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RNS Number:1453U
Parkdean Holidays PLC
13 January 2004
PARKDEAN HOLIDAYS PLC
("Parkdean" or "the Group")
Preliminary Results for year ended 31 October 2003
Parkdean Holidays plc is a UK focused holiday park operator that owns nine parks
in South West England, four in Scotland and one in Wales. Today it announces
its preliminary results for the year ended 31 October 2003.
2003 2002 % change
Turnover (#000) 53,581 43,663 +22.7%
Operating profit (#000) 12,017 8,622 +39.4%
Pre-tax profit (#000) 8,981 3,429 +161.8%
Earnings per share (p) 16.72 12.86 +30.0%
Total dividend (p) 5.0 2.5 +100.0%
Highlights
* The Group continued to grow both organically and by acquisition.
* Continued profit growth in existing business.
* Two new Cornish parks acquired on 2 May 2003 have performed to
expectation.
* Direct holiday sales revenue grew 15.3% over 2002.
* The Group is financially strong, with a #32.9m bank facility available
to fund future expansion.
* Current trading continues to be strong, with advance like-for-like
holiday sales 10.2% ahead of last year.
Graham Wilson, Chairman, said:
"We have again shown our ability to grow the business both organically and
through acquisition.
The New Year has begun well. Advance bookings for the 2004 season are 10.2%
ahead of last year, further demonstrating our ability to grow our business.
This provides a strong base for 2004 and the Group has the financial strength
and operational capability to expand.
We are confident of another year of significant progress for Parkdean Holidays
in 2004."
13 January 2004
Enquiries:
Parkdean Holidays plc Tel: 020 7457 2020 today
Graham Wilson, Chairman 0191 256 0700 thereafter
John Waterworth, Chief Executive
Michael Norden, Finance Director
College Hill Tel: 020 7457 2020
Matthew Smallwood
Chairman's Statement
Introduction
In 2003 Parkdean Holidays plc demonstrated its ability to achieve growing
profits from its estate of twelve parks owned at the end of 2002. Parkdean
Holidays also acquired two additional Cornish parks in May 2003, raised new
equity of #8.33m and put in place bank facilities totaling #93.75m. These
developments will further enhance the Group's ability to carry out its strategy
of growth by selective acquisition and organic development within the existing
estate.
Parkdean Holidays plc now owns and operates fourteen UK holiday parks with over
6,500 pitches and has available an undrawn bank facility of #32.90m for the
acquisition of new parks and organic growth projects on existing parks.
Results
I am pleased to announce turnover has increased by 22.7% to #53.58m in 2003 from
#43.66m in 2002. This has resulted in a 39.4% increase in operating profits to
#12.02m compared with #8.62m in 2002. The Group has also benefited from the
broader equity base arising from the Company's flotation in May 2002, which has
resulted in interest charges falling to #3.04m in the current year from #5.19m
in 2002. Pre-tax profits have risen by 161.8% from #3.43m in 2002 to #8.98m in
2003.
Turnover for the twelve parks owned at the end of 2002 rose by 9.2% to #47.68m
from #43.66m, generating operating profit of #9.16m against #8.62m in 2002. This
excellent performance has been achieved despite absorbing 20 weeks of winter
costs at Ruda Holiday Park for the first time, the costs of being a public
company for the full year and higher insurance costs.
The acquisition of Pactrem Limited brought White Acres at Newquay and Sea Acres
on the Lizard into the Parkdean Holidays' portfolio on 2 May 2003. Both parks
have performed in line with our expectations with turnover of #5.90m and
operating profits of #2.86m.
Earnings per share
Basic earnings per share have increased to 16.72p per share for the year to 31
October 2003 from 12.86p per share in 2002, an increase of 30.0%. Diluted
earnings per share also increased to 16.52p in 2003 from 12.85p in 2002.
