We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Exail Technologies | EU:EXA | Euronext | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 21.60 | 20.80 | 21.75 | 0.00 | 06:30:00 |
Hot Features
Premium
RNS Number:7071T
Excel Airways Group PLC
30 December 2003
For Immediate Release 30 December 2003
EXCEL AIRWAYS GROUP PLC ("EAG")
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 OCTOBER 2003
EAG, which includes Excel Airways the low cost charter airline marketed on
excelairways.com, announces preliminary results for the year ended 31 October
2003.
Key Points
* Turnover increased 36% to #247 million (2002: #182 million);
* Profit before tax increased 296% to #13.4 million (2002: #3.4million);
* Earnings per share increased to 9.68p (2002: 2.69p), up 260%;
* Excel Airways successfully launched low cost Caribbean charter service in
November 2003 to Tobago, Barbados, St Lucia and Grenada;
* Excel Airways capacity of 1.09 million round-trip seats was sold by Excel
Aviation to a variety of tour operators, an increase of 225,000 seats over
previous year;
* Excel Aviation arranged 1.8 million seats (2002: 1.42 million seats) on
behalf of Excel Airways and various other airline operators, mainly to
destinations in Spain, Greece, Cyprus, Portugal, Egypt, Turkey and Italy;
* Freedom Flights sold approximately 275,000 seats, an increase of 129% over
the previous financial year. Increased seat-only capacity is being offered
from seven UK airports including Gatwick and Manchester;
Commenting on current trading and prospects, Eamonn Mullaney, Chairman said:
"The successful launch of Excel's new Caribbean service provides a high quality,
charter travel experience to four popular Caribbean islands. Our Winter 2003/
2004 season programme has been substantially arranged and we are in the process
of finalising the arrangements for the Summer 2004 season. In view of the
progress that has been made with customers and passengers to date, the programme
established for our aircraft over the quiet Winter 2003/04 season and the
growing demand for low cost seats, we look forward to the future with
considerable optimism."
For further information, please contact:
Richard Darby 07970 799176
Suzanne Brocks 07776 234600
Buchanan Communications 020 7466 5000
Chairman's Statement
Introduction
The Iraq war and the threat beforehand had a serious impact on the business of
our tour operator customers, which reduced bookings made for summer holidays
during the peak booking period of January to March, with the resultant
uncertainty as to the continued requirement for all the charter seats
contracted. We worked closely with our customers during this period and,
wherever possible, adjusted capacity to meet their demand.
Results
In spite of the difficult trading environment, we achieved a financial result
above management expectations. In the year ended 31 October 2003, turnover
increased to #247 million (2002: #182 million) reflecting the growth in
passenger volumes. Profit before tax increased to #13.4 million (2002: #3.4
million). Earnings per share increased to 9.68p (2002: 2.69p)
Excel Airways, Excel Aviation (the seat broker) and Freedom Flights (the seat
wholesaler) are the Excel Airways Group operating subsidiaries.
Excel Airways
The core fleet of seven Boeing 737-800 aircraft was increased to meet the peak
summer demand by the seasonal lease of an additional B737-800, three wet-leased
B767-200s and three wet-leased B757s. The core fleet had been reduced in the
winter by leasing three of our aircraft to other airlines. This ability to
increase capacity to meet peak demand and reduce during the off peak season, is
a key element of our strategy and enables us to be flexible in meeting customer
requirements.
We continued our focus on cost efficiencies and with costs of 2.62p per
Available Seat Kilometre we can claim to be a "Low Cost Carrier", whilst
continuing to provide the traditional customer service features such as free
meals, in flight entertainment and seat selection at check-in.
The majority of the 1.09 million round trip seats produced by Excel Airways,
representing an increase of 210,000 over the previous year, were contracted by
Excel Aviation to our tour operator customers.
The launch and media promotion of the excelairways.com website made Excel
Airways capacity available for the first time direct to the public on popular
seat only destinations. In addition to attracting independent travellers, which
is a growing market segment, direct to the airline, the excelairways.com website
provided a medium for valuable passenger feedback.
