RNS Number:9553I
Golf Club Holdings PLC
12 April 2000
GOLF CLUB HOLDINGS PLC
("Golf Club Holdings" or "The Group")
Preliminary Statement for the period ended 2nd January 2000
1999 % increase over 1998
Club Turnover #6m + 42%
Golfing Members 4556 + 36%
Golf Rounds 245,026 + 36%
Group Profit after Tax #1.55m + 222%
Group Net Asset Value #8.9m + 24%
During 1999 Golf Club Holdings made excellent progress following its strategy
of:
1) Managing effectively the assets in the Group - like for like increases in
club sales (+ 42%), golfing memberships (+ 36%) and golf rounds (+ 36%)
are evidence of the benefits of forward looking, growth orientated management
in the clubs.
2) Developing the Group's existing clubs by adding facilities - for example
extra golf holes, broader usage of clubhouse buildings, holiday lodges, health
and fitness units. It is a feature of the clubs in the Group's portfolio that
all have the availability of space and assets which can, with imagination and
hard work, be used to add facilities to enhance the appeal and profitability
of the existing golf activities. At five of the Group's clubs there are active
plans to augment the scope for profit growth over and above that obtainable
from current golf revenue alone.
3) Acquiring further golf clubs - where development potential has been ignored
or untapped or where the Group's tight management controls can materially add
value.
* In pursuit of this strategy, in 1999 three clubs were acquired and one was
sold:
- Wickham Park Golf Club near Fareham, Hampshire was purchased in May 1999.
The operating performance of this club - essentially a pay and play business -
has been good. Its return on capital employed has been very satisfactory.
Prospects for 2000 are for continued strong performance. Plans to add further
facilities are in preparation.
- The Chase Golf Club at Cannock, Staffordshire was added to the Group's
portfolio in July 1999. Clubhouse facilities have now been completed and
membership sales have been strong, with the number of members now more than
double that which the Group inherited. Discussions are at an advanced stage
to put to productive use the large amount of space in the clubhouse building
not needed for golfers. A health and fitness facility is being considered.
- Ecclestone Park Golf Club, near St Helens, Merseyside, brought into
management in September 1999, has been an outstanding success. The clubhouse
has been finished and the golf course opened. Membership sales and green fee
income have been significantly in excess of the Group's expectations.
Discussions are well advanced to purchase additional land for a driving range;
and plans for a health and fitness development are being prepared.
- The Lambourne Golf Club at Burnham, Buckinghamshire, was sold in December
1999. Given the price offered, calculated at over 9 times EBITDA, and the low
prospects for adding extra facilities, it was decided that the capital
employed in this asset could be more productively used in other ways. A
profit of # 1.4m arose on this disposal. The Group continues to have an
involvement in the Lambourne Golf Club through a management contract.
* The Group has 4 other clubs in its portfolio:
- The Vale Golf and Country Club at Evesham, Worcestershire, continues to
trade satisfactorily, with a rising membership enjoying improvements to the 2
golf courses and driving range. The first quarter performance this year has
shown a significant improvement over 1999.
- Batchworth Park Golf Club at Rickmansworth, Hertfordshire performed well in
1999. Fairway irrigation is being installed on the existing 18 hole course;
and adjacent land has been acquired with a view to adding a 9 hole course and
a practice range. There is every reason to expect a strong out-turn this
year.
- Vale Royal Abbey Golf Club at Northwich, Cheshire, continues to grow its
membership. The performance in 1999, the first full year of operations at
the club, was commendable; a major increase in profitability is budgeted for
this year, as the facilities mature.
- South Winchester Golf Club at Winchester, Hampshire is going through a
number of changes to secure the future increased profitability of the
business. In particular, planning permission has been gained for the
construction of holiday lodges by the course and work will start on these
shortly. A number of other ideas are being pursued to add attractive
facilities to the club to enhance the appeal and profitability of this asset.
* 2000 will be a busy year for the Group. Current performance is
satisfactorily ahead of budget and the first quarter operating profit
performance is well up on 1999. The programme of developing existing assets
is demanding, but the results, if the programme is successfully implemented,
would produce a marked improvement in the overall return on capital employed.
The acquisition of further golf clubs is also contemplated.
The Board will be seeking shareholder approval to repurchase #1.25m of the
Preference shares. No dividend on the ordinary shares is being proposed.
