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Disseminated via PRN on 16 July 2025
16 July 2025
Hydro Hotel, Eastbourne, Plc
(“Hydro Hotel” or the “Company”)
Interim Results for the Half Year ended 30 April 2025
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2025
I am pleased to report on the company’s results for the six months to 30 April 2025. The total turnover for the six month period to 30 April 2025 was £2,130,974 compared to £1,961,479 for the same period in the previous year, an increase of 9% (compared to an increase in the six months to 30 April 2024 of 9%).
The gross profit percentage for the period was 9% higher than in the six months to 30 April 2024 despite staff costs increasing by 10% compared to the figure for the period to 30 April 2024 (6% increase in staff costs in the half year to 30 April 2024).
Overheads increased by 8% (1% increase in the half year ended 30 April 2024). There was an increase in repair costs of £45,944 for this period compared to the same period in the previous year, as a result of repairs to the hotel’s boiler flue, the replacement of windows and fire doors and other essential repair work to the fabric of the building. This contributed to the increase in overhead expenses during the period. There is an increase in the loss for the half year to 30 April 2025 to £97,225 compared to a loss of £76,957 for the half year to 30 April 2024.
During the period the air conditioning in the Wedgwood Room, the garden furniture on the Coastal Terrace and 2 boilers were replaced. General refurbishment of the bedrooms and public areas continued.
The Board and the management of the company continue to monitor cash resources and have paid the dividend of £78,000 declared on 25 February 2025. No further dividends were declared in the period.
The Board wishes to express its thanks to the management and staff of the hotel for their co-operation and efforts during the period. The Hydro team look forward to welcoming new and returning guests in this our 130th year of operation.
Yours sincerely,
Christopher J Bean LL.B (Hons)
15 July 2025
| SUMMARISED STATEMENT OF COMPREHENSIVE INCOME | |||||||
| FOR THE HALF YEAR ENDED 30 APRIL 2025
| |||||||
|
| Half year to | Half year to | Year ended | ||||
|
| 30 April 2025 | 30 April 2024 | 31 October 2024 | ||||
|
| (Unaudited) |
| (Unaudited) |
| (Audited) | ||
|
| £ |
| £ |
| £ | ||
| TURNOVER | 2,130,974 |
| 1,961,479 |
| 4,850,970 | ||
|
|
|
|
|
|
| ||
| OPERATING (LOSS)/PROFIT | (135,914) |
| (111,562) |
| 393,319 | ||
|
INTEREST RECEIVABLE | 38,689 |
| 34,605 |
| 76,196 | ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| (LOSS)/PROFIT BEFORE TAXATION | (97,225) |
| (76,957) |
| 469,515 | ||
|
|
|
|
|
|
| ||
| TAXATION | - |
| - |
| (119,269) | ||
|
|
|
|
|
|
| ||
| (LOSS)/PROFIT FOR PERIOD | £(97,225) |
| £(76,957) |
| £350,246 | ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| (Loss)/Earnings per share | (16.20)p |
| (12.83)p |
| 58.37p | ||
|
|
|
|
|
|
| ||
| STATEMENT OF FINANCIAL POSITION | |||||
| AT 30 APRIL 2025 | |||||
|
| 30 April 2025 | 30 April 2024 | 31 October 2024 | ||
|
| (Unaudited) |
| (Unaudited) |
| (Audited) |
|
| £ |
| £ |
| £ |
| FIXED ASSETS |
|
|
|
|
|
| Tangible Assets | 2,481,102 |
| 2,550,478 |
| 2,497,935 |
|
|
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
| Stocks | 41,699 |
| 41,284 |
| 47,810 |
| Debtors | 126,806 |
| 130,626 |
| 154,155 |
| Investments – 6 month notice deposit account | 500,000 |
| 476,373 |
| - |
| Cash at bank and in hand | 1,679,811 |
| 1,352,585 |
| 2,462,830 |
|
|
|
|
|
|
|
|
| 2,348,316 |
| 2,000,868 |
| 2,664,795 |
| CREDITORS |
|
|
|
|
|
| Amounts falling due within one year | (836,611) |
| (732,858) |
| (994,698) |
| NET CURRENT ASSETS | 1,511,705 |
| 1,268,010 |
| 1,670,097 |
|
|
|
|
|
|
|
| TOTAL ASSETS LESS |
|
|
|
|
|
| CURRENT LIABILITIES | 3,992,807 |
| 3,818,488 |
| 4,168,032 |
|
PROVISION FOR LIABILITIES | (148,905) |
| (148,564) |
| (148,905) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS | £3,843,902 |
| £3,669,924 |
| £4,019,127 |
|
|
|
|
|
|
|
| CAPITAL AND RESERVES |
|
|
|
|
|
| Called up share capital | 600,000 |
| 600,000 |
| 600,000 |
|
|
|
|
|
|
|
| Revaluation reserve | 389,814 |
| 394,093 |
| 389,814 |
|
|
|
|
|
|
|
| Profit and loss reserves | 2,854,088 |
| 2,675,831 |
| 3,029,313 |
|
|
|
|
|
|
|
|
| £3,843,902 |
| £3,669,924 |
| £4,019,127 |
| STATEMENT OF CASH FLOWS | ||||||