Dividends
An interim dividend of 2.0p per share (2002: 1.6p) was paid to shareholders on
24 September 2003. As a mark of the directors' confidence in the future
prospects of the business, we are recommending a final dividend of 3.0p per
share payable on 31 March 2004 (2002: 0.9p). The total dividend of 5.0p compares
with 2.5p paid to shareholders last year.
Dividend cover is 3.0 times and the board expects to maintain a minimum cover of
2.5 times in the future.
Other Developments
In addition to the acquisition of Pactrem Limited for #13.10m, capital
expenditure projects incurred during the financial year totaled #5.56m. The most
significant projects involved the replacement of 166 hire fleet caravans across
the estate and the creation of 20 new bases with additional hire fleet caravans
at Crantock Beach. The remaining capital was invested in smaller projects on the
parks and One Gosforth Park Way, the Group's new telesales and administration
centre, which went live on 3 November 2003 with the launch of the Parkdean
Holidays 2004 brochure.
People
Average staff numbers have risen from 757, of whom 218 were full time in 2002,
to 890, of whom 273 were full time in 2003. The directors thank each and every
member of staff for their hard work during the year; their impact upon our
business is a key element of the success achieved to date.
Outlook
The move to the new telesales and administration centre at Gosforth Business
Park in Newcastle-upon-Tyne is complete and customer reaction to the Parkdean
Holidays 2004 brochure featuring all fourteen parks continues to be very
encouraging. At 12 January 2004 our like-for-like bookings are 10.2% ahead of
last year.
Prior to the commencement of the 2004 season, the Group will have invested
around #9.0m on the fourteen parks, including #4.50m earmarked for organic
growth projects such as new caravan bases, additional hire fleet caravans and
lodges and new retail and recreational facilities which is expected to lead to
improved returns and capital values at existing parks.
The directors continue to actively seek further acquisitions in the UK holiday
park sector. I remain optimistic that the market conditions currently prevailing
in the UK holiday park sector will continue through the current year and I look
forward to another year of significant progress for Parkdean Holidays plc.
Graham Wilson
Chairman
13 January 2003
The Preliminary announcement was approved by the Board of Directors on 13
January 2004
Chief Executives Review
Introduction
Our fourth year has again been successful for Parkdean Holidays, driven by
organic growth in the existing estate and the acquisition of White Acres and Sea
Acres in Cornwall. Operating profit in the existing business has grown by 6.3%
over 2002 after absorbing the expected 20 weeks winter losses at Ruda Holiday
Park for the first time, additional 30 weeks costs of being a listed company and
higher insurance costs.
We remain focused on the domestic market that accounts for over 99% of our
customer base. Our revenue streams are predictable and robust, the business has
organic growth opportunities and further consolidation will occur in our sector
in the future. Our management team have again achieved their objectives for the
year and demonstrated the ability to simultaneously manage acquisitions and
maintain focus on our existing operations.
Another excellent year for holiday sales
Demand for UK holidays continues to be strong with both tariff and occupancy
growing across the Group's parks in 2003. We now operate caravan holidays at all
of our locations from March through to November, with in excess of 30 full
weeks' occupancy per caravan being achieved at West Bay, Trecco Bay and Nairn
Lochloy holiday parks. This increase in occupancy is being achieved through
sales of short break holidays in the shoulder periods of March, April, October
and November and not through the peak summer months when we generally operate to
full capacity every year.
We have continued to replace our caravan holiday homes with the majority of new
units featuring double-glazing and central heating, enabling us to provide warm,
comfortable holiday accommodation throughout the year and, in particular, to
extend our operating season. The UK holiday market continues to grow with short
breaks now accounting for around half our total bed nights.
Our focus on direct holiday sales and upgrading of accommodation has continued
to reap benefits, with holiday hire revenue from our own hire fleet increasing
by 14.4% against 2002 in the twelve existing parks.
