Restaurants operator Tasty continues to suffer from difficult trading conditions and it does not expect things to get better this year.
Finance director Tim Cundy has resigned and is serving three months notice.
Four restaurant sites have been sold and there has been a sale and leaseback of another one. This has raised £2m. There could be another two disposals in the next few months.
In the first six months of 2017, there were 65 restaurants trading and revenues were £24.4m. Underlying pre-tax profit fell from £1.81m to £425,000 and that was before a £9.32m asset impairment charge. Net debt was £5.42m at the 2 July 2017.
The number of dishes on menus has been reduced and promotional activity continues to be essential.
The share price has fallen to 29.5p, which is less than one-quarter of the level one year ago and the lowest it has been since 2011. The market capitalisation is below the last stated NAV of £20.9m, although this is likely to have declined since June.
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