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Share Name | Share Symbol | Market | Type |
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SGL Carbon SE | TG:SGL | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.035 | -0.87% | 3.985 | 3.995 | 4.00 | 4.005 | 3.95 | 4.005 | 18,659 | 12:14:56 |
RNS Number:0361I Springhealth Leisure PLC 27 February 2003 27 February 2003 SPRINGHEALTH LEISURE PLC PRELIMINARY RESULTS FOR THE YEAR TO 31 AUGUST 2002 SpringHealth Leisure plc, the operator of mid-market health and fitness clubs, announces preliminary results for the year ended 31 August 2002. * Turnover up 6.4% to #12.5m (2001: #11.75m) * Like for like membership increased by 6.6% over the year to 24,200 (2001: 22,700 restated) * Operating profits (before goodwill amortisation and exceptional items) at #278,000 (2001: #991,000) * Loss before tax (before goodwill amortisation and exceptional items) at #258,000 (2001: Profit #508,000) * Agreement reached in principle to sell two clubs for #2.6m in cash with the proceeds being applied to the reduction of debt. Exchange of contracts is expected within the next few weeks * Impairment provision of #483,000 on two under-performing units Sandy Anderson, Chairman, commented: "The restructuring of the health and fitness marketplace supports our view that our positioning as an affordable, mid-market product offers the best prospects for the future. At the individual club level, the effect of new competition opening within the catchments of some of our clubs has had some impact, particularly in the second half. In this more competitive market, we have focussed on reducing our overall level of debt and consequently have reached agreement in principle to sell two of our clubs. It is expected that these disposals will be finalised within the next few weeks. Until we are more confident of the economic conditions, we will continue our focus on increasing the profitability of each of the clubs through local marketing." Sandy Anderson Chairman 27 February 2003 Enquiries to: John Lowther, Chief Executive 07710 601563 SpringHealth Leisure plc Simon Rothschild/Tarquin Edwards 0207 929 5599 Holborn SPRINGHEALTH LEISURE PLC PRELIMINARY RESULTS FOR THE YEAR TO 31 AUGUST 2002 Chairman's and Chief Executive's Review The Company's focus during the year has been to continue to improve the strength of the business to compete effectively through a programme of refurbishment at four of the clubs, upgrading gym equipment at twelve of the clubs and improving standards of customer service. This policy is already proving successful. The major refurbishment at Kingston Park was completed and relaunched at the end of February 2002. Although the club suffered five months of disruption that impacted short-term profitability, this refurbishment has enabled the club to increase membership, despite new competition opening within its catchment area. Similarly, at Low Fell, a modernisation programme has successfully led to an increase in membership. Nevertheless, this strategy has had a short-term impact on earnings and cash flow Market conditions have become increasingly competitive over the course of the last year. At the local level, new club openings have had an impact on existing clubs with overlapping catchments, whilst the re-structuring of some of the larger operators has, in some cases, led to more aggressive marketing campaigns. We have revised our marketing tactics accordingly and have also undertaken a review of the cost base of the business and brought down variable costs where necessary. Results Turnover for the fourteen clubs for the year to 31 August 2002 grew by 6.4% to #12.5m (2001: #11.75m.) Costs, arising from the refurbishment programme during the first half and the more competitive trading conditions in the second half, depressed earnings before interest, tax and depreciation ("EBITDA") and exceptional items to #1,414,000 (2001: #1,877,000, before exceptional items). Operating profit before goodwill amortisation and exceptional items was #278,000 (2001: profit: #991,000) and the loss before tax, goodwill amortisation and exceptional items was #258,000 (2001: profit: #508,000). In the light of the performance at two of the trading units during the year and the Company's expectations of their profitability in future, the Board has concluded that there has been an impairment to the carrying value of the tangible and intangible fixed assets and consequently has made a provision of #483,000. Like for like membership numbers at the 14 clubs operating at year-end were up 6.6% over the year to 24,200 from 22,700 (restated) at 31 August 2001. The Board is not recommending that a dividend is paid in respect of the year under review. Recent Action to Reduce Debt Level Since the year-end, the Board has focussed its attention on reducing the Group's level of debt significantly, while at the same time minimising the impact on pre-tax earnings. Accordingly, we have conditionally agreed to the sale of two units for #2.6m in cash. The net assets of the clubs to be sold (including an allocation of goodwill) are approximately #5.2m and the operating profit attributable to the clubs, before allocation of certain central costs, was approximately #162,000 for the year ended 31 August 2002. Once completed, the effect of these disposals will be to bring down gearing to 30%. The Board considers the sale of these assets to be a prudent move as this will allow the Company to repay debt with a fixed coupon of 7%, and consequently, annualised pre-tax earnings, based on the above results, will not be affected in the short term. Current trading and prospects Through SpringHealth's positioning as a 'Good Value' provider of mid-market health club operations, the Board have always recognised the need to be competitive on price and provide attractive facilities to a very broad age range of members including facilities for social and community use. The Company has spare capacity within the existing portfolio and our prime focus will continue to be on maximising the efficiency of our operations and marketing to increase profitability. The Board's decision to sell certain operations and significantly reduce the Company's