David Gray , having been central to the integration of seven clubs into the
Group within the last two years, is moving to a non-executive role, and Allan
Tait is taking over as Finance Director. David's contribution to the
financial management and tight control of the business has been highly valued,
and the Board is grateful to him for agreeing to continue to help in certain
aspects of the financial management of the Group.
The successes of 1999 and the sharp growth in the business depended on the
hard work and commitment of the staff, which the Board much appreciated. The
Group's courses and clubhouses continue to be praised by members and visitors,
which is a credit to our staff's efforts.
M P KNIGHT
Chairman
A copy of this preliminary statement is available from:
73 South Audley Street
London
W1Y 5FF
Contact
Martin Knight
Telephone: 020 74914652
Mobile: 0860 553 455
Website: www.gch.co.uk
GOLF CLUB HOLDINGS PLC
Group Profit and Loss Account
Period from 28th December 1998 to 2nd January 2000
Period from Period from
28 Dec 98 to 29 Dec 97 to
2 Jan 00 27 Dec 98
# #
Turnover:
Continuing operations 3,560,379 1,237,701
Acquisitions - 1,183,821
3,560,379 2,421.522
Cost of sales (633,521) (434,073)
Gross Profit 2,926,858 1,987,449
Administrative expenses (2,604,473) (1,447,483)
Management income 529,491 399,713
Operating Profit
Continuing operations 851,876 277,810
Acquisitions - 661,869
Group Operating Profit 851,876 939,679
Profit on disposal 1,373,265 -
2,225,141 939,679
Income from other current asset investments 11,142 54,369
Interest receivable 3,055 10,743
Interest payable and similar charges (667,711) (509,487)
Amortisation of goodwill (19,786) (14,084)
Profit on Ordinary Activities Before Taxation 1,551,841 481,220
Tax on profit on ordinary activities - -
Profit on Ordinary Activities after Taxation 1,551,841 481.220
Dividends (including non-equity) (458,638) (415,799)
Retained Profit for the Financial Period 1,093,203 65,421
Earnings per share (pence) 2.3 0.2
Diluted earnings per share (pence) 2.2 0.2
GOLF CLUB HOLDINGS PLC
Group Balance Sheet
2nd January 2000
2 Jan 00 27 Dec 98
Fixed Assets # #
Intangible assets 361,844 387,534
Tangible assets 16,655,720 20,002,678
Investments - 31,390
17,017,564 20,421,602
Current Assets
Stocks 173,063 127,998
Debtors 4,891,641 716,735
Investments 73,928 98,928
Cash at bank and in hand 19,134 53,018
5,157,766 996,679
Creditors: Amounts falling due
within one year (5,203,027) (5,165,090)
Net Current Liabilities (45,261) (4,168,411)
Total Assets Less Current Liabilities 16,972,303 16,253,191
Creditors: Amounts failing due
after more than one year (8,031,012) (9,039,599)
8,941,291 7,213,592
Capital and Reserves
Called-up share capital 2,902,824 2,804,648
Share premium account 4,927,800 4,391,480
Other reserves (3,721,857) (3,721,857)
Profit and loss account 4,832,524 3,739,321
Shareholders' Funds (including
non-equity interests) 8,941,291 7,213,592
Notes
1) No dividend is proposed on ordinary shares.
2) Batchworth Park Golf Club and South Winchester Golf Club are managed by
Group companies; hence their turnover and profits are included for statutory
purposes as management income.
Golf Club Holdings has secured a Lease on the Land and Buildings at The Chase
Golf Club and has an option to purchase these assets outright exercisable at
any time up to 31st December 2002.
Golf Club Holdings also has an option to acquire the Long Leasehold interest
in Land and Buildings at Eccleston Park Golf Club. The option is exercisable
in October 2000. Golf Club Holdings has a management agreement to operate the
business until that date.
The underlying turnover of these Clubs is included in Club Turnover of #6.0m
for 1999.
3) No provision has been made for Corporation Tax since it is estimated that
no liability will arise in view of previous years' losses.
4) The accounting policies remain as stated in the Annual Report for the year
ended 27th December 1998.
5) The financial information set out above does not constitute full accounts
within the meaning of Section 240 of the Companies Act 1985.
6) Financial statements will be sent to shareholders shortly. Copies will be
available to the public free of charge from the offices of Grant Thornton,
Grant Thornton House, Melton Street, Euston Square, London NW1 2EP during
normal office hours, Saturdays, Sundays and Bank Holidays excepted, for 14
days from the date of posting.
END
FR UURKRRARSARR
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