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Chepstow Racecourse PLC
17 September 2003
Wednesday, 17 September 2003
The Chepstow Racecourse PLC
'The Capital Racecourse of Wales'
Unaudited Interim Results for the Six Months Ended 30th June 2003
The Chepstow Racecourse PLC ("the Company"), the AIM listed operator of 'The
Capital Racecourse of Wales', is pleased to announce its unaudited interim
results for the six months ended 30th June 2003. In addition it has today
separately announced the proposed acquisition of Northern Racing Limited, one
of the three leading racecourse operators in the UK.
Chairman's Statement
I am pleased to report a profit before taxation of #339,000 for the 6 months to
30th June 2003 against #207,000 for the corresponding period in 2002. Turnover
for the period was #1,407,000 against #1,098,000 for the corresponding period in
2002.
A total of ten race meetings were held during the period under review from a
planned total of eleven. One race meeting was abandoned in March due to heavy
rain. During the same period in 2002 eight race meetings were held with three
abandoned in the first quarter due to bad weather.
Increased commercial activity by the management team, and a positive reaction
from our customers in relation to the new facilities opened as part of the major
redevelopment programme resulted in an increase in public attendance. In
addition, race sponsorship levels and corporate hospitality bookings saw steady
growth.
Redevelopment
We continue to invest in new facilities and I am pleased to report that Phase 2
of the redevelopment, the extension of the Members' Stand which is now known as
the Premier Stand, was opened in April 2003 by Mr Robert Hughes CBE, the Chairman
of the Horserace Betting Levy Board.
Work commenced on the old Members' Stand in June 2003, partial completion of
which is expected in time for this years' Welsh Grand National when the 3000 sq
ft ground floor luxury bar and outside viewing steppings are expected to come
into use. The remainder of the stand is forecast for completion in April 2004
and is due to include a 300 seater panoramic viewing restaurant, eight
hospitality boxes and two new hospitality suites.
Your Board remains committed to further investment in racecourse facilities, and
the management team is focused on the delivery of improved standards and
service delivery to all our customers.
In relation to the future I would like to draw shareholders' attention to the
announcement made today regarding the proposed acquisition, by your Company, of
Northern Racing Limited. Documents have today been posted to shareholders.
Sir Stanley W Clarke CBE, DL, Hon.D.Univ
17 September 2003
The Chepstow Racecourse PLC
Interim statement
Six months ended 30 June 2003
Profit and loss account
Notes 6 months to 6 months to 12 months to
30 June 2003 30 June 2002 31 December
2002
#000 #000 #000
Turnover 5 1,407 1,098 3,353
Cost of sales (1,238) (863) (2,836)
---------------- ---------------- ----------------
Gross profit 169 235 517
Administrative expenses (269) (232) (585)
Other operating
income 383 205 724
---------------- ---------------- ----------------
Operating profit 283 208 656
Interest receivable
and similar income - - -
Interest payable and
similar charges - (1) (1)
Dividend receivable 6 56 - -
---------------- ---------------- ----------------
Profit on ordinary
activities before
taxation 339 207 655
Taxation on profit
on ordinary activities 7 - (13) (19)
---------------- ---------------- ----------------
Profit after taxation 339 194 636
Dividend payable - - (87)
---------------- ---------------- ----------------
Retained profit 339 194 549
================ ================ ================
Earnings per share 8 4.3p 2.4p 8.0p
================ ================ ================
Balance sheet as at 30 June 2003
As at As at As at
30 June 2003 30 June 2002 31 December 2002
#000 #000 #000
Fixed assets
Tangible assets 7,385 5,131 6,144
Current assets
Debtors 590 595 757
Cash at bank and in hand 28 - 64
---------------- ---------------- ----------------
618 595 821
Creditors: amounts falling
due within one year (1,564) (935) (1,211)
---------------- ---------------- ----------------
Net current liabilities (946) (340) (390)
---------------- ---------------- ----------------
Total assets less current
liabilities 6,439 4,791 5,754
Creditors: amounts falling
due after more than one year (1,858) (906) (1,512)
Provisions for liabilities
and charges (16) (14) (16)
---------------- ---------------- ----------------
4,565 3,871 4,226
================ ================ ================