| FOR THE HALF YEAR ENDED 30 APRIL 2025
| ||||||
|
| Half year to | Half year to | Year ended | |||
|
| 30 April 2025 |
| 30 April 2024 | 31 October 2024 | ||
|
| (Unaudited) |
| (Unaudited) |
| (Audited) | |
|
| £ |
| £ |
| £ | |
| NET CASH (USED IN)/INFLOW FROM OPERATING ACTIVITIES (Note 1) | (174,050) |
| (107,376) |
| 610,313 | |
|
|
|
|
|
|
| |
| NET CASH (USED IN) INVESTING ACTIVITIES (Note 2) | (530,969) |
| (94,627) |
| 375,929 | |
| FINANCING ACTIVITIES |
|
|
|
|
|
| Dividends paid | (78,000) |
| (72,000) |
| (150,000) |
|
|
|
|
|
|
|
| NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (783,019) |
| (274,003) |
| 836,242 |
|
|
|
|
|
|
|
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 2,462,830 |
| 1,626,588 |
| 1,626,588 |
|
|
|
|
|
|
|
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | £1,679,811 |
| £1,352,585 |
| £2,462,830 |
|
|
|
|
|
|
|
| RELATING TO: |
|
|
|
|
|
| Cash at bank and in hand | £1,679,811 |
| £1,352,585 |
| £2,462,830 |
| NOTES TO THE STATEMENT OF CASH FLOWS | |||||||||||||
| FOR THE HALF YEAR ENDED 30 APRIL 2025
| |||||||||||||
|
| Half year to 30 April 2025 | Half year to 30 April 2024 | Year ended 31 October 2024 | ||||||||||
|
| (Unaudited) |
| (Unaudited) |
| (Audited) | ||||||||
|
| £ |
| £ |
| £ | ||||||||
| Note 1 |
|
|
|
|
| ||||||||
| CASH FLOWS FROM OPERATING |
|
|
|
|
| ||||||||
| ACTIVITIES |
|
|
|
|
| ||||||||
| (Loss)/profit after tax | (97,225) |
| (76,957) |
| 350,246 | ||||||||
| Adjustments for: |
|
|
|
|
| ||||||||
| Taxation | - |
| - |
| 119,269 | ||||||||
| Depreciation | 86,236 |
| 93,545 |
| 193,496 | ||||||||
| Loss on disposal of fixed assets | 255 |
| 132 |
| 132 | ||||||||
| Interest receivable | (38,689) |
| (34,605) |
| (76,196) | ||||||||
| OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES | (49,423) |
| (17,885) |
| 586,947 | ||||||||
| MOVEMENTS IN WORKING CAPITAL |
|
|
|
|
| ||||||||
| Decrease/increase) in stocks | 6,111 |
| (1,256) |
| (7,782) | ||||||||
| Decrease/(increase) in debtors | 27,349 |
| 58,532 |
| 35,003 | ||||||||
| (Decrease)/increase in creditors | (158,087) |
| (146,767) |
| 45,038 | ||||||||
| Income taxes paid | - |
| - |
| (48,893) | ||||||||
| NET CASH (USED IN)/GENERATED FROM OPERATING ACTIVITIES | £(174,050) |
| £(107,376) |
| £610,313 | ||||||||
|
Note 2
INVESTING ACTIVITIES |
|
|
|
|
| ||||||||
| Purchase of tangible fixed assets | (69,658) |
| (118,839) |
| (166,247) | ||||||||
| Interest received | 38,689 |
| 34,605 |
| 76,196 | ||||||||
| (Payment)/repayment for other investments | (500,000) |
| (10,393) |
| 465,980 | ||||||||
| NET CASH FLOW (USED IN) INVESTING ACTIVITIES | £(530,969) |
| £(94,627) |
| £375,929 | ||||||||
|
NOTES TO THE ACCOUNTS | |
|
|
|
| 1 | The results are prepared on the basis of the accounting policies set out in the Company’s Annual Report and Accounts for the year ended 31 October 2024. |
|
|
|
| 2 | The earnings per share are based on a loss of £97,225 (2024: loss of £76,957) being the loss on ordinary activities after taxation. |
|
|
|
| 3 | The movement in retained Profit and Loss Reserves from £3,029,313 at 31 October 2024 to £2,854,088 at 30 April 2025 includes the loss for the period and dividends paid of £78,000 (2024: £72,000 paid in the period and £Nil accrued). |
|
|
|
| 4 | All dividends in 2025 were paid in the period and no accrual is included in creditors, amounts falling due within one year as at 30 April 2025 (2024: £72,000 dividends paid and no accrual included in creditors, amounts falling due within one year as at 30 April 2024).
|
| 5 | A copy of the interim report and accounts and the Chairman’s statement thereto, which were approved by the Board of Directors on 15 July 2025, will be posted to all registered shareholders shortly thereafter. |
|
|
|
| 6 | The financial information set out above does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 October 2024, on which the report of the auditor was unqualified and did not contain a statement under section 498 of the Companies Act 2006, have been filed with the Registrar of Companies. |
| 7 | The company’s auditor, UHY Hacker Young LLP, has not reviewed these unaudited interim accounts. |
Enquiries:
| Hydro Hotel, Eastbourne, Plc Sally Gausden Company Secretary
| Telephone: +44 1323 431 200
|
| Peterhouse Capital Limited Aquis Corporate Adviser Mark Anwyl | Telephone: +44 20 7469 0930 |
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).
