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RNS Number:6755M
Parkdean Holidays PLC
24 June 2003
PARKDEAN HOLIDAYS PLC
("Parkdean" or "the Group")
Interim Results for the period from 1 November 2002 to 25 April 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 interim results for the 26 weeks ended 25 April 2003.
Highlights
Financial
* Expected seasonal operating loss of #2.5 million reflecting the
inclusion of Ruda Holiday Park purchased in March 2002
* Reduction in interest charges to #1.3 million (2002: #3.6 million)
demonstrating the benefits of the changed financial structure
implemented at flotation
* Reduced pre tax loss of #3.8 million (2002: #5.4 million)
* 25% increase in declared interim dividend to 2.0p (2002: 1.6p) and
final dividend for 2003 expected to be 2.5p (2002: 0.9p)
* Extension and revision of existing bank facilities financing the Group
for its current and future needs including an acquisition facility of
#33 million.
Operational
* Improvements and refurbishment carried out during winter months on time
and on budget
* Direct sales operation performing well
* Two additional parks in Cornwall added after the half-year end growing
Parkdean's hire fleet by 25% to 1984 units
Current Trading
* Holiday hire bookings for 2003 continue to be strong with like for like
revenue up 11.5%
Graham Wilson, Chairman, said:
"The Group is now demonstrating the benefits of some of the decisions made at
the time of the float. We have maintained and improved our parks in the winter
months, expanded the estate by the purchase of two parks in Cornwall, put in
place banking facilities that allow future acquisitions and the Group is trading
well for the forthcoming important summer season.
Overall we are confident of a highly satisfactory outcome for the year."
24 June 2003
Enquiries:
Parkdean Holidays plc Tel: 020 7457 2020 on 24 June
Graham Wilson, Chairman 0191 275 5200 thereafter
John Waterworth, Managing Director
Michael Norden, Finance Director
College Hill Tel: 020 7457 2020
Matthew Smallwood
Chairman's Statement
Introduction
Parkdean has recorded a good result for the half year ended 25 April 2003.
Parkdean's business is highly seasonal and the period under review covers the
loss making winter months. These interim results include the winter losses for
Ruda Holiday Park, acquired on 15 March 2002.
Particularly evident in these results are the benefits of substantially reduced
interest payments from the financial structure put in place following the
flotation of the Company on AIM, on 30 May 2002.
Advance holiday hire bookings for the 2003 season have continued to be strong,
with like for like revenue 11.5% ahead of last year.
Financial Review
On turnover increased from #9.3m in 2002 to #11.2m in 2003, Parkdean produced an
operating loss of #2.5m compared with a loss of #1.8m in the period to 26 April
2002. As anticipated, much of the increased loss arose at Ruda Holiday Park,
with 20 weeks of winter losses included for the first time. Additional costs
relating to both our public company status and insurance premiums accounted for
the balance of the incremental losses. The existing business performed in-line
with last year, with the benefits of extending the season into November 2002 and
opening in March 2003 at the existing parks compensating for increased overheads
and additional marketing spend for the enlarged Group.
Interest charges reduced 64% from #3.6m in 2002 to #1.3m in the period under
review.
The pre tax loss of #3.8m compares favourably with a pre tax loss of #5.4m in
2002. The loss per share in the period to 25 April 2003 was 8.18p against a pro
forma loss per share of 11.54p in 2002.
Dividends
The Directors declare an interim dividend of 2.0p per share (2002 - 1.6p per
share) payable on 24 September 2003 to the holders of all ordinary shares in
issue at 22 August 2003.
The Directors also fully expect to pay a final dividend of 2.5p per share for
2003 as previously indicated.
Operating Review
During the winter months improvements and refurbishments are made to our parks.
Capital expenditure projects totalling #4.2m were completed during the period,
on budget and on time. 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. At Trecco Bay a sizable
extension was added to the Funtasia entertainment complex to provide additional
seating in the licensed bar and a new coffee shop. Sundrum Castle's main
licensed entertainment venue was also refurbished and extended. The remaining
capital expenditure was spent on a variety of small projects across the Group
enhancing the product and experience offered to our customers.
The 2003 Parkdean Holidays brochure, including Ruda Holiday Park for the first
time, was launched in late October 2002. Backed by newspaper advertising and the
increasingly popular parkdeanholidays.com website, the results achieved by our
Newcastle based holiday sales operation have been very pleasing. Our strong
bookings performance in the first quarter of 2003 has continued in the second
quarter of the year with a continuing focus on direct sales rather than third
party travel agents.
