Cantina Augusto plc

March 31, 2010 02:00 ET

Final Results

30 March 2010
                                            CANTINA AUGUSTO PLC
                                              (the "Company")
                           Audited results for the year ended 30 September 2009

Cantina Augusto plc today announces its results for the year ended 30 September 2009.


I am pleased to make this report to you as Chairman of the Company.

Review of activities

Since  admission to PLUS markets in October 2007 the Company has continued trading as an Italian restaurant
in  Clerkenwell Road ,London where it has been established for over 30 years. Unfortunately, in common with
other  restaurants ,it has been affected by difficult economic conditions but its long standing  reputation
in the Clerkenwell Road has enabled it to trade at levels much in line with the previous year.

In the six month period following on from the results as reported in the Interim Announcement the Directors
have  actively  pursued  their strategy of seeking suitable locations for Italian  restaurants  similar  to
Cantina.  This  has  resulted  in the acquisition of the entire issued share capital  of  Fast  Consultants
Limited  trading  as Pucci Pizza at 442 Kings Road London SW10 OLQ which was announced  on  29th  September
2009.  The  consideration for the transaction of £50,000 was satisfied by the issue of 2,500,000 shares  in
Cantina at 2p per share. In addition to the above there are two earn out periods covering a two year period
relating  to  a  profit before tax for Fast Consultants Limited equal to the previous year's  trading.  The
consideration will be satisfied by the issue of shares.

In order to assist with the acquisition the Company raised a further £83,000 through the issue of a further
4,150,000 shares at 2p per share.

Financial Review

The  results  for  the  year reflect the costs applicable to a PLUS Markets-traded  company  together  with
expenses incurred with the acquisition of Fast Consultants Limited trading as Pucci Pizza. The consolidated
trading loss for the period amounted to £90,000 which loss increased to £311,000 following the inclusion of
impairment of goodwill ( £218,000 ) relating to Cantina Augusto ( Clerkenwell Road ) Limited which  company
,  being  surplus  to requirements , has ceased trading. As a means of reducing overheads  the  trading  at
Clerkenwell Road is now being conducted through Cantina Augusto plc.


The  Directors  recognise these are challenging times for restaurants but nevertheless this should  present
opportunities to pursue their investment strategy of expansion. This will, however , necessitate additional
equity and /or bank finance the requirement for which is being addressed.

M R Nash


                                   Consolidated profit and loss account
                                   for the year ended 30 September 2009

                                            Note              Year ended                       Year ended
                                                          30 September 2009                 30 September 2008
                                                                 £000                             £000
From continuing operations                                     422                               378            -
From acquisitions                                               19             441                              378
Cost of sales                                                                 (257)                            (275)
Gross profit                                                                   184                              103
Other administrative expenses                                                 (274)                            (281)
Loss from operating activities before                                          (90)                            (178)
impairment of goodwill                                                                                              

Impairment of goodwill (continuing)                                           (218)                                 
Loss from operating activities                                                                                      
From continuing operations                                   (288)                             (161)
From acquisitions                                             (20)                              (17)
                                                                              (308)                            (178)
Interest payable and similar charges                                            (3)                              (7)
(Loss) on ordinary activities before                                          (311)                            (185)

Tax on loss on ordinary activities                                                -                                -
Retained (loss) for the financial period                                       (311)                            (185)
Earnings per ordinary share                   1                                                                     
Basic and fully diluted                                                                                             
                                                                              (2.23)p                          (1.58)p

None of the Group's operations were discontinued during the current year.  All operations are considered to
be continuing.

There are no recognised gains or losses for the current year or preceding period other than the loss shown
in the profit and loss account above.

Consolidated balance sheet
at 30 September 2009

                                                                                   2009           2008

                                                                                   £000           £000

Fixed assets
Intangible fixed assets                                                             108            228
Fixed assets                                                                         42             44

                                                                                    150            272

Current assets
Stock                                                                                 9              8
Debtors                                                                              83             62
Investments                                                                          15              -
Cash at bank and in hand                                                             22              -

                                                                                    129             70

Creditors: amounts falling due within one year                                     (149)          (124)

Net current (liabilities)/assets                                                    (20)           (54)

Total assets less current liabilities                                               130            218

Creditors: amounts falling due after more than one year                             (61)           (32)

Net assets                                                                           69            186

Capital and reserves
Called up share capital                                                             173            100
Share premium account                                                               394            273
Profit and loss account                                                            (498)          (187)
Equity shareholders' funds                                                           69            186

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2010.

Notes to the financial information

1)  The  calculation of basic earnings per share is based on losses of £311,000 (2008:  £185,000)  and
    ordinary  shares of 13,963,135 (2008: 11,693,819 shares) being the weighted average number of  ordinary
    shares in issue during the period.   The loss for the period and the weighted average number of ordinary
    shares for the purposes of calculating the fully diluted earnings per share are the same as for the basic
    earnings per share calculation.  This is because there were 800,000 warrants in place exercisable at 0.8p
    within 3 years, but if exercised these would not have a material dilutive effect on the calculation.
2)  The financial information set out above does not constitute full accounts within the  meaning  of
    the Companies Act 2006.
3)  The financial information in this announcement has been extracted from the Company's audited accounts and 
    has been prepared under UK GAAP. 
4)  The directors do not recommend the payment of a dividend.
5)  This  statement was approved by the Board of Directors on 30 March 2010. Copies of this  statement
    will be available free of charge from the Company's Registered Office at Radbourne, 56 Kenilworth Road,
    Leamington Spa, Warwickshire.

The directors of the Company accept responsibility for this announcement.


Cantina Augusto Plc                                               Tel: 0207 242 3246
Adriano Barnabei

Rivington Street Corporate Finance                                Tel: 07930450156
Leo Godsall

Contact Information

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