Excel Aviation
The airline seat broking business, Excel Aviation, arranged 1.8 million seats
during the financial year, a 27% increase on the previous year of 1.42 million
seats, on behalf of Excel Airways and other airlines. The customer base,
although predominantly longstanding UK tour operators, includes a growing number
of customers looking for ad hoc charter capacity. We have grown our presence in
the European market with two aircraft based in Greece serving the French holiday
market. Excel Aviation has further developed its long haul broking business,
providing aircraft for a programme of flights to Florida.
The difficult trading conditions experienced by our customers in this financial
year put the skill of Excel Aviation to the test in finding flexible solutions
for matching capacity with required demand.
Freedom Flights
The in-house seat only tour operator, which also administers (on contract to
Excel Airways) all internet sales on excelairways.com, increased turnover by
124% to #42 million. A seat only product was offered from ten UK airports
including Gatwick and Manchester.
Customer Service
Once again our staff and external suppliers have rallied under the company
slogan "On time is the only time" and further improved our, already exemplary,
reputation for punctuality and with 84.2% of all flights operating on time, we
surpassed the previous years 80.75% achievement and this years target.
We believe that a reputation for delivering a punctual performance plays a major
role in both tour operators' and independent travellers' decisions on airline
choice. After safety and security, this aspect of our service is the main
priority. Operating a young, reliable fleet with a well planned, punctual
schedule also enables us to achieve efficient aircraft utilisation.
Corporate Governance
Although, as an AIM company, we are not required to comply with the Combined
Code, the Board took the decision, after last year's flotation, to establish a
remuneration committee and an audit committee with formally delegated duties.
Both of these committees have been fully operational during the year with
meetings being convened as and when necessary. It is the company's intention
that these committees and the corporate governance ethic, which they embody,
will continue to contribute to the effective management of the Group's
activities.
Dividends
The Board has decided not to declare a dividend for the year ended 31 October
2003, but, when the outcome of winter trading and customers forward booking
patterns for Summer 2004 have been established, will consider an interim
dividend for financial year 2003/2004.
Current Trading Prospects
In line with our strategy of matching capacity to seasonal demand, we have been
successful in leasing out five of our core B737-800 fleet to other airlines
during the Winter 2003/4 season, with a full operating programme contracted for
the remaining two aircraft. Capacity to supply Christmas and school holiday
mini-peaks during the winter has been contracted from third party airlines. We
successfully launched our new three class long haul service to the Caribbean at
the beginning of November and have already entered into contract negotiations
for a second aircraft to operate for a well established long haul specialist
tour operator.
At the end of March 2004 we will be taking delivery of the eighth Excel Airways
B737-800 aircraft and with two summer-only dry leased aircraft, we will operate
a fleet of ten B737s, four B767s and four B757s in Summer 2004.
We have significantly increased our planned investment in the promotion of
direct sales via the website. We have introduced a new marketing and promotional
team with successful experience of selling airline seats via the internet.
Additionally, we have engaged experts in yield management to control pricing. We
are confident that these measures will further increase the number of seats sold
direct via the website and in view of this and the indications of seat
requirements already received from tour operators for Summer 2004, we look
forward to the future with optimism.
Our core business continues to be the chosen supplier of good quality airline
seat capacity to independent tour operators. Our mission is to become the UK's
leading charter airline and we are grateful for the support we receive from our
customers, the dedication of our staff and the commitment of our third party
suppliers in the ongoing quest for the achievement of this goal.
Eamonn Mullaney
Chairman
30 December 2003
EXCEL AIRWAYS GROUP PLC
Unaudited consolidated profit and loss account for the year ended 31 October
2003
Note 2003 2002
#'000 #'000
Turnover 247,312 182,338
Cost of sales (218,956) (161,643)
Gross profit 28,356 20,695
Distribution costs (6,530) (1,132)
Administrative expenses (8,887) (16,398)
Operating profit before goodwill
amortisation and exceptional items 12,986 11,704
Contributions to employee benefit trust 2 - (7,404)
Costs of reorganisation and introduction to AIM 2 - (1,107)
Goodwill amortisation (47) (28)
Operating profit 12,939 3,165
Share of operating loss in associated undertaking - (138)
Group operating profit 12,939 3,027
Interest receivable and similar income 492 447
Interest payable and similar charges (59) (95)
Profit on ordinary activities before taxation 13,372 3,379
Taxation on profit on ordinary activities 3 (4,083) (796)
Profit on ordinary activities after taxation 9,289 2,583
Dividends 4 - (6,000)
Retained profit/(loss) for the financial year 9,289 (3,417)
Earnings per share - basic 5 9.68p 2.69p
- diluted 5 9.67p 2.69p
Earnings per share before
exceptional items - basic 5 9.72p 9.28p
- diluted 5 9.72p 9.28p
All recognised gains and losses are included in the profit and loss account.
