Hotel Chocolat Group PLC Publication of FY22 Results (1336B)
29 September 2022 - 4:00PM
UK Regulatory
TIDMHOTC
RNS Number : 1336B
Hotel Chocolat Group PLC
29 September 2022
29 September 2022
HOTEL CHOCOLAT GROUP PLC
( " Hotel Chocolat ", the " Company" or the " Group ")
Publication of FY22 Results
Hotel Chocolat Group plc, a direct-to-consumer premium chocolate
brand, previously communicated on 28 July 2022 that the Japan joint
venture (Japan JV) in which it holds an equity interest of 20% had
entered restructuring proceedings ("Minji Saisei") resulting in the
potential for the full impairment by the Group of loans to the
Japan JV of GBP23m and guarantees of GBP6m in respect of its
third-party debt, which is now increasingly certain.
The directors of the Company are reviewing the judgments and
estimations relating to the historic accounting for the loans to
the JV in the FY21 annual report and accounts. The Group is also
working to address this in the FY22 annual report and accounts with
its new auditor, RSM UK Audit LLP (RSM), who were appointed on 2
March 2022. Given the potential for full impairment of the loans
and the guarantees of the third-party debt as previously
communicated, this is not expected to have any material impact on
the Group's reported trading or underlying profit performance for
FY22 or any impact on the future cashflows or prospects for the
Group.
The Group is preparing to finalise the FY22 annual report and
accounts with RSM and will update on the timing for their
publication in due course.
Enquiries:
Hotel Chocolat Group PLC Tel: +44 (0) 1763 257
746
Angus Thirlwell, Co-Founder and CEO
Peter Harris, Co-Founder and Development
Director
Matt Pritchard, CFO
Liberum (Nominated Adviser and Sole Broker) Tel: +44 (0) 20 3100
2000
Clayton Bush
Edward Thomas
Miquela Bezuidenhoudt
Citigate Dewe Rogerson Tel: + 44 (0) 20 7638
9571
Angharad Couch
Ellen Wilton
Alex Winch
Notes to Editors:
Hotel Chocolat is a premium British chocolate maker with a
strong and distinctive D2C brand. The business was founded by Angus
Thirlwell and Peter Harris, who are still executives within the
business, and has traded under the Hotel Chocolat brand since 2003.
The Group is unusual in being a grower (organic cacao farm in Saint
Lucia), a manufacturer (Cambridgeshire) and owning its extensive
direct to consumer channels (branded stores, websites). The Group
was admitted to trading on AIM in 2016.
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END
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