Direct bookings in these parks were 15.6% ahead of last year with the value of
bookings from travel agencies falling by 3.2%. Bookings via agencies accounted
for 12.7% of the total holiday hire revenue in 2003; whilst agency bookings will
always form part of the holiday sales mix our emphasis continues to be on
directly generated sales and on growing the overall volume using off-peak
promotions.
Total revenue from holiday sales, including income from touring, camping and
insurance sales grew to #17.98m in 2003. Of this revenue #3.54m came from the
newly acquired Pactrem parks. Holiday sales represented 33.6% of our total
income in 2003 and is the most important source of profit for the Group
contributing 47.4% of our gross profit after direct wages and marketing costs.
Retail performance
Retail income from our customers via the various facilities located on our
holiday parks, either managed by ourselves or operated in conjunction with
concession operators, grew to #15.06m in 2003. This represented a 28.1% share of
income and a 22.7% share of the gross profit after direct wages and marketing
costs.
Our retail income is a key target area for profit improvement in the future. We
continue to invest in the upgrade and expansion of our existing food and
beverage facilities and in the development of our retail and amusements
operations with our third party concession operators.
Owner income
Income from owners' pitch fees increased to #5.78m in 2003, mainly as result of
the first full year's fees for pitches newly occupied during 2002. Capital
investment across the Group's parks also enabled pitch fees to be increased
ahead of inflation and we are concentrating on adding value and improving
customer service to our 3,100 owners in 2004. Owner income represented 10.8% of
revenue in 2003 and 17.4% of gross profit after direct wages and marketing
costs.
Our owner income is an important, robust and transparent income stream with
pitch fees either paid in advance or via monthly and quarterly payment plans
across the year. Nine of the Group's fourteen parks have caravan owners.
Caravan sales
Turnover from caravan sales rose by 6.2% to #14.76m. These sales were made
across the existing parks; neither White Acres nor Sea Acres acquired during the
year have historically sold caravans to private owners. Caravan sales generated
27.5% of the Group's income in 2003 and a 12.5% share of the gross profit after
direct wages and marketing costs.
Capital investment
We have continued to invest in our existing estate and in developing our sales
and administration infrastructure. We purchased 186 caravans for the existing
parks, 12.7% of our existing hire fleet, 119 with both double-glazing and
domestic central heating systems.
Organic growth projects were completed at a number of locations during the year
under review, including 20 additional pitches for hire fleet at Crantock Beach
and a conservatory extension to the Funtasia complex at Trecco Bay. The
continuous development and enhancement of our on-park facilities is an integral
part of the evolving product offered to our customers.
Acquisition of White Acres and Sea Acres
The acquisition of Pactrem in May 2003 further strengthened our portfolio with
two additional Cornish parks being added to the Group. Sea Acres on the Lizard
Peninsula has traded well through the peak season and has excellent
opportunities for growth in the provision of short breaks in the spring and
autumn. White Acres at Newquay is an excellent opportunity for the Group and we
intend both to extend the season and develop additional holiday hire units at
this park.
Both parks performed in line with our expectations during 2003 and we are
delighted in the manner management and staff at both parks have embraced the
opportunity and benefits of being part of a larger group.
Achieving growth through organic projects and acquisition
Growth opportunities are available at many of our parks and we have achieved
additional planning consents at a number of locations. This winter we are
investing substantially in organic growth projects in our existing estate,
enhancing profitability and effectively creating an additional holiday park
within the existing portfolio.
Key projects include the addition of 70 static caravan pitches at Newquay, a new
food outlet and enhancement of retail facilities at Trecco Bay, a new indoor
heated swimming pool and flume at Sundrum Castle, enhancement of the main bar
and entertainment facilities at Grannie's Heilan' Hame, West Bay and Ruda, plus
30 additional static caravan pitches at Nairn Lochloy and Grannie's Heilan'
Hame. At White Acres we are increasing the holiday hire fleet with investment in
8 new lodges and 17 caravan holiday homes.