All amounts relate to continuing activities.
EXCEL AIRWAYS GROUP PLC
Unaudited consolidated balance sheet at 31 October 2003
Note 2003 2003 2002 2002
#'000 #'000 #'000 #'000
Fixed assets
Intangible assets 390 437
Tangible assets 3,950 3,604
4,340 4,041
Current assets
Stocks 150 150
Debtors - due within one year 6 23,543 13,971
- due after more than one year 6 4,059 3,918
27,602 17,889
Cash at bank and in hand 16,740 20,420
44,492 38,459
Creditors: amounts falling due
within one year 7 (31,732) (35,318)
Net current assets 12,760 3,141
Total assets less current liabilities 17,100 7,182
Creditors: amounts falling due
after more than one year (1,188) (1,238)
Provisions for liabilities and charges (818) (139)
(2,006) (1,377)
Net assets 15,094 5,805
Capital and reserves
Called up share capital 4,800 4,800
Merger reserve 1,275 1,275
Profit and loss account 9,019 (270)
Shareholders' funds - equity 15,094 5,805
Approved by the Board on 30 December 2003.
EXCEL AIRWAYS GROUP PLC
Unaudited consolidated cash flow statement for the year ended 31 October 2003
Note 2003 2002
#'000 #'000
Net cash (outflow)/inflow from operating activities 9 (2,276) 13,578
Returns on investments and servicing of finance 10 433 352
Taxation 10 (694) (1,195)
Capital expenditure and financial investment 10 (927) (2,465)
Acquisitions and disposals 10 - 1,613
Equity dividends paid - (6,000)
Net cash (outflow)/inflow before use of liquid resources
and financing (3,464) 5,883
Management of liquid resources 10 6,194 (2,004)
Financing 10 (100) 1,292
Increase in cash in the year 2,630 5,171
Reconciliation of net cash flow to movement in net funds 2003 2002
#'000 #'000
Increase in cash in the year 2,630 5,171
Cash movements relating to debt and lease financing 100 (1,292)
Cash (inflow)/outflow from (decrease) / increase in liquid resources (6,194) 2,004
(Decrease)/increase in net funds resulting from cash flows (3,464) 5,883
Inception of finance leases (8) -
Movement in net funds in year (3,472) 5,883
Net funds at beginning of year 18,955 13,072
Net funds at end of year 11 15,483 18,955
EXCEL AIRWAYS GROUP PLC
Notes forming part of the preliminary announcement for the year ended 31 October
2003
1 Accounting policies
The accounting policies used in the preparation of these unaudited results are
consistent with those policies adopted by the Group in its published 2002
non-statutory financial statements and the following policy in relation to a
provision for future aircraft maintenance costs.
Provision is made for the estimated future non-prepaid element of the costs of
major overhauls of leased airframes, engines and auxiliary power units by making
appropriate further charges to the profit and loss account. The expensing of
these further amounts, which arise as a consequence of having to comply with the
aircraft rectification obligations placed on the Group by the operating lease
agreements, are charged by reference to the number of hours or cycles operated
each year.
The provision made in the current financial year is #679,000, which is included
with provisions for liabilities and charges on the balance sheet (2002: No
charge required).
2 Exceptional administrative expenses
2003 2002
#'000 #'000
Contributions to employee benefit trust - 7,404
Costs of reorganisation and introduction to AIM - 1,107
Contributions to employee benefit trust
The contributions to the employee benefit trust represented the provision for
payments made in respect of the year ended 31 October 2002 by Excel Airways
Limited, Excel Aviation Limited and Freedom Flights Limited to the Excel Airways
Group plc employee benefit trust. On 11 November 2002, the employee benefit
trust used the contributions to acquire 7,312,446 ordinary shares in the Company
from Libra Holidays Group Limited at #1.0125 per share.
