HRC WORLD PLC
NASDAQ FIRST NORTH, COPENHAGEN
TICKER: HRC
ISIN: GB00BZ3CDY20
30 November 2018
Interim Results to 30 September 2018
The Board of Directors of HRC World Plc (HRC), a company that provides strategic restaurant management services for restaurant chains across China and other parts of Asia, is pleased to announce its interim results for the six months ended 30 September 2018.
The Interim Results to 30 November 2018 is appended to this announcement.
For the said financial period, the Group achieved a gain from the Share Sale Agreement referred to below of USD 13.09 mil, resulting in net profit of USD 11.85 mil. Expenses relating to the operation increased slightly to USD 211,000 as at 30 September 2018, while cash and cash equivalents stood at USD 25,000.
During the period, the Company entered into a Share Sale Agreement for the sale of HRC Asia Ltd for USD 20mil, which was approved in the Company's Annual General Meeting on the 23 Aug 2018. Separately, the Company has agreed to enter into a Restaurant Management Agreement (RMA) with HRC Asia Ltd for the management of any restaurants under its flagship, specifically in expansion, development and operations across China and in additional territories. Under the RMA, HRC is to provide strategic restaurant management services including (1) restaurant marketing and promotion support services; (2) tourist based customer acquisition services; and (3) music & event based revenue development, in line with its vision of becoming a leading themed-restaurant and music entertainment operator in the region. The Company expects to start to derive income under the RMA in early 2019 when HRC Asia anticipates completion of the relocation of its Hard Rock Café restaurants.
HRC further anticipates to offer the same with other organizations, developing tourist-based and event-based revenues in all future restaurants that the Company plans to manage and it will reduce the Company's dependence on any single brand. In addition, this bodes well with the HRC's music initiative under HRC Music plc that has been in the works in the last few months.
THE DIRECTORS OF HRC WORLD PLC ACCEPT RESPONSIBILITY FOR THIS ANNOUNCEMENT
About HRC World Plc
HRC World Plc is an England & Wales incorporated public company with registration number 10829936 and is quoted on Nasdaq First North (Copenhagen). HRC World provides café management services for developing tourist-based and event-based revenues in member restaurants as well as implementation of HRC Music initiatives.
Further information may be found at the Company's website: www.hrcplc.co.uk
Company contact details
HRC World Plc
+603 7786 0500
info@hrcplc.co.uk
Certified Adviser
Keswick Global AG
info@keswickglobal.com
+43 1 740 408045