We have completed the purchase of an additional 17 acres of land at White Acres,
taking the park to a total of 184 acres, thereby providing long-term development
potential at this location. At Tummel Valley, Grannie's Heilan' Hame and
Holywell Bay we have received planning consents to increase the number of static
pitches on the parks. These consents, together with existing unutilized
permissions, will enable us to grow the existing business with appropriate
investment beyond 2004.
Extending the season at our parks is fundamental to achieving growth and we have
continued to improve occupancy at our parks. These improvements tend to feed
through in financial performance in the second and third full year following
acquisition as an improved understanding of the customer base is gained and
applied to our operating and marketing plans. We intend to open White Acres at
Newquay from early March 2004 until January 2005 for the coming season,
providing some benefit in the year ending 31 October 2004, with the full impact
arising in the year ending 31 October 2005.
Prospects for 2004
Our strategy is to grow the business both organically and through acquisition
and we expect to make progress on both fronts in 2004. Growing our portfolio of
parks enables the sale of new locations to existing customers and existing
locations to new customers. The sector is characterised by a large number of
individual owner operators and a few larger groups, with Parkdean Holidays
already being the third largest retailer of UK caravan holidays.
Parkdean Holidays is very well positioned to achieve further growth in 2004 and
beyond. The investment in specific organic growth opportunities and expansion of
the existing estate in 2004 will clearly improve our accommodation and
facilities, with the provision of additional pitches across our parks increasing
our income potential.
Advance holiday bookings for 2004 of #4.29m at 12 January are 10.2% ahead of
last year on a like-for-like basis across our portfolio of fourteen parks.
Our move to new premises in Newcastle-upon-Tyne has substantially increased our
call centre capacity and provides a suitable platform to grow holiday sales.
This is only the third year of operating our central call centre and we believe
further benefits will be derived through promoting off-peak short breaks to our
growing customer database. Overall, 52.0% of our bookings were derived from
repeat business in 2003 and we expect this proportion to increase in the future.
We continue to seek suitable acquisition opportunities yielding tangible
long-term benefit for our shareholders. Our management and staff have risen to
all of the challenges presented to them during the Group's growth this year and
have the ability to further improve profitability in the existing estate and
provide effective management of newly acquired parks.
We believe Parkdean Holidays will profitably expand further during the year,
through acquisition and by improving performance in the existing portfolio. We
are confident of making progress, with the consequent benefits to our
shareholders.
John Waterworth
Chief Executive
13 January 2004
The Preliminary announcement was approved by the Board of Directors on 13
January 2004
Financial Review
Group profit and loss account
When comparing the Group's results for the year to 31 October 2003 with the
previous year, the following factors must be taken into account:
* Ruda Holiday Park was acquired on 15 March 2002 and trading to 31
October 2002 covered the profitable part of the year.
* The current year includes a full year's trading for twelve parks with
winter losses at Ruda impacting for the first time. In addition the
results include the profitable trading period from 2 May 2003 for White
Acres and Sea Acres, acquired on that date.
Turnover and operating profit
Group turnover increased to #53.58m for the year ended 31 October 2003 from
#43.66m for the equivalent period in 2002. Of this turnover White Acres and Sea
Acres generated #5.90m. The existing twelve parks increased turnover by over 9%
to #47.68m, from #43.66m in 2002.
Group operating profit for the year to 31 October 2003 increased to #12.02m from
#8.62m in 2002. This represents an increase of 6.3% in the existing business, to
#9.16m, with the Pactrem acquisition contributing #2.86m to Group operating
profit. The increase in operating profit in the existing business has been
achieved despite absorbing the additional winter operating costs of Ruda Holiday
Park for the first time, higher insurance costs and a full year's costs
associated with being an AIM listed company.
Interest charges
Interest charges for the Group's first full year as a listed entity amounted to
#3.04m compared with #5.19m in 2002. This significant reduction reflects the
benefits of the financial structure put in place on flotation in May 2002. The
current year charge also reflects the costs of additional debt assumed on the
acquisition of Pactrem on 2 May 2003. This included bank debt and hire purchase
liabilities.