The success of our direct holiday telesales operation and the increased size of
the business necessitate Parkdean Holidays plc to relocate to new leasehold Head
Office premises in Newcastle upon Tyne in the fourth quarter of 2003.
Post Half Year End Events
Several key strategic events have taken place since 25 April 2003 which will
have both a significant effect in the second half year of the current financial
year and long term benefits for the Group:
The Acquisition of Pactrem Limited
Parkdean Holidays plc acquired Pactrem Limited on 2 May 2003 for a total
consideration of #13.1m satisfied by the payment of #1.8m in cash, the placing
of seven million new ordinary shares in Parkdean Holidays plc at 119p by Charles
Stanley on behalf of the vendors and #3m of deferred consideration payable on 30
July 2004. In addition, Parkdean assumed Pactrem's borrowings of #4.9m at
completion.
This acquisition resulted in Parkdean acquiring two further holiday parks in
Cornwall. These two parks have added a further 25% to Parkdean's hire fleet
which now comprises 1984 units.
White Acres is a 140 acre five star holiday park near Newquay with 331 holiday
hire pitches. The hire fleet comprises 42 timber lodges and 229 caravan holiday
homes, plus 60 pitches for touring caravans.
The park has a comprehensive range of facilities including 15 coarse fishing
lakes, an indoor swimming pool and a range of retail facilities. In addition,
there are unused consents that could allow an additional 85 holiday homes and we
have completed the purchase of an adjoining 27 acres of land that the Directors
believe could be developed for additional recreational facilities.
Sea Acres is a 20 acre cliff top park overlooking Kennack Sands on the Lizard
Peninsula. This four star park has 132 caravan holiday homes for hire and a
range of facilities including an indoor swimming pool and a licensed
entertainment venue.
Holiday bookings for the coming season are very strong at both parks and the
Directors anticipate an operating profit contribution of #2.75m in the period to
31 October 2003.
These two parks will be incorporated into our brochure for 2004.
Increase in and Extension of Banking Facilities
Simultaneously with the Pactrem acquisition, the Company announced an extension
and revision of its existing bank facilities arranged by NM Rothschild & Sons
totalling #93.75m. The term of the facility has been extended from October 2007
to October 2012. The revised facility comprises a #45.6m term loan and guarantee
facility, to be repaid fully over the term of the loan, a revolving credit
facility of #15.25m and a revolving acquisition facility of #32.9m.
Of the #45.6m term loan and guarantee facility, some #35m is either at fixed
rates or is subject to specific hedging arrangements. Additional hedging
arrangements are in hand for the additional amounts drawn from this facility.
Gearing of the enlarged Group is expected to be around 119% at 31 October 2003.
The new banking facilities underpin the Company's strategy of growth by
selective acquisition and organic development within the existing estate.
Extraordinary General Meeting
The Board has convened an EGM to be held on 5 August 2003 in Newcastle upon
Tyne. The purpose of the EGM is to propose resolutions increasing the authorised
share capital of the Company from #8.6m to #11.2m and authorising the directors
to allot shares. Resolutions will also be proposed to change the Company's
articles of association to increase the Company's borrowing limit and amending
the unapproved part of the Company's Executive Share Option Scheme. This will
provide the Board with the flexibility to grow the Company and to achieve its
strategic objectives.
Outlook
The Board believe that the expanded equity base and bank facilities now in place
gives Parkdean Holidays plc an excellent foundation for future growth in
profits, earnings and dividends over the coming years.
As at 23 June 2003 advance holiday hire bookings on the twelve parks owned in
both 2002 and 2003 are 11.5% ahead on a like for like basis and advance bookings
for 2003 at the two new Cornish parks are at a highly satisfactory level.
Caravan sales and pitch licence fees from private owners are in line with
Directors' expectations and retail areas have performed ahead of last year.
The Board is confident of a highly satisfactory outcome for the year to 31
October 2003 and will report on the summer seasons trading in late September.
