Final Results
27 1월 2004 - 4:01PM
UK Regulatory
RNS Number:6577U
Deep-Sea Leisure PLC
27 January 2004
News Release
27 January 2004
Deep-Sea Leisure PLC
Preliminary Results for the year ended 31 October 2003
Deep Sea Leisure PLC, the leisure company which runs two aquariums in the UK
featuring marine life, announces its final results for the year ended 31 October
2003.
Highlights
* Pre-tax profit for the year ended 31 October 2003 was #1.044 million,
on turnover of #6.138 million compared with an unaudited pre-tax profit of #0.9
million before exceptionals (#0.6 million after exceptionals) on turnover of
#5.9 million for the 12 month period ended 31 October 2002
* Increased gross margin of 87.7% compared with prior year of 85.5%
(unaudited)
* Continued focus on increasing per capita spend resulted in improved
spend per head for the second year running with a 17% year on year improvement
* The Board is committed to investment in the business and expects to
confirm new attractions at the aquariums.
For further information please contact:-
Stuart Earley, Managing Director
Deep-Sea Leisure PLC 0151 357 8804
Sue Howarth, Financial Controller and Company Secretary
Deep-Sea Leisure PLC 0151 357 8804
Roland Cross, Director
Broadgate 020 7726 6111
Chairman's Statement
In my first statement since being appointed as Chairman on 1 December 2003, I am
very pleased to report that the Company has continued to progress well in
challenging trading conditions during the financial year ended 31 October 2003.
For the year ended 31 October 2003, the Company made a pre-tax profit of #1.044
million on turnover of #6.138 million. Due to the seasonality of our business,
88% of our customers visit between February and October, making direct
comparison with our previous 8 month reporting period (February 2002 - October
2002) difficult. The Board is not recommending that a final dividend is
declared, as the retained profit will be transferred to reserves and used to
strengthen the balance sheet and growth of the Company.
Given the uncertain economic conditions that have prevailed during the financial
year under review, the operational performance of the Company has held up
admirably. In his review, Stuart Earley, Managing Director, outlines the
developments and initiatives that have been implemented in the last year and the
positive impact this has had on Deep-Sea Leisure's performance.
In the competitive environment in which we operate, it is important that the
Company continues to develop its aquariums to attract customers and stimulate an
improved trading performance. We will continue to explore avenues for enhanced
revenue streams and intend to roll out new initiatives in the coming year.
The current financial year ending 31 October 2004 has started in line with
budget and the Board is committed to investing in the growth of Deep-Sea Leisure
as we believe this will improve the financial performance of the Company.
Angel Barrachina
Chairman
Managing Director's Review
The last financial year has proved a challenging time for the two marine
aquariums operated by Deep-Sea Leisure. The tourist industry in the UK has been
impacted by a degree of economic uncertainty during 2003, which has affected
visitor numbers across all leisure activities.
In addition, the summer of 2003 was one of the hottest for many years and this
had an adverse impact on visitor numbers as our aquariums are indoor
attractions. Despite this, our strategy of improving per capita spend has
delivered an increase of 17% and improved turnover by 3% (compared to the
previous unaudited 12 month period).
Overall operational performance was very encouraging. In particular, dive
revenue has increased significantly reflecting our unique ability to offer this
exciting experience, whilst the introduction of radio controlled boats,
aquablasters and other revenue generating elements have all made positive
contributions.
The appointment of Sue Howarth as Financial Controller in February 2003 has
strengthened the strong emphasis on financial and management controls. Good cash
flow management and lower interest rates also proved beneficial in reducing the
overall interest charge.
Whilst the impact of marketing activities was adversely affected by the economic
climate, one of the biggest success stories was the Deep Sea World Double Decker
bus that ran daily for three months during the summer making regular pick-ups
from Princes Street in the centre of Edinburgh. This served as a high profile
mobile advertisement, as well as carrying 70 passengers per trip at its peak.
The Company has been highly successful in 2003 in enhancing relationships with
broadcast media leading to a number of TV appearances including Blue Planet
being featured within the popular Hollyoaks TV series.
The development of the animal collection has continued with the new otter
enclosure at Blue Planet proving very popular with visitors, whilst breeding
successes with Southern Stingrays and other species demonstrate the commitment
and expertise of our zoological staff.
