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Good Spirits Hospitality Limited (NZX: GSH) Half Year Results to 31 Dec 2020

Monday 1st March 2021

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Good Spirits Hospitality Limited reports its financial performance for the six month period ended 31 December 2020.

Overall, GSH is pleased to have weathered so far, the disruption caused by the COVID-19 pandemic which has heavily impacted the hospitality industry. Although GSH expects some further disruption as seen by the February 2021 lockdown we believe we are well placed to capitalise on GSH’s compelling market offering together with acquisition opportunities that will present themselves.

As GSH’s Chairman, Duncan Makeig, stated at GSH’s recent AGM, GSH intends to pursue profitable growth through both same venue growth and accretive acquisitions. The later being evidenced by GSH’s conditional acquisition of three well regarded venues in Wellington’s CBD (see NZX announcement dated 17 February 2021).

Key points include:

− Covid-19 disruptions during the six month period have impacted revenue and profitability

− Operating profit before significant items and IFRS 16 impacts of $1.14m down from 2019 ($1.99m)

− Net cash from operations of $1.6m down from 2019 ($2.6m)

− The Group reported an unaudited net loss after tax of $121k (2019: $292k profit) for the six month period

− No interim dividend is declared

Please see the links below for details:

Half Year Results Announcement

GSH - 31 Dec 2020 Financial Statements

GSH - 31 Dec 2020 NZX Announcement

Source: Good Spirits Hospitality Limited

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