Subsequent to the above and also on 11 November 2002, the 7,312,446 ordinary
shares in the Company were allocated, by the trustees, to sub-trusts for the
benefit of specified key employees and directors of the Group.
Costs of reorganisation and introduction to AIM
The reorganisation costs and introduction to AIM costs related to the fees and
expenses incurred in establishing the new group structure, and in obtaining
admission to trading on AIM from 20 November 2002, respectively.
EXCEL AIRWAYS GROUP PLC
Notes forming part of the preliminary announcement for the year ended 31 October
2003 (Continued)
3 Taxation on profit from ordinary activities
2003 2003 2002 2002
#'000 #'000 #'000 #'000
Current tax
UK corporation tax on profits of the year - 670
Adjustments in respect of prior years 1 -
Amounts payable for group relief received 3,991 773
3,992 1,443
Deferred tax
Origination and reversal of timing differences 91 (647)
Taxation on profit on ordinary activities 4,083 796
The tax assessed for the year is lower (2002: higher) than the standard rate of
corporation tax in the UK. The differences are explained below:
2003 2002
# #
Profit on ordinary activities before tax 13,372 3,379
Profit on ordinary activities at the standard rate
of corporation tax in the UK of 30% (2002 : 30%) 4,012 1,014
Effects of:
Expenses not deductible for tax purposes 69 333
Capital allowances for year in excess of depreciation (6) (40)
Utilisation of tax losses brought forward (93) (44)
Adjustment to tax charge in respect of previous years 1 -
Other timing differences 9 12
Tax losses available for offset against future trading profits - 168
Current tax charge for year 3,992 1,443
EXCEL AIRWAYS GROUP PLC
Notes forming part of the preliminary announcement for the year ended 31 October
2003 (Continued)
4 Dividends
2003 2002
#'000 #'000
Special final dividends paid in 2002 - 6,000
In 2002 special final dividends amounting to #3,550,000 and #2,450,000 were paid
to shareholders by Excel Aviation Limited and Excel Airways Limited
respectively. The total amount of #6,000,000 was ultimately received by Libra
Holidays Group Limited.
No dividend has been recommended for the 2003 financial year.
5 Earnings per share
The calculation of earnings per share for the year ended 31 October 2003 is
based on the profit after taxation of #9,289,000 (2002: #2,583,000). The
calculation of basic earnings per share and diluted earnings per share is based
on a weighted average number of shares in issue during the year. The number of
shares used in these calculations and the reconciliation of denominators used
for basic and diluted earnings per share calculations is set out in the table
below:
Basic Effect of Diluted
share number number
options
Year ended 31 October 2003 96,000,000 43,214 96,043,214
Year ended 31 October 2002 96,000,000 - 96,000,000
Additional disclosure has been provided in respect of earnings per
share before amortisation of goodwill and exceptional items as the directors
believe this gives a better indication of ongoing maintainable earnings.
2003 2002
pence pence
Basic earnings per share 9.68 2.69
Effect of add back of:
Amortisation of goodwill 0.04 0.03
Exceptional items (see note 2) - 8.87
Taxation adjustment on allowable exceptional items at 30% - (2.31)
Adjusted earnings per share before amortisation
of goodwill and exceptional items 9.72 9.28
EXCEL AIRWAYS GROUP PLC
Notes forming part of the preliminary announcement for the year ended 31 October
2003 (Continued)
6 Debtors
2003 2002
#'000 #'000
Amounts due within one year:
Trade debtors 2,446 2,236
Amounts due from parent undertaking (secured - see below) 14,723 7,198
Other debtors 3,130 503
Deferred tax asset 75 168
Corporation tax recoverable 145 223
Prepayments and accrued income 3,024 3,643
23,543 13,971
Amounts due after more than one year:
Other debtors 4,059 3,918
The Company announced on 3 November 2003, that on 31 October 2003, its
subsidiary, Excel Aviation Limited had entered into a consolidated loan
agreement with the Company's majority shareholder, Libra Holidays Group Limited,
which currently holds 79.5% of the company's issued share capital. The
consolidated loan, which incorporates a previous loan, is repayable on 30 April
2004 and interest accrues at 1.5% over Barclays Bank base rate.
