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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:2981I
Deep-Sea Leisure PLC
05 March 2003
News Release
5 March 2003
Deep Sea Leisure PLC
Preliminary Results for the period ended 31 October 2002
Deep Sea Leisure PLC, the leisure company which runs two aquariums in the UK
featuring marine life, announces its final results for the period ended 31
October 2002.
Highlights
* Year end changed from 28 February to 31 October. The preliminary results,
therefore, cover an eight month period from 28 February - 31 October 2002
* Pre-tax profit in the eight month period was #1,138,000, before
exceptional costs of #252,000, on turnover of #4.54m compared with an
(unaudited) profit for the equivalent eight month period in 2001, of
#878,000 on turnover of #4.64m
* Enhanced operational systems and strengthened management team have
resulted in improved margins
* AIM listing retained following acquisition of a majority interest in Deep
Sea Leisure by Net-Ein, part of the Aspro Group, the operator of water
parks, animal parks and aquariums in Europe, completed in August 2002
* Continued focus on increasing per capita spend and investment in new
attractions
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 Statement
These results are for the eight month period ended 31 October 2002, reflecting
the change of year end following the acquisition by Net-Ein of a majority
interest in the Company. The Company has retained its quotation on the AIM
market and announced its interim results for the six months ended 31 August 2002
in December 2002.
For the eight month period ended 31 October 2002, the Company made a pre-tax
profit, before exceptional items, of #1.138 million on turnover of #4.544
million.
For reference only, and to allow a degree of comparability using the unaudited
figures, the 8 month figures for the equivalent period for 2001 were a pre tax
profit, before exceptional items, of #0.878 million on turnover of #4.646
million.
The exceptional items referred to above amounted to #0.252 million and consisted
of advisers' fees incurred by the Company during Net-Ein's acquisition of a
majority interest in Deep Sea Leisure. Pre-tax profit, after exceptional items,
was #0.886 million.
As previously reported, the strengthened management team, including the arrival
of Stuart Earley as Managing Director, has concentrated on improving the
operational performance of the Company. The strategy has focused on increasing
the per capita spend per visitor whilst avoiding chasing visitor numbers through
financial incentives. Over the year this strategy has delivered an increased
spend, with the effect that pre tax profit, before exceptional items, has
increased by #0.260 million, compared to the unaudited figures for the
equivalent period in 2001, despite a drop in overall visitor numbers.
The Board will continue to seek further improvement in the trading performance
achieved during the current financial year. New revenue streams are currently
being explored and will be rolled out in the coming year. Financial controls and
management reporting systems have been enhanced, in particular providing
valuable data for the management to seek to improve margins.
Operational performance during the eight month period has been encouraging.
Overall per capita spend has increased by 10% (from #6.84 to #7.55) which,
combined with a reduction in costs, has delivered a good result for the
financial period. Notwithstanding this improvement, the Board has sought to
identify how to further enhance the organic growth of the business, for example,
the Company's marketing activities have been overhauled with a number of new
cost effective marketing initiatives already in place for the 2003 season. A
number of other schemes are being considered or are due for implementation
shortly which should improve the customer experience and increase customer
loyalty. The approach being adopted should enable us to better meet our
customers' needs which, in turn, should help us to achieve better overall
returns.
As stated in the Company's interim results, the financial results of Deep Sea
Leisure are now incorporated into those of the Aspro Group. The Board considered
it appropriate to undertake a thorough review of operational and accounting
matters, resulting in a revision to the accounting treatment of the #3 million
European Regional Development Grant which assisted the construction of Blue
Planet. The net impact on the financial results of this change in policy is
detailed in note 17 of the accounts.
The current financial year ending 31 October 2003 has started positively. The
Board intends to invest in the cost effective development of new attractions at
Blue Planet and Deep Sea World that will increase the overall appeal of the two
aquariums and help deliver enhanced financial performance. At Blue Planet, one
of the largest and most attractive otter enclosures in the UK has been created.
Deep Sea World is benefiting from new outdoor attractions which improve the
customer experience and generate additional income.
