands plc at 5 Edwin Avenue, Hoo Farm
Industrial Estate, Kidderminster, Worcestershire, DY11 7RA, and on
the Group's website www.franchisebrands.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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