As security for the extended credit terms, Libra Holidays Group Limited has
deposited share certificates for 39.4 million shares in the Company with Excel
Aviation Limited.
7 Creditors: amounts falling due within one year
2003 2002
#'000 #'000
Bank loans (secured) 58 90
Bank overdrafts - 116
Trade creditors 7,626 7,425
Tax and social security 502 335
Obligations under finance leases 11 21
Other creditors 2,012 1,669
Amounts due to fellow group undertakings 78 1,652
Accruals and deferred income 21,445 24,010
31,732 35,318
The bank loan is secured on a fixed charge by way of a legal mortgage over the
Group's freehold property.
EXCEL AIRWAYS GROUP PLC
Notes forming part of the preliminary announcement for the year ended 31 October
2003 (Continued)
8 Creditors: amounts falling due after more than one year
2003 2002
#'000 #'000
Bank loan (secured - see note 7) 1,178 1,216
Loan from related undertaking - 22
Obligations under finance leases 10 -
1,188 1,238
The bank loan is repayable by monthly instalments for a period of 15 years to
March 2017 with interest payable at 1.5% above the lender's base rate.
9 Reconciliation of operating profit to net cash (outflow)/inflow from
operating activities
2003 2002
#'000 #'000
Operating profit 12,939 3,165
Amortisation of goodwill 47 28
Depreciation 587 410
Decrease in stocks - -
Increase in debtors (13,875) (5,838)
(Decrease)/increase in creditors (1,976) 15,792
Loss on disposal of fixed assets 2 21
Net cash (outflow)/inflow from operating activities (2,276) 13,578
10 Analysis of cash flow headings
2003 2002
#'000 #'000
Returns on investments and servicing of finance
Interest received 492 447
Interest paid (47) (83)
Interest on finance leases (12) (12)
433 352
Taxation
Corporate tax net receipts/(payments) 79 (1,195)
Payments to fellow group undertakings for group relief (773) -
(694) (1,195)
Capital expenditure and financial investment
Purchase of tangible fixed assets (927) (2,506)
Proceeds from sale of tangible fixed assets - 41
(927) (2,465)
Acquisitions and disposals
Purchase of subsidiary undertakings - (793)
Cash acquired with subsidiary undertakings - 2,406
- 1,613
Management of liquid resources
Decrease/(increase) in short terms deposits 6,194 (2,004)
Financing
Drawdown of new bank loan - 1,340
Bank loan repayments (92) (34)
Capital element of finance lease payments (8) (14)
(100) 1,292
EXCEL AIRWAYS GROUP PLC
Notes forming part of the preliminary announcement for the year ended 31 October
2003 (Continued)
11 Analysis of net funds
At At
1 November Cash Other non- 31 October
2002 flow cash changes 2003
#'000 #'000 #'000 #'000
Short term bank deposits 18,472 (6,194) - 12,278
Cash at bank and in hand 1,948 2,514 - 4,462
Overdrafts (116) 116 - -
Net cash 1,832 2,630 - 4,462
Liquid resources 18,472 (6,194) - 12,278
Debt due after one year (1,238) - 60 (1,178)
Debt due within one year (90) 92 (60) (58)
Finance leases (21) 8 (8) (21)
Financing (1,349) 100 (8) (1,257)
Total 18,955 (3,464) (8) 15,483
12 Reporting on financial information
The results and summary balance sheet incorporate the results of
Excel Airways Group plc and all its subsidiaries made up to 31 October 2003.
The financial information contained in this preliminary announcement does not
constitute statutory accounts within the meaning of section 240 of the Companies
Act 1985.
Copies of the Group's audited financial statements which to date have not been
filed at Companies House, or reported on by the Company's auditors, will be
available from the Company Secretary at Mitre Court, Fleming Way, Crawley, West
Sussex, RH10 9NJ, from mid January 2004.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FEDFMUSDSEIE
1 Year Exail Technologies Chart |
1 Month Exail Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