Graham Wilson
Chairman
24 June 2003
GROUP PROFIT & LOSS ACCOUNT
Unaudited Unaudited Audited
1 November 2002 1 November 2001 Year ended
Notes to 25 April to 26 April 31 October
2003 2002 2002
#'000 #'000 #'000
Turnover 11,225 9,252 43,663
Operating (loss) / (2,489) (1,797) 8,622
profit
Interest payable and (1,303) (3,562) (5,193)
similar charges
(Loss) / Profit on
ordinary activities
before taxation (3,792) (5,359) 3,429
Taxation 3 1,138 1,615 (1,281)
(Loss) / Profit on
ordinary activities
after taxation (2,654) (3,744) 2,148
Dividends 4 (789) (537) (832)
(Loss) / Profit
retained for the
period (3,443) (4,281) 1,316
ACTUAL (LOSS)/EARNINGS
PER SHARE
Basic (loss) / earnings
per share (pence) 8 (8.18) (1,532.12) 12.86
Diluted (loss) /
earnings per share
(pence) 8 (8.14) (998.63) 12.85
PRO FORMA (LOSS)/
EARNINGS PER SHARE
Basic (loss) / earnings
per share (pence) 8 (8.18) (11.54) 6.62
Diluted (loss) /
earnings per share
(pence) 8 (8.14) (11.05) 6.27
Dividend per equity
share (pence) 4 2.00 1.60 2.50
GROUP BALANCE SHEET
Unaudited Unaudited Audited
As at As at As at
Notes 25 April 26 April 31 October
2003 2002 2002
#'000 #'000 #'000
FIXED ASSETS
Tangible assets 68,532 67,452 66,060
68,532 67,452 66,060
CURRENT ASSETS
Stocks 2,399 1,919 2,008
Debtors 6,817 6,620 1,477
Cash at bank and in
hand 222 218 1,358
9,438 8,757 4,843
CREDITORS: amounts
falling due within one
year 5 (17,248) (75,823) (6,957)
NET CURRENT
LIABILITIES (7,810) (67,066) (2,114)
TOTAL ASSETS LESS
CURRENT LIABILITIES 60,722 386 63,946
CREDITORS: amounts
falling due after more
than one year (34,901) (35) (34,903)
PROVISIONS FOR
LIABILITIES AND
CHARGES
Deferred taxation (1,755) (1,347) (1,534)
24,066 (996) 27,509
CAPITAL AND RESERVES
Called up share capital 6,487 320 6,487
Share premium account 17,382 641 17,382
Profit and loss account 197 (1,957) 3,640
SHAREHOLDERS FUNDS 24,066 (996) 27,509
GROUP STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
1 November 1 November
2002 2001 Year ended
Notes to 25 April to 26 April 31 October
2003 2002 2002
#'000 #'000 #'000
NET CASH INFLOW FROM
OPERATING ACTIVITIES 6 231 1,067 12,308
RETURNS ON INVESTMENTS
AND SERVICING OF
FINANCE
Interest paid (698) (2,091) (4,315)
Interest element of
finance lease and hire
purchase rental
payments (11) (10) (20)
Non-equity dividends
paid - - (33)
Issue costs on new
long term loans (300) (583) (653)
NET CASH OUTFLOW FROM
RETURNS ON INVESTMENTS
AND SERVICING OF
FINANCE (1,009) (2,684) (5,021)
TAXATION
UK corporation tax
paid (146) (181) (1,132)
CAPITAL EXPENDITURE
AND FINANCIAL
INVESTMENT
Purchase of tangible
fixed assets (2,040) (2,618) (4,580)
NET CASH OUTFLOW FROM
CAPITAL EXPENDITURE
AND FINANCIAL
INVESTMENT (2,040) (2,618) (4,580)
ACQUISITIONS AND
DISPOSALS
Purchase of subsidiary
undertakings - (292) (824)
Cash acquired with
subsidiary
undertakings - 54 55
Payment of deferred
consideration - - (2,000)
NET CASH OUTFLOW ON
ACQUISITIONS AND
DISPOSALS - (238) (2,769)
EQUITY DIVIDENDS
PAID (292) (18) (519)
NET CASH OUTFLOW
BEFORE FINANCING (3,256) (4,672) (1,713)
FINANCING
Issue of ordinary
share capital - 11 25,669
Share issue costs - - (2,753)
New long term loans - 4,000 56,650
Repayment of long term
loans - (2,000) (77,075)
Capital element of
finance lease and hire
purchase rental
payments (74) (80) (153)
NET CASH (OUTFLOW) /
INFLOW FROM
FINANCING (74) 1,931 2,338
(DECREASE) / INCREASE
IN CASH 7 (3,330) (2,741) 625
NOTES
1. Basis of Preparation
The interim accounts for the period 1 November 2002 to 25 April 2003 were
approved by the Board on 23 June 2003. The interim report is not audited and
does not constitute statutory accounts within the meaning of section 240 of the
Companies Act 1985. The interim accounts have been prepared using accounting
policies consistent with those used in preparing the accounts for the year ended
31 October 2002.
The financial information for the year ended 31 October 2002 is extracted from
the audited financial statements for that year, which have been delivered to the
Registrar of Companies. The auditors' report on these accounts was unqualified
and did not contain a statement under section 237 of the Companies Act 1985.