In fact the contribution and dedication of all our employees has been a material
factor in ensuring that the aquariums are lively and entertaining places to
visit and I would like to thank them for all their efforts on behalf of the
Company.
The current financial year has started well. Looking ahead, there are a number
of exciting new developments under advanced discussion and these will assist in
improving both attractions and providing customers with an enhanced experience.
We anticipate that this will generate further repeat visitors and allow the
Company to make further progress.
Stuart Earley
Managing Director
Profit and loss account
for the year ended 31st October 2003
12 Months to 8 Months to
31 October 31 October
2003 2002
#000 #000
Turnover 6,138 4,544
Cost of sales (781) (635)
_______ _______
Gross profit 5,357 3,909
Administrative expenses (4,096) (2,566)
Costs incurred during takeover - (252)
_______ _______
Operating profit 1,261 1,091
Interest payable and similar charges (217) (205)
_______ _______
Profit on ordinary activities before taxation 1,044 886
Tax on profit on ordinary activities (331) (347)
_______ _______
Profit retained for the financial year for equity
shareholders 713 539
_______ _______
Earnings per ordinary share 3.71p 2.81p
_______ _______
Earnings per ordinary share before exceptional items 3.71p 4.11p
_______ _______
Balance sheet
as at 31st October 2003
31 October 2003 31 October 2002
#000 #000 #000 #000
Fixed assets
Tangible assets 17,249 17,910
Current assets
Stocks 353 379
Debtors 98 112
Cash at bank and in hand 783 386
______ ______
1,234 877
Creditors: amounts falling due within one
year (1,710) (1,963)
______ ______
Net current liabilities (476) (1,086)
______ ______
Total assets less current liabilities 16,773 16,824
Creditors: amounts falling due after more
than one year (2,973) (3,938)
Deferred income (2,801) (2,931)
Provision for liabilities and charges (1,736) (1,405)
______ ______
Net assets 9,263 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 1,398 685
______ ______
Shareholders' funds - equity 9,263 8,550
______ ______
Cash flow statement
for the year ended 31st October 2003
31 October 8 Months ended
2003 31 October 2002
#000 #000
Cash flow statement
Net cash inflow from operating activities 2,183 1,197
Returns on investments and servicing of finance (364) (205)
Capital expenditure (218) (181)
______ ______
Cash inflow before financing 1,061 811
Financing (1,204) (487)
______ ______
Increase/(decrease) in cash 397 324
Reconciliation of net cash flow to movement in net debt (note 21)
Increase in cash 397 324
Cash outflow from movement in net debt 1,204 487
______ ______
Change in net debt resulting from cash flows 1,601 811
______ ______
Movement in net debt in the year 1,601 811
Net debt at beginning of year (4,736) (5,547)
______ ______
Net debt at end of year (3,135) (4,736)
Reconciliation of operating profit to net cash inflow from operating
activities
Operating profit 1,261 1,091
Depreciation charges 877 522
Decrease/(increase)in stocks 26 (14)
Decrease/(increase)in debtors 14 (48)
Increase/(decrease) in creditors 135 (262)
Decrease in deferred income (130) (92)
_____ _____
Net cash inflow from operating activities 2,183 1,197
_____ _____
Notes
1. The board is not recommending a payment of a final dividend.
2. The financial information set out on the previous pages does not
constitute the Company's Statutory Accounts for the year ended 31 October 2003
or period ended 31 October 2002 but is derived from these accounts. Statutory
Accounts for the previous financial period ended 31 October 2002 have been
delivered to the Registrar of Companies and those for the financial year ended
31 October 2003 will be delivered following the Company's Annual General Meeting
which will be held at The Blue Planet Aquarium, Cheshire Oaks, Ellesmere Port,
Cheshire, CH65 9LF on Tuesday 24 February 2004 at 12.00 noon. The Auditors have
reported on those accounts: the reports were unqualified and did not contain any
statements under section 237(2) or (3) of the Companies Act 1985.
3. Copies of the annual report and accounts will be posted to
shareholders on 28 January 2004 and will be available for inspection at The Blue
Planet Aquarium, Cheshire Oaks, Ellesmere Port, Cheshire, CH65 9LF from the same
date.
This information is provided by RNS
The company news service from the London Stock Exchange
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