Capital and reserves
Called up share capital 1,982 1,982 1,982
Other reserves 2,499 1,598 2,116
Profit and loss account 84 291 128
---------------- ---------------- ----------------
4,565 3,871 4,226
================ ================ ================
Cashflow
6 months to 6 months to 12 months to
30 June 2003 30 June 2002 31 December 2002
#000 #000 #000
Net cash inflow from
operating activities 22 253 433
Return on investment and
servicing of finance 56 (1) (1)
Taxation 4 - (27)
Capital expenditure and financial
investment:
Purchase of tangible fixed assets (777) (614) (1,265)
Sale of tangible fixed assets - 11 11
(777) (603) (1,254)
Equity dividends paid (87) (79) (79)
---------------- ---------------- ----------------
Net cash outflow before
financing (782) (430) (928)
Financing
New loans 746 237 843
Other - (12) (12)
---------------- ---------------- ----------------
Decrease in cash and cash
equivalents (36) (205) (97)
================ ================ ================
Reconciliation of cash outflow to change in net debt
6 months to 6 months to 12 months to
30 June 2003 30 June 2002 31 December 2002
#000 #000 #000
Decrease in cash and cash
equivalents (36) (205) (97)
Cash outflow from financing (746) (225) (831)
---------------- ---------------- ----------------
Change in net debt resulting
from cash flow (782) (430) (928)
Non cash movement 25 50 50
---------------- ---------------- ----------------
Movement in net debt (757) (380) (878)
Net debt at beginning of
period (1,498) (620) (620)
---------------- ---------------- ----------------
Net debt at end of period (2,255) (1,000) (1,498)
================ ================ ================
Reconciliation of operating profit to net cash outflow from operating activities
6 months to 6 months to 12 months to
30 June 2003 30 June 2002 31 December 2002
#000 #000 #000
Operating profit 283 208 656
Horserace Betting Levy
Board capital credits (383) (205) (724)
Depreciation 111 73 177
Loss on disposal of
fixed assets - 4 4
Increase in debtors (1) (195) (301)
Increase in creditors 12 368 621
---------------- -------------- ------------------
Net cash inflow from
operating activities 22 253 433
================ =============== ================
Notes to the interim statement
1. The consolidated results for the six months to 30 June 2003 and 30 June
2002 are unaudited and do not constitute the Group's statutory financial
statements.
The comparative figures for the financial year ended 31 December 2002 are
not the Company's complete statutory financial statements for that year.
Those financial statements have been reported on by the Company's auditors
and delivered to the Registrar of Companies. The report of the auditors was
unqualified and did not contain a statement under section 237(2) or (3) of
the Companies Act 1985.
2. The interim statement was prepared in order to comply with the
requirement to prepare half yearly reports under the rules published by
London Stock Exchange plc governing admission to and the operation of the
Alternative Investment Market of the London Stock Exchange.
3. The results have been prepared in accordance with the Companies Act
1985 and the accounting policies set out in the Company's annual report for
the year ended 31 December 2002.
4. The interim statement was approved by the directors of the Company on
16 September 2003.
5. Turnover substantially represents income derived in connection with the
Group's core activity being the promotion and running of race meetings.
6. Fixed assets include an investment of #38 at cost. Chepstow Races
Limited has an interest, amounting to 1.88 per cent. in the holding by the
Racecourse Association Limited of 10 per cent. of the issued share capital
of Satellite Information Services (Holdings) Limited, which it holds in
trust for its members, on the terms set out in the relevant Trust Deed. The
dividend receivable of #56,000 arises from this investment in Satellite
Information Services (Holdings) Limited.
7. The charge for taxation has been estimated on the results for the
period.
8. Earnings per share are calculated on profit of #339,000 and 7,928,208
ordinary shares of 25p in issue throughout the period.
9. Copies of this interim statement will be available to members of the
public at the registered office of the Company.
For further information please contact:
The Chepstow Racecourse PLC www.chepstow-racecourse.co.uk
Sir Stanley Clarke, Chairman 01291 622260
Weber Shandwick Square Mile
Reg Hoare/Katie Hunt 020 7067 0700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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