2. Group Turnover and Segmental Analysis
Turnover represents the amount derived from the provision of goods and services
inclusive of the gross value of franchised income falling within the Group's
activities after the deduction of trade discounts and value added tax.
Turnover, profit before tax and net assets are attributable to one continuing
activity, the management and operation of caravan and camping holiday parks and
arises wholly within the UK.
3. Taxation
The taxation credit in the profit & loss accounts for the interim period to 25
April 2003 and its comparative to 26 April 2002 have both been calculated using
a notional tax rate of 30%.
4. Dividend
Unaudited Unaudited Audited
1 November 1 November
2002 2001 Year ended
to 25 April to 26 April 31 October
2003 2002 2002
#'000 #'000 #'000
Non Equity Shares
10p 'A' ordinary shares
Paid (5p per share) - 18 21
Equity Shares
20p ordinary shares
Interim 789 519 519
Final 292
789 537 832
The interim dividend will be paid on 24 September 2003 to shareholders on the
register on 22 August 2003. The new 7,000,000 20p ordinary shares placed on 2
May 2003 (see note 9) will rank for the payment of the interim dividend;
consequently the above provision for interim dividends is based on 39,433,260
shares.
5. Creditors: amounts falling due within one year
Unaudited Unaudited Audited
As at As at As at
25 April 2003 26 April 2002 31 October 2002
#'000 #'000 #'000
Bank overdraft 2,194 2,226 -
Current instalments due on
loans - 59,178 -
Obligations under finance
leases & hire purchase
contracts 111 70 144
Trade creditors 5,509 5,095 2,157
Corporation tax - - 175
Other taxation & social
security 176 148 172
Other creditors 390 128 1,036
Accruals and deferred income 8,079 8,459 2,981
Proposed dividend 789 519 292
17,248 75,823 6,957
6. Net Cash Inflow from Operating Activities
Unaudited Unaudited Audited
1 November 1 November
2002 2001 Year ended
to 25 April 2003 to 26 April 2002 31 October 2002
#'000 #'000 #'000
Operating (loss) / profit (2,489) (1,797) 8,622
Depreciation 1,438 1,124 2,597
(Increase) in stocks (391) (324) (457)
(Increase) / decrease in
debtors (4,034) (3,075) 917
Increase in creditors 5,707 5,139 629
Net cash inflow from operating
activities 231 1,067 12,308
7. Reconciliation of Net Cashflow to Movement of Net Debt
Unaudited Unaudited Audited
1 November 1 November
2002 2001 Year ended
to 25 April to 26 April 31 October 2002
2003 2002
#'000 #'000 #'000
(Decrease) / Increase in cash (3,330) (2,741) 625
New loans - (4,000) (56,650)
Issue of vendor loan notes - (15,000) (15,000)
Repayment of term loans - 2,000 77,075
New finance leases introduced - - (293)
Capital element of finance
leases repaid 74 80 153
Payment of deferred
consideration - - 2,000
Movement in net debt (3,256) (19,661) 7,910
Net debt at 1 November (33,967) (41,877) (41,877)
Net debt at period end (37,223) (61,538) (33,967)
Analysis of Net Debt
Audited Unaudited Unaudited
At 1 November Cashflow At 25 April
2002 2003
#'000 #'000 #'000
Cash at bank and in hand 1,358 (3,330) (1,972)
Term loans due after more than
one year (35,000) - (35,000)
Finance leases & hire purchase
contracts (325) 74 (251)
(33,967) (3,256) (37,223)
8. LOSS / EARNINGS PER SHARE
Unaudited Unaudited Audited
1 November 2002 1 November 2001 Year ended
to 25 April to 26 April 31 October 2002
2003 2002
ACTUAL EARNINGS PER SHARE
Basic (loss) / earnings per
share
(Loss) / Profit after tax
(#'000) (2,654) *1 (3,762) 2,127
Number of shares 32,433,260 *2 245,542 16,535,395
Basic (loss) / earnings per
share (pence) (8.18) (1,532.12) 12.86
Fully diluted (loss) / earnings
per share
(Loss) / Profit after tax
(#'000) (2,654) *1 (3,762) 2,127
Number of Shares 32,598,830 *2 376,716 16,544,748
Fully diluted (loss) / earnings
per share (pence) (8.14) (998.63) 12.85
*1 - after 3i non equity dividend.