In the current difficult economic environment, the strong cashflow of the
Company, together with the expertise and resources of the Aspro Group, means
that Deep Sea Leisure is well placed to take advantage of opportunities that may
arise in the UK leisure sector.
Richard Golding
Chairman
Profit and loss account
for the eight months ended 31st October 2002
8 Months to 12 Months to
31 October 28 February
2002 2002
#000 #000
Restated *
Turnover 4,544 6,029
Cost of sales (635) (862)
_______ _______
Gross profit 3,909 5,167
Administrative expenses (2,566) (3,913)
Costs incurred during takeover (252) -
_______ _______
Operating profit 1,091 1,254
Interest payable and similar charges (205) (514)
_______ _______
Profit on ordinary activities before taxation
886 740
Tax on profit on ordinary activities (347) (248)
_______ _______
Profit retained for the financial year for equity
shareholders 539 492
Earnings per ordinary share 2.81p 2.56p
Earnings per ordinary share before exceptional items 4.11p 2.56p
Balance sheet
at 31 October 2002
31 October 2002 28 February 2002
#000 #000 #000 #000
* restated
Fixed assets
Tangible assets 17,910 18,251
Current assets
Stocks 379 365
Debtors 112 64
Cash at bank and in hand 386 62
______ ______
877 491
Creditors: amounts falling due within (1,963) (2,202)
one year
______ ______
Net current liabilities (1,086) (1,711)
______ ______
16,540
Total assets less current liabilities 16,824
Creditors: amounts falling due after
more than one year (3,938) (4,447)
Accruals and deferred income (2,931) (3,023)
Provision for liabilities and charges (1,405) (1,059)
______ ______
8,550 8,011
Net assets
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 685 146
______ ______
Shareholders' funds - equity 8,550 8,011
Cash flow statement
for the period ended 31st October 2002
Reconciliation of operating profit to net cash inflow from operating 8 Months to 31 12 Months to 28
activities October 2002 February 2002
#000 #000
Operating profit 1,091 1,254
Depreciation charges 522 832
(Increase)/decrease in stocks (14) 1
Increase in debtors (48) (25)
Decrease increase in creditors (262) (757)
Grant released (92) (149)
_____ _____
Net cash inflow from operating activities 1,197 1,156
Cash flow statement
Net cash inflow from operating activities 1,197 1,156
Returns on investments and servicing of finance (205) (514)
Capital expenditure (181) (157)
______ ______
811 485
Cash inflow before financing
Financing (487) (1,720)
______ ______
324 (1,235)
Increase/(decrease) in cash
Reconciliation of net cash flow to movement in net debt (note 21)
Increase/decrease in cash 324 (1,235)
Cash inflow from movement in net debt 487 1,720
______ ______
Change in net debt resulting from cash flows 811 485
______ ______
Movement in net debt in the year 811 485
Net debt at beginning of year (5,546) (6,031)
______ ______
Net debt at end of year (4,735) (5,546)
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 period ended 31 October 2002 or
year ended 28 February 2002 but is derived from these accounts. Statutory
Accounts for the previous financial year ended 28 February 2002 have been
delivered to the Registrar of Companies and those for the financial period
ended 31 October 2002 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 Wednesday 23 April 2003 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 7
March 2003 and will be available for inspection at The Blue Planet Aquarium,
Cheshire Oaks, Ellesmere Port, Cheshire, CH65 9LF from the same date.
4. Prior year adjustment. The financial results of Deep Sea Leisure are now
incorporated into those of the Aspro Group. Accordingly and following the
appointment of new auditors to the company, the Board considered it
appropriate to undertake a thorough review of operational and accounting
matters. As part of this review, the board has considered the
appropriateness of its accounting policies, in particular, the accounting
treatment of the European Regional Development Grant which amounted to #3m
and assisted the construction of Blue Planet. Previous treatment was to
release the grant to profit and loss over the economic life of the grant
which was deemed to expire in March 2003. The Board however now consider
that an alternative treatment, releasing the grant over the useful economic
life of the assets would be more appropriate. The Board considered this
matter carefully as any change in accounting treatment would have a
significant effect on both the balance sheet and future profits. The
accounts reflect this change of policy with the grant being released partly
over 20 and also over 50 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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