Interim Results
24 7월 2003 - 4:01PM
UK Regulatory
RNS Number:9024N
Deep-Sea Leisure PLC
24 July 2003
News Release
24 July 2003
Deep-Sea Leisure PLC
Interim Results for the six months ended 30 April 2003
Deep-Sea Leisure PLC, the leisure company which runs two aquariums in the UK
featuring marine life, announces its interim results for the six months ended 30
April 2003.
Highlights
* Pre-tax loss reduced to #22,800 compared with a pre-tax loss of #71,700
for the corresponding period in 2002.
* Turnover up 2.4% to #2.45m compared with #2.39m for corresponding period
against a difficult tourism market.
* Continued improvement in per capita spend - up 18% year on year
* Investment in new revenue generating initiatives at Blue Planet and Deep
Sea World and increased revenue from dive packages.
For further information please contact:-
Richard Golding, Chairman
Deep-Sea Leisure PLC 0034 91 562 5010
Stuart Earley, Managing Director
Deep-Sea Leisure PLC 0151 357 8804
Roland Cross, Director
Broadgate 020 7726 6111
Chairman's Interim Statement
This is the first time the Company has reported results for the six months ended
30 April 2003, since changing its year-end to 31 October to be consistent with
its majority owner, Net Ein.
The Company has performed admirably despite a difficult tourism market affected
by the general downturn in tourist spending in the UK. During the six months
ended 30 April 2003, the Company reduced its pre-tax loss to #22,800 (#71,700
for the corresponding period) on turnover up 2.4% to #2.45 million (#2.39
million for corresponding period).
Due to the nature of Deep-Sea Leisure's business, the most active trading period
is between April and September. As such, the results for the period under
review should be viewed in the context of a quiet six months during which the
aquariums are able to plan and implement new initiatives designed to strengthen
their appeal.
The operational strategy of maximising per capita spends and improving margins,
continues to progress well. Per capita spend has increased by 18% from #8.99 in
the same period last year, to a current spend of #10.66.
This improvement has resulted in an increase in turnover, despite a 13.6% year
on year decline in the number of visitors, from 265,599 to 229,562, reflecting
both the general poor economic climate and the reduced number of discounted
tickets distributed by the Company.
As mentioned in my last Chairman's statement, new marketing initiatives have
been implemented aimed at enhancing the promotion of both venues. It is your
Board's belief that profitable turnover growth can be achieved through a
targeted and coordinated marketing campaign.
During the period, the Board has also strengthened the management team with the
appointment of Sue Howarth as Financial Controller and Company Secretary.
The summer season has started slower than expected, primarily due to good
weather this year, which benefits open air attractions, compared to bad weather
in 2002 which was good for the aquariums and other indoor attractions.
Assessing the performance of the aquariums is difficult given the continued
uncertainty in the tourism industry. As a leisure attraction we are not alone
in experiencing a reduced number of visitors. However, the strategic
initiatives we have implemented, together with improved operational systems will
help protect Deep-Sea Leisure as we move forward. We are, therefore, cautiously
optimistic that the full year will see a satisfactory outcome.
Richard Golding
Chairman
23rd July 2003
Unaudited profit and loss account
for the half year ended 30 April 2003
Half year to Half year to 8 months to
30 April 30 April 31 October
2003 2002 2002
#000 #000 #000
Turnover 2,446 2,389 4,544
Cost of sales (310) (355) (635)
______ ______ ______
Gross profit 2,136 2,034 3,909
Administrative expenses (2,002) (1,925) (2,566)
Costs incurred during takeover - - (252)
______ ______ ______
Operating profit before interest 134 109 1,091
Interest payable (157) (181) (205)
______ ______ ______
Loss on ordinary activities
before taxation (23) (72) 886
Tax on profit on ordinary activities - - (347)
______ ______ ______
(Loss)/profit retained for the
financial year for equity
shareholders (23) (72) 539
______ ______ ______
(Loss)/Earnings per ordinary share (0.001)p (0.004)p 2.81p
Unaudited balance sheet
at 30 April 2003
As At As At
30 April 2003 31 October 2002
#000 #000 #000 #000
Fixed assets
Tangible assets 17,585 17,910
Current assets
Stocks 355 379
Debtors 220 112
Cash at bank and in hand 491 386
1,066 877
Creditors: amounts
falling due within one
year (1,955) (1,963)
Net current liabilities (889) (1,086)
Total assets less current
liabilities 16,696 16,824
Creditors: amounts
falling due after more
than one year (3,918) (3,938)
Accruals and deferred
Income (2,854) (2,931)
Provision for liabilities
and charges (1,405) (1,405)
Net assets 8,519 8,550
Capital and reserves
Called up share capital 960 960
Share premium account 5,902 5,902
Capital redemption
reserve 1,003 1,003
Profit and loss account 654 685
Shareholders' funds 8,519 8,550
Unaudited Cashflow
for the half year ended 30 April 2003
Half year to Half year to 8 months to
30 April 30 April 31 October
2003 2002 2002
#000 #000 #000
Operating profit 134 109 1,091
Depreciation charge 486 444 522
Decrease/(increase) in stocks 24 (9) (14)
(Increase)/decrease in debtors (108) 122 (48)
(Decrease)/increase in creditors (8) 517 (262)
Grant released (76) (70) (92)
Net cash inflow from operating
activities 452 1,113 1,197
Cash flow statement
Net cash inflow from operating
activities 452 1,113 1,197
Servicing of finance (87) (181) (205)
Capital expenditure (118) (55) (181)
Cash inflow before financing 247 877 811
Financing (142) (47) (487)
Increase in cash 105 830 324
Notes
1. The Board is not recommending the payment of an interim dividend.
2. The interim financial statements do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985, they have
been prepared on the basis of the accounting policies set out in the audited
report and accounts for the period ended 31 October 2002. The figures for the
period ended 31 October 2002 have been extracted from the audited accounts for
that period, which have been delivered to the Registrar of Companies and on
which the auditors gave an unqualified report.
This information is provided by RNS
The company news service from the London Stock Exchange
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