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.




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