Pre-tax profit
The Group has achieved pre-tax profits of #8.98m for the year to 31 October 2003
from #3.43m in 2002, an increase of 161.8%.
Taxation
The corporation tax charge for 2003 is #2.97m, an effective rate of 33.1%. The
effective rate has fallen from 37.4% in 2002 as a result of the relatively high
increase in pre-tax profits compared to the movement in disallowable
expenditure.
Earnings per share
Basic earnings per share have increased to 16.72p per share for the year to 31
October 2003 compared to 12.86p per share in 2002, an increase of 30.0%. Diluted
earnings also increased from 12.85p per share in 2002 to 16.52p per share in
2003.
Dividend
The board is recommending a final dividend for 2003 of 3.0p per share, making a
total of 5.0p per share for the year, against 2.5p per share paid for 2002.
Dividend cover for 2003 is 3.0 times compared to 2.5 times for 2002.
Group balance sheet
The Group balance sheet has strengthened from net assets of #27.51m at 31
October 2002 to #39.44m at 31 October 2003. The consideration for the Pactrem
acquisition was satisfied in part by the placing of seven million new ordinary
shares at 119p per share on 2 May 2003. This increased net assets by #7.89m
after expenses.
Net debt at 31 October 2003 was #43.22m compared to #33.69m at 31 October 2002
due to the partial debt funding of the Pactrem acquisition.
Gearing, based on net debt, has reduced to 109.6% at 31 October 2003 compared to
122.5% at 31 October 2002.
Acquisitions
On 2 May 2003 the Group acquired the whole of the issued share capital of
Pactrem Limited, a company operating two holiday parks in Cornwall, for a
consideration of #13.10m, satisfied by way of #1.78m in cash and the issue of
seven million new ordinary shares placed by our brokers, Charles Stanley, at
119p per share with new and existing institutional investors on behalf of the
vendors. A further #3.00m of deferred consideration is payable in cash on 30
July 2004. Pactrem Limited was acquired with the benefit of a contract having
been exchanged for the acquisition of a further 27 acres of land at White Acres
for #0.33m. This transaction was completed on 30 May 2003.
Long term debt
The Group's banking facilities with a syndicate led by NM Rothschild & Sons have
been revised and extended to a total of #93.75m. The term of the facility has
been extended from October 2007 to October 2012. The facility comprises a
#45.60m term loan and guarantee facility fully amortising over the term of the
loan, a revolving credit facility of #15.25m to fund the seasonality of cashflow
and ancillary commitments, and a revolving facility of #32.90m available for
acquisitions and organic growth projects.
Capital expenditure
The total amount of capital expenditure during the year was #5.56m, compared to
#4.97m in 2002. The majority was invested across the existing twelve holiday
parks, including the replacement of 166 hire fleet caravans. Organic growth
projects included an additional 20 hire fleet caravans and bases at Crantock
Beach and the extension and refurbishment of the retail facilities at Sundrum
Castle and Trecco Bay.
During the second half of the year the Group expended #0.58m on the fit out of
new leasehold offices in Newcastle-upon-Tyne, now housing the Group's telesales
and administration centre.
Cash flow
The Group generated a total of #13.66m from operations (2002: #12.31m). This
funded expenditure of #4.14m on interest and fees relating to the revision and
extension of banking facilities, #1.33m on corporation tax, #4.98m on capital
expenditure and #1.08m on dividend payments. The effect of acquisition
expenditure and associated financing (term debt, loans inherited and share
placing) resulted in a net inflow of #0.20m. With #0.50m expended on servicing
hire purchase arrangements during the period, a net #1.8m cash was generated
during the year, leaving a cash balance of #3.19m at 31 October 2003.
Foreign currency risk
The Group does not trade outside the United Kingdom and consequently has no
exposure to foreign currency risk.