gearing will put the Company in a stronger financial position given the highly competitive market conditions which have continued into the current year. Sandy Anderson John Lowther Chairman Chief Executive 27 February 2003 Consolidated Profit & Loss Account for the year ended 31 August 2002 Audited Audited Year ended Year ended 31 August 2002 31 August 2001 #'000 #'000 Turnover 12,509 11,753 Administrative expenses (13,579) (11,892) Operating (loss)/profit before exceptional items (587) 187 Exceptional items (483) (326) Operating Loss (1,070) (139) Loss on disposal of fixed assets (3) (7) Loss on ordinary activities before interest (1,073) (146) Interest receivable 44 131 Interest payable & similar charges (580) (614) Loss on ordinary activities before taxation (1,609) (629) Tax on loss on ordinary activities 6 - Loss for the period (1,603) (629) Loss per share Basic (pence) (10.88) (4.53) Diluted (pence) (10.88) (4.53) Consolidated Balance Sheet at 31 August 2002 Audited at Audited at 31 August 2002 31 August 2001 #'000 #'000 #'000 #'000 Fixed assets Intangible assets 14,695 15,920 Tangible assets 12,270 11,392 26,965 27,312 Current Assets Stocks 94 92 Debtors 577 452 Cash at bank & in hand 443 2,615 1,114 3,159 Creditors: Amounts falling due within one year (4,013) (2,927) Net current (liabilities)/assets (2,899) 232 Total assets less current liabilities 24,066 27,544 Creditors: Amounts falling due after more than one year (5,659) (7,542) Provisions for liabilities and charges Deferred tax (108) (100) 18,299 19,902 Capital & reserves Called up share capital 1,473 1,473 Share premium account 15,721 15,721 Merger reserve 5,600 5,600 Profit & loss account (4,495) (2,892) Equity shareholders' funds 18,299 19,902 Reconciliation of movements in shareholders' funds 2002 2001 #'000 #'000 Loss for the year (1,603) (629) Issue of Shares - 13,877 Net change in Shareholders' Funds (1,603) 13,248 Opening Shareholders' Funds 19,902 6,654 Closing Shareholders' Funds 18,299 19,902 Consolidated Cashflow Statement for the year ended 31 August 2002 Audited Audited Year ended Year ended 31 August 2002 31 August 2001 #'000 #'000 #'000 #'000 Net cash inflow from operating activities 902 2,814 Returns on investments & servicing of finance Interest received 44 131 Interest paid (580) (614) Net cash outflow from returns on investments & servicing of finance (536) (483) Capital expenditure and financial investment Purchase of tangible fixed assets (2,143) (2,094) Sale of tangible fixed assets 3 4 Net cash outflow from capital expenditure and financial investment (2,140) (2,090) Acquisitions and disposals Purchase of subsidiary undertaking - (3,222) Net cash acquired with subsidiary undertaking - (312) Net cash outflow from acquisitions and disposals - (3,534) Net cash outflow before financing (1,774) (3,293) Financing Issue of ordinary share capital - 7,877 Repayment of loans (331) (1,834) Capital element of finance lease rental payments (67) (253) Net cash (outflow)/inflow from financing (398) 5,790 (Decrease)/increase in Cash (2,172) 2,497 NOTES 1. The financial information contained in this announcement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the year ended 31 August 2001 and 31 August 2002 has been extracted from the statutory accounts for those years and which contain unqualified auditors reports. The accounts for 2001 have been filed with the Registrar of Companies and those for 2002 will be filed before 31 March 2003. 2. The accounting policies used to prepare the financial information contained in this statement are consistent with those set out in the statutory accounts for the year ended 31 August 2001 and are in accordance with applicable accounting standards. The ability of the Group to meet its current financing obligations is dependent upon obtaining longer term finance or the sale of assets. Further details of the Directors' activities and plans to achieve this are set out in the Chairman's and Chief Executive's review. At present, while recognising that some uncertainty exists, the Directors' believe that the Group will be in a position to reduce its short term debt and accordingly have prepared the financial statements on the going concern basis. 3. Turnover and operating loss all relate to continuing operations carried out in the UK. 4. The Board is not recommending that a dividend is paid in respect of the year under review. 5. The Loss per Ordinary Share has been calculated using the weighted average number of Shares in issue during the relevant financial periods. The weighted average number of Equity Shares in issue was 14,731,536 (2000 - 13,868,296) and the loss after tax was #1,603,000 (2001 - Loss #629,000). 6. Reconciliation of operating loss to net cash inflow from operating activities: 2002 2001 #'000 #'000 Operating loss (after exceptional items) (1,070) (139) Depreciation 1,136 886 Amortisation of intangible assets 865 804 Impairment of fixed assets 483 - Increase in stocks (2) (33) (Increase)/decrease in debtors (111) 502 (Decrease)/increase in creditors (399) 794 Net cash inflow from operating activities 902 2,814 7. Reconciliation of net cash flow to movements in net debt 2002 2001 #'000 #'000 (Decrease)/increase in cash (2,172) 2,497 Finance leases acquired with subsidiary - (340) New loans - (6,650) Loan payments during the year 331 1,834 Finance lease payments during the year 67 253 Movement in net debt in the year (1,774) (2,406) Net debt at 1 September 2001 (5,536) ( 3,130) Balance at 31 August 2002 (7,310) (5,536) Analysis of changes in net debt 2001 Cash Flow Other 2002 non-cash transactions #'000 #'000 #'000 #'000 Cash at bank and in hand 2,615 (2,172) - 443 Debt due after one year (7,298) - 2,063 (5,235) Debt due within one year (311) 331 (2,063) (2,043) Finance leases (542) 67 - (475) (5,536) (1,774) - (7,310) 8. The annual report and accounts for the year ended 31 August 2002 will be sent to all shareholders in due course and copies will be available from the Company's registered office at 42-46 High Street, Esher, Surrey KT10 9QY. This information is provided by RNS The company news service from the London Stock Exchange END FR SEDFWMSDSEIE
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