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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Deep-Sea Leis. | LSE:DSL | London | Ordinary Share | GB0002609781 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 70.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:8133W
Deep-Sea Leisure PLC
12 January 2006
News Release
12 January 2006
Year of consolidation for Deep Sea Leisure
Deep Sea Leisure PLC, the leisure company which runs two aquariums in the UK
featuring marine life, announces its preliminary results for the year ended 31
October 2005.
Highlights
* Pre-tax profit for the year ended 31 October 2005 was #1.650 million
(2004 - #1.654 million) on turnover of #6.566 million (2004 - #6.761
million)
* Average per capita spend by visitors up for the fourth consecutive year
by 7%
* Major investment in a new seal sanctuary opened at Deep Sea World in
Edinburgh June 2005 adding an outdoor attraction at the aquarium, full
benefit to be received in current year
* Overall expenditure held at previous year's level despite increase in
utility costs which will also impact in current year
For further information please contact:-
Sue Elaiho, Finance Director
Deep Sea Leisure plc 0151 357 8804
Roland Cross, Director
Broadgate 020 7726 6111
Chairman's Statement
The year under review was a period of consolidation following the excellent
achievements of the previous two years. Pre-tax profit was #1.650 million for
the year ended 31 October 2005, unchanged on the corresponding period in 2004,
on turnover 2.9% lower at #6.566 million (#6.761 million - 31 October 2004).
The Board is not recommending a final dividend. Capital expenditure, which
totalled #0.468 million, has continued during the year with key new attractions
being introduced at each aquarium. As a Company we take our responsibility to
the promotion of the oceans, the environment and animal conservation very
seriously. In this context the opening of a major new seal sanctuary at Deep Sea
World in Edinburgh in June last year fulfils all these criteria. This attraction
is proving highly educational for visitors and, in conjunction with the Scottish
Society for the Prevention of Cruelty to Animals, we are helping in the
rehabilitation of rescued seals.
The other new attraction was an adventure play park at Blue Planet Aquarium in
Cheshire, which has helped increase the length of visitor time spent at the
aquarium. Both new attractions have the benefit of increasing the appeal of the
venues as all year attractions rather than simply wet weather attractions.
The coming year will see the Company continue to invest to make visitor
experience as memorable as possible at both marine aquariums. Together with a
full year benefit from the attractions described above and the continued
excellent cost control, the Board is hopeful for progress in the coming year.
A Barrachina
Chairman
Finance Director's Review
As detailed in the Chairman's statement, the year was one of consolidation. The
Board believes that the benefit from investment in new attractions made in 2005
will be fully realised in the coming year as the seal sanctuary and adventure
play area will form a major part of each aquarium's marketing campaign in the
year ahead.
Strong cashflow and the restructuring of finance facilities with NatWest
assisted the Company in achieving a virtually unchanged pre-tax profit for the
year ended 31 October 2005 of #1.650 million.
The reduction in turnover is a direct consequence of a fall in visitor numbers
at both aquariums, although this has been partly offset by the increase in spend
per visitor and a small increase in admission prices.
Costs have continued to be managed effectively although the well documented
increase in utility charges have only partly impacted on these results and are
therefore expected to have a greater impact in the current financial year. We
are working with The Carbon Trust to review ways of reducing our carbon
emissions and overall energy costs.
For the first time, Deep Sea World will be hosting two exhibitions during the
year focusing on Sharks and a BBC exhibition called Sea Monsters. We anticipate
that the exhibitions will provide a strong incentive for people to visit more
than once per annum and if the strategy is successful then exhibitions will be
introduced at Blue Planet in due course.
As part of the marketing campaign, Deep Sea Leisure is launching two new
websites allowing visitors to purchase tickets online for the first time. As the
aquariums are seen more as a wet weather attraction our belief is that by making
it easier to visit through online ticketing and new outdoor attractions, we will
reduce our reliance on the weather and become seen as a family attraction
irrespective of the weather.
With other more subtle improvements being made to the aquariums to make them
more modern and customer friendly we look to the current year as one of further
progress.