Derivatives and other financial instruments
The Group continues to use interest rate swaps and caps to protect against
potential future increases in UK interest rates.
Developments in accounting policies
The directors review developments in accounting standards on an ongoing basis.
Parkdean Holidays will be required to adopt International Financial Reporting
Standards for the financial year ending October 2006 and in the interim report
to April 2006. The directors are continuously maintaining the development of
International Financial Reporting Standards and any potential impacts on the
results of the Group.
The directors have also reviewed the recent update to FRS 5 "Reporting the
substance of transactions" in relation to the reporting of the Group's results.
This amendment is applicable for the Group's financial statements for the year
ending 31 October 2004. The directors do not expect the adoption of the
amendment to have a significant impact on the Group's profits.
Michael Norden
Finance Director
13 January 2004
The Preliminary announcement was approved by the Board of Directors on 13
January 2004
Group profit and loss account
for the year ended 31 October 2003 (unaudited)
2003 2002
Notes #000 #000
Group turnover 53,581 43,663
Continuing operations:
- ongoing 47,677 43,663
- acquisitions 5,904 -
Cost of sales (16,692) (14,923)
Gross profit 36,889 28,740
Administrative expenses (24,872) (20,118)
Group operating profit 2a) 12,017 8,622
Continuing operations:
- ongoing 9,161 8,622
- acquisitions 2,856 -
Interest payable and similar charges 3 (3,036) (5,193)
Profit on ordinary activities before taxation 8,981 3,429
Tax on profit on ordinary activities 4 (2,973) (1,281)
Profit on ordinary activities after taxation 6,008 2,148
Dividends: 5 (1,972) (832)
- equity shares (1,972) (811)
- non equity shares - (21)
Retained profit for the financial year 11 4,036 1,316
Earnings per share
Basic earnings per share (pence) 6 16.72 12.86
Diluted earnings per share (pence) 6 16.52 12.85
There were no recognised gains or losses other than the profit on ordinary
activities after taxation for the year.
Group balance sheet
At 31 October 2003 (unaudited)
2003 2002
Notes #000 #000
Fixed assets
Tangible assets 7 90,830 66,060
90,830 66,060
Current assets
Stocks 2,970 2,008
Debtors 1,866 1,477
Cash at bank and in hand 8 3,187 1,358
8,023 4,843
Creditors: amounts falling due within one year 9 (15,440) (6,957)
Net current liabilities (7,417) (2,114)
Total assets less current liabilities 83,413 63,946
Creditors: amounts falling due after more than 10 (41,572) (34,903)
one year
Provisions for liabilities and charges
Deferred taxation (2,405) (1,534)
39,436 27,509
Capital and reserves
Called up equity share capital 11 7,887 6,487
Share premium account 11 23,873 17,382
Profit and loss account 11 7,676 3,640
Equity shareholders' funds 11 39,436 27,509
Group statement of cash flows
for the year ended 31 October 2003 (unaudited)
2003 2002
Note #000 #000
Net cash inflow from operating activities 2b) 13,659 12,308
Returns on investments and servicing of finance
Interest paid (2,857) (4,315)
Interest element of finance lease and hire (101) (20)
purchase rental payments
Non-equity dividends paid - (33)
Payment of issue costs on long term loans (1,178) (653)
Net cash outflow from returns on investments and (4,136) (5,021)
servicing of finance
Taxation
UK corporation tax paid (1,332) (1,132)
Capital expenditure and financial investment
Purchase of tangible fixed assets (5,205) (4,580)
Disposal of tangible fixed assets 230 -
Net cash outflow from capital expenditure and (4,975) (4,580)
financial investment
Acquisitions and disposals
Purchase of subsidiary undertakings (10,889) (824)
(Overdraft)/cash acquired with subsidiary (1,448) 55
undertakings
Payment of deferred consideration - (2,000)
Net cash outflow on acquisitions and disposals (12,337) (2,769)
Equity dividends paid (1,081) (519)