*2 - excluding 3i non equity shares.
For the period 1 November 2001 to 26 April 2002 the number of shares is based on
those in issue prior to flotation on 30 May 2002.
PRO FORMA EARNINGS PER SHARE
Basic Earnings per share
(Loss)/profit after tax (#'000) (2,654) (3,744) 2,148
Number of Shares *3 32,433,260 32,433,260 32,433,260
Basic Earnings per share (pence) (8.18) (11.54) 6.62
Fully Diluted Earnings per
share
(Loss)/profit after tax (#'000) (2,654) (3,744) 2,148
Number of Shares *4 32,598,830 *5 33,893,260 *6 34,245,778
Fully Diluted Earnings per share
(pence) (8.14) (11.05) 6.27
The pro forma calculations for the period to 25 April 2003 are the same as the
actual ones.
There is a significant reduction in the loss after taxation from the equivalent
period in 2002, mainly relating to the lower interest costs the group has,
following flotation on 30 May 2002. The pro forma calculations for the year to
31 October 2002 are based on the actual interest cost in that period.
*3 - Assumes 32,433,260 shares in issue for the full period.
*4 - Based on same diluted number of shares as the actual calculation.
*5 - Based on the ordinary shares in issue and the executive share options
(1,460,000) granted at flotation.
*6 - Based on 5 above plus the 352,518 sharesave options granted on 30 August
2002.
9. Post Half Year End Events
Acquisition of Pactrem Limited
On 2 May 2003 the Company acquired the whole of the ordinary share capital of
Pactrem Limited, a company operating two holiday parks in Cornwall, for a
consideration of #13.1m, satisfied by way of #1.78 m in cash and the issue of
7,000,000 New Ordinary Shares placed by our Brokers, Charles Stanley, at 119p
with new and existing institutional investors on behalf of the Vendors, with a
further #3m of deferred consideration payable in cash on 30 July 2004.
Financial Information on Pactrem Limited
Pactrem Limited had initial provisional estimated net assets at 2 May 2003 of
#2.2m. This included hire purchase liabilities of #2.6m, bank & other loans of
#2.3m, bank overdraft of #1.5m and other net liabilities of #2.4m.
Details of the Agreement
The Company paid an initial consideration for Pactrem on completion of the
Acquisition of #10.1m, satisfied by a payment in cash of #1.78m and by the issue
of 7,000,000 New Ordinary Shares of 20p each of the Company on completion placed
at 119p with new and existing institutional investors on behalf of the Pactrem
vendors to raise #8.33m.
Deferred consideration of #3m will be payable in cash on 30 July 2004 and has
been guaranteed by NM Rothschild & Sons Limited.
The consideration is subject to a net asset test at completion, with a #1 for #1
adjustment for any difference between the draft balance sheet position and the
agreed final position.
Admission of new shares
The Acquisition was subject to the admission of the new 7,000,000 Ordinary
Shares to AIM. All of the new shares issued in connection with the Acquisition
rank pari passu with the existing issued ordinary shares of the Company and
trading began in these new shares on 2 May 2003. Following this admission
Parkdean has 39,433,260 ordinary shares of 20p each in issue. The new shares
will rank for payment of the interim dividend of 2p per share, to be paid on 24
September 2003 to holders of all 39,433,260 shares on 22 August 2003.
Banking Facilities
The banking facilities the group has with NM Rothschild & Sons Limited 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 #45.6m 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 facilities, and a revolving acquisition facility of #32.9m.
#35m of the #45.6m term loan and guarantee facility has either a fixed rate of
interest or is subject to specific hedging arrangements, which are currently
being reviewed.
Impact on the enlarged group
As the acquisition took place after the balance sheet date of 25 April 2003,
there are no transactions relating to the acquisition of Pactrem included in
these Interim Financial Statements.
Had the acquisition and share placing taken place on the 25th April 2003, the
net assets of the Group would have been #7.8m higher at #31.9m, reflecting the
placing net of estimated fees. Fixed assets would have been estimated at #91.3m,
subject to finalisation of the fair value accounting and completion accounts.
Net debt would have been #47.5m, excluding funding for the #3m deferred
consideration to be paid in July 2004.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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