S J Elaiho
Finance Director
Profit and loss account
for the year ended 31 October 2005
12 Months to 12 Months to
31 October 31 October
2005 2004
#000 #000
Turnover 6,566 6,761
Cost of sales (815) (847)
_______ _______
Gross profit 5,751 5,914
Administrative expenses (4,073) (4,091)
_______ _______
Operating profit 1,678 1,823
Interest receivable and similar income 120 55
Interest payable and similar charges (148) (224)
_______ _______
Profit on ordinary activities before taxation 1,650 1,654
Tax on profit on ordinary activities (528) (526)
_______ _______
Profit retained for the financial year for equity
shareholders 1,122 1,128
Earnings per ordinary share (basic and diluted) 5.84p 5.88p
Balance sheet
as at 31 October 2005
Restated
31 October 2005 31 October 2004
#000 #000 #000 #000
Fixed assets
Tangible assets 16,245 16,552
Current assets
Stocks 123 110
Debtors 107 81
Cash at bank and in hand 3,136 2,430
______ ______
3,366 2,621
Creditors: amounts falling due within one
year (2,333) (2,069)
______ ______
Net current assets 1,033 552
______ ______
Total assets less current liabilities 17,278 17,104
Creditors: amounts falling due after more
than one year (1,083) (2,029)
Provision for liabilities and charges (2,274) (2,165)
Deferred Income (2,579) (2,690)
______ ______
Net assets 11,342 10,220
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 3,477 2,355
______ ______
Shareholders' funds - equity 11,342 10,220
Cash flow statement
for the year ended 31 October 2005
Restated
31 October 31 October
2005 2004
#000 #000
Reconciliation of operating profit to net cash inflow from
operating activities
Operating profit 1,678 1,823
Depreciation charges 802 780
(Increase)/decrease in stocks (13) (1)
(Increase)/decrease in debtors (26) 17
Increase in creditors 64 297
Decrease in deferred income (111) (111)
______ ______
Net cash inflow from operating activities 2,394 2,805
Cash flow statement
Net cash inflow from operating activities 2,394 2,805
Returns on investments and servicing of finance (28) (169)
Tax paid (247) -
Capital expenditure (468) (44)
______ ______
Cash inflow before financing 1,651 2,592
Financing (945) (945)
______ ______
Increase in cash 706 1,647
Reconciliation of net cash flow to movement in net funds/(debt)
Increase in cash 706 1,647
Cash outflow from movement in net debt 945 945
______ ______
Change in net (debt)/funds resulting from cash flows 1,651 2,592
______ ______
Movement in net (debt)/funds in the year 1,651 2,592
Net debt at beginning of year (543) (3,135)
______ ______
Net funds/(debt) at end of year 1,108 (543)
Notes
1. The board is not recommending a payment of a final dividend.
2. The preliminary results have been prepared on the same basis as the
financial statements for the prior year using consistent accounting
policies except for fish stock. Previously costs for fish purchased were
carried at historical cost and recognised as current assets. However the
directors believe that a more prudent approach is to write off such costs
as they are incurred. This has required a change in the accounting
treatment for fish stock. The prior year results have been restated
accordingly.
3. The financial information set out on the previous pages does not constitute
the Company's Statutory Accounts for the year ended 31 October 2005 or year
ended 31 October 2004 but is derived from these accounts. Statutory
Accounts for the previous financial period ended 31 October 2004 have been
delivered to the Registrar of Companies and those for the financial year
ended 31 October 2005 will be delivered following the Company's Annual
General Meeting which will be held at Northern Venture Managers, 50 Moray
Street, Edinburgh on 22 February 2005 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.
4. Copies of the annual report and accounts will be posted to shareholders on
13 January 2006 and will be available for inspection at The Blue Planet
Aquarium, Cheshire Oaks, Ellesmere Port, Cheshire, CH65 9LF from the same
date.
K:/DeepSea/Broadgate Releases/prelims-Oct2005-v2.doc
This information is provided by RNS
The company news service from the London Stock Exchange
END
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