Net cash outflow before financing (10,202) (1,713)
Financing
Issue of ordinary share capital 8,330 25,669
Share issue costs (439) (2,753)
Issue of long term loans 7,000 56,650
Repayment of long term loans (2,357) (77,075)
Capital element of finance lease rental payments (503) (153)
Net cash inflow from financing 12,031 2,338
Increase in cash 1,829 625
Group statement of cash flows
for the year ended 31 October 2003 (unaudited)
Reconciliation of net cash flow to movement in net debt
2003 2002
Note #000 #000
Cash flows:
Increase in cash 1,829 625
Issue of long term loans (7,000) (56,650)
Payment of issue costs on long term loans 1,178 653
Repayment of long term loans 2,357 77,075
New finance leases introduced - (293)
Capital element of finance lease rental payments 503 153
Payment of deferred consideration - 2,000
Changes in net debt resulting from cash flows (1,133) 23,563
Acquisitions:
Finance leases acquired (2,627) -
Long term loans acquired (2,357) -
Deferred consideration arising (3,000) -
Issue of vendor loan notes - (15,000)
Other non cash changes:
Amortisation of issue costs on long term loans (119) (959)
(Decrease)/increase in accrual for issue costs on (300) 300
long term loans
Movement in net debt 8 (9,536) 7,904
Net debt at 1 November (33,689) (41,593)
Net debt at 31 October 8 (43,225) (33,689)
Notes to the Preliminary Results
for the year ended 31 October 2003
1. Basis of preparation
The financial information set out above is unaudited and does not constitute the
Group's statutory accounts for the year ended 31 October 2002 or 2003, but is
derived from those accounts. The information for 2002 contained in this report
is based on those statutory accounts for the year ended 31 October 2002, which
have been filed with the Registrar of companies. The statutory accounts for 2003
will be delivered to the Registrar of Companies following the Company's Annual
General Meeting.
2. Group operating profit
a) This is stated after charging:
2003 2002
#000 #000
Auditors' remuneration:
- audit services 65 59
- non audit services 30 30
Depreciation of owned fixed assets 3,135 2,519
Depreciation of assets held under hire purchase contracts 220 78
Operating lease rentals:
- plant and machinery 176 110
b) Reconciliation of operating profit to net cash inflow from
operating activities:
2003 2002
#000 #000
Operating profit 12,017 8,622
Depreciation 3,355 2,597
Increase in stocks (734) (457)
(Increase)/decrease in debtors (132) 917
(Decrease)/increase in creditors (847) 629
Net cash inflow from operating activities 13,659 12,308
3. Interest payable and similar charges
2003 2002
#000 #000
Bank loans and overdrafts 2,816 3,788
Finance charges payable under finance leases and hire 101 37
purchase contracts
Finance cost of debt instruments 119 1,368
3,036 5,193
The amortisation of the finance cost of debt instruments in 2002 includes
#1,251,000 in relation to charges arising on the refinancing of the Group on 15
March 2002 and the flotation on 30 May 2002.
4. Tax on profit on ordinary activities
Analysis of tax charge in the year
2003 2002
#000 #000
Current tax:
UK Corporation tax at 30% (2002: 30%) 2,478 727
Deferred tax (capital allowances in excess of
depreciation):
Origination and reversal of timing differences 510 476
Adjustment in respect of prior periods (15) 78
495 554
Tax on profit on ordinary activities 2,973 1,281
The effective tax rate was 33.1% (2002: 37.4%) as a result of some depreciation
on non qualifying fixed assets and expenses not being deductible for tax
purposes.
5. Dividends
2003 2002
#000 #000
Non Equity Shares
10p 'A' ordinary shares
Paid nil (2002: 5.0p per share) - 21
Equity Shares
20p ordinary shares
Interim paid of 2.0p per share (2002: 1.6p) 789 519
Final proposed of 3.0p per share (2002: 0.9p) 1,183 292
1,972 832
If approved, the final dividend will be paid on 31 March 2004 to shareholders on
the register on 5 March 2004.
The non-equity 'A' ordinary shares were consolidated, reclassified as ordinary
shares and subdivided immediately prior to the flotation in May 2002.
6. Earnings per share
2003 2002
Profit on ordinary activities after taxation (#000) 6,008 2,148
Dividends on non-equity shares (#000) - (21)
Profit attributable to equity shareholders (#000) 6,008 2,127
Weighted average number of ordinary shares (No.) 35,923,671 16,535,395
Basic earnings per share (pence per share) 16.72 12.86
Weighted average diluting effect of employee 455,048 9,353
share options (No.)
Diluted weighted average number of ordinary shares (No.) 36,378,719 16,544,748
Diluted earnings per share (pence per share) 16.52 12.85
7. Tangible fixed assets
Caravans,
plant,
Freehold Leasehold machinery
land and land and and
buildings buildings equipment Total
#000 #000 #000 #000
Cost:
At 1 November 2002 35,138 24,039 13,515 72,692
Acquisition of subsidiary undertaking 19,996 7 2,795 22,798
Additions 736 700 4,123 5,559
Disposals (107) - (556) (663)
At 31 October 2003 55,763 24,746 19,877 100,386
Depreciation:
At 1 November 2002 420 1,508 4,704 6,632
Provided during the year 540 584 2,231 3,355
Disposals (7) - (424) (431)
At 31 October 2003 953 2,092 6,511 9,556
Net book value:
At 31 October 2003 54,810 22,654 13,366 90,830
At 31 October 2002 34,718 22,531 8,811 66,060
8. Analysis of net debt
Acquisitions
At (excluding Other At
1November Cash cash and non-cash 31 October
2002 flow overdrafts) changes 2003
#000 #000 #000 #000 #000
Cash at bank and in hand 1,358 1,829 - - 3,187
Term loans due within one - 2,357 (2,357) (1,091) (1,091)
year
Deferred consideration due - - (3,000) - (3,000)
within one year
Term loans due after more (34,722) (5,822) - 672 (39,872)
than one year
Finance leases and hire (325) 503 (2,627) - (2,449)
purchase contracts
(33,689) (1,133) (7,984) (419) (43,225)
9. Creditors: amounts falling due within one year
2003 2002
#000 #000
Current instalment due on loans 1,091 -
Deferred acquisition consideration 3,000 -
Obligations under finance leases and hire purchase 749 144
contracts
Trade creditors 2,844 2,157
Corporation tax 966 175
Other taxes and social security costs 349 172
Other creditors 956 1,036
Accruals and deferred income 4,302 2,981
Proposed dividend 1,183 292
15,440 6,957
10. Creditors: amounts falling due after more than one year
2003 2002
#000 #000
Loans 39,872 34,722
Obligations under finance leases and hire purchase 1,700 181
contracts
41,572 34,903
11. Reconciliation of movement in equity shareholders' funds
Total
Called up Share Profit equity
equity premium and loss shareholders'
share capital account account funds
#000 #000 #000 #000
At 1 November 2002 6,487 17,382 3,640 27,509
Issue of ordinary shares 1,400 6,491 - 7,891
Profit on ordinary activities after - - 6,008 6,008
taxation
Dividends - - (1,972) (1,972)
At 31 October 2003 7,887 23,873 7,676 39,436
12. Acquisition
On 2 May 2003 the Group acquired the whole of the share capital in Pactrem
Limited, the owner of two holiday parks in Cornwall, for a consideration of
#13.10m
13. Annual Report
The annual report will be sent to shareholders shortly and will be available
from the company's registered office at, 2nd floor, One Gosforth Park Way,
Gosforth Business Park, Newcastle upon Tyne, NE12 8ET.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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