Share Name Share Symbol Market Type Share ISIN Share Description
Countryside Partnerships Plc LSE:CSP London Ordinary Share GB00BYPHNG03 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -5.20 -1.88% 272.00 271.40 272.40 280.00 271.40 273.20 520,914 15:32:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 1,371.4 85.4 13.8 19.7 1,427

Countryside Partnerships Share Discussion Threads

Showing 51 to 74 of 350 messages
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
Here's what said about results: Crown Sports has reported a 53 per cent increase in operating profits in its interim results for the first six months of 2003. The operator, which completed the disposal of its non-core assets with the sale of Crown Content in August, is now entirely focussed on health and fitness. The disposals reduced group borrowings from £34.96m at the end of 2002 to £1m, reducing gearing from 68 per cent to 36 per cent. The group experienced a 7 per cent like for like turnover decline in the health and fitness business, but there was a 44 per cent increase in operating profit due to a 38 per cent improvement in retention rates and a 3 per cent growth in membership at Dragons clubs. This growth has been attributed to improving service levels and the more stable nature of the operator's older customer base. "The results for the first six months of 2003 reflect a group which is entirely different in structure from the corresponding period in 2003," says chairman, Ray Pierce. "Dragons is now well positioned to exploit its market positioning to deliver strong growth and financial performance."
wonder boy
Any opinions on results? Not had time to have a proper look yet but they seem fairly good, even if not as great as I had hoped. Will be interesting to see where the share price is after the next (traditionally stronger) half year.
wonder boy
CSP have bought results forward to Thursday, a week earlier than scheduled. Anyone know if it's common for company's to do this? If not, is it usually a good, bad or indifferent sign? Cheers
wonder boy
Hi Spooky. Glad to have someone to talk to on here, been VERY quiet! Do you hold any CSP? Currently on my hols (paid for by LA Fitness profits) but I'll try to respond quickly to the points you've raised: 1) Debt in 2002 report was #35 million. Subtract the proportion of the proceeds from the Crown Golf and Crown Content disposals, that the company have stated will be used to pay down debt, leaves debt figure of #20 million. Should be reduced further this year from positive cashflow (interest charge will be approx #1.7 million less than in 2002 and renovation costs have been to the best of my knowledge virtually zero). Maybe #15 million is a tad optimistic, I'll agree to meet you halfway, #17.5 million. 2) Unfortunatley I don't have a copy of the accounts to hand. To get #6 million operating profits, I think I would probably have taken 2002 revenues from the continued operations, subtracted half of the 2002 centralised costs (only taking half because the cost rationalisation programme and 3 disposals would have reduced such costs significantly), and subtracted 90% of the 2002 costs linked to those continued operations (90% because of rationalisation programme). Will have a proper look when I get home. 3) My understanding is that there is no single correct method for calculating the P/E, the important thing is that you are consistent in your approach. Using the method I have above (i.e. market cap / operating profit), LA Fitness trades on an historic P/E of 11, CSP an historic P/E of 5. 4) I would be interested to know why you think CSP is more exposed than LFS to individual balance sheet pressure. The typical LFS customer is a 20-something, city worker living in rented accomodation. CSP customers tend to be older and own their own homes. LFS customers are more likely to lose their job, move away etc than CSP customers. Also CSP has the advantage that its Fitness Express gyms recieve fixed payments from the gym owners regardless of 'footfall'. And finally, a mate of mine works in the Brentwood Dragons and she is always complaining that they are "sooooo busy". CSP are up another 3.5% today. Mid price is now 7.5p, or 36% higher than when I started this thread 4 weeks ago! Set a target price of 14p.
wonder boy
Operating profits for 2003 will possibly be £6 million or there abouts,but you need to allow for tax and central costs before working out the PE.Tax losses may well impact the tax charge short term but you really need to allow for it when valuing the business.Debt will depend on this years cashflow but will probably end closer to £20 million than £15m.The demographic of their membership and it's geographic concentration in the south east is a concern.Individual balance sheets are under pressure and i know that renewals have been under severe pressure this year within the industry,there is every reason to suspect that Dragon will have suffered as much as others.Interestingly the other stock you showed an interest in ,LA is perhaps less exposed in this way.Anyway shares do look too cheap,but as you say they are illiquid.
Interesting thread which no one else appears willing to acknowledge.I have a couple of questions.How do you get to a debt level of £15 million?And secondly how do you project a figure of £6 million for current year operating profits?
Come on! Somebody must hold or follow these. The company received a £42 million takeover offer in December 2002. The company has made terrific progress since then but it's share price has lagged behind. Currently valued at just £20 million.
wonder boy
CSP hold 4,100,000 Clubhaus shares worth about GBP33,000. Not a great deal, infact they add about 0.01p per CSP share.
wonder boy
Think CSP own a significant proportion of Clubhaus. They wrote off the investment in their last accounts but Clubhaus are staging a recovery. Anyone know how I can find out what proportion of Clubhaus equity is held by CSP? I've tried CSP, Clubhaus and IRG (the registrars) but had no luck. Cheers.
wonder boy
An old article (March 2003) but you wont find this information anywhere else i.e. Crown Sports website or last set of accounts. Particularly interesting because this is a Best Western hotel. Best Western are possibly the largest hotels group in the world. Could this be the first tie up of many between Best Western and CSP? Currently trying to find out how many further gyms they've opened this year: "Fitness Express to Open Gym in Listed Hotel...Fitness Express, part of the Crown Sports group, is set to open a new health and fitness club at the Cambridge Quy Mill Hotel in Stow-Cum-Quy, Cambridgeshire... Facilities will include a central 12m swimming pool, a large gym, fully-equipped by Precor plus a sauna, steam room and spa pool...Fitness Express is now offering a range of tailor-made services, including market analysis, feasibility studies and complete contract management."
wonder boy
What does the company do? Crown Sports plc owns and operates 22 mid-sized health and fitness clubs across the UK trading under the Dragons name, it also oversees a further 27 health and fitness clubs based in Europe and the Middle East on a contract management basis. The company is now focused entirely on these core businesses following the disposal of the golf, sports publishing and sports betting businesses during 2003. How much is the company valued at? With 291 million shares in issue and a current share price of 6.375p, CSP is valued at £18.55 million. What is the Net Asset Value (NAV)? Net assets at 31 December 2002 were £51.12 million. Since this date the company has disposed of Crown Golf, the Winning Line and Crown Content decreasing NAV by £17.2 million. Current NAV is therefore £33.92 million (or 11.66p per share). Approximately 93% of assets are good quality tangible assets including 11 health and fitness club freeholds and 7 long leaseholds (i.e. greater than 50 years). These clubs are typically based in the Home Counties around London and with property prices booming in the last few years they could be worth considerably more than their book value (I intend to do more research here). Are revenues growing? Turnover at the core business was £28.1 million in 2002 (2001: £21.6 million), an increase of 30% on the year. I expect further revenue growth this year as the company benefits from having fully integrated the 7 health and fitness clubs acquired in 2001 and completed major refurbishment works on 5 further clubs. What about costs? Management implemented a major cost reduction programme mid-2002 the results of which will only be fully reflected in the 2003 accounts. Costs reduction measures include elimination of layers of management, reducing central overheads and improving buying terms. Exceptional costs of £8.4million in 2002 relate almost entirely to bid defence costs, acquisition/disposal costs and impairment of fixed assets relating to the disposed businesses only i.e. they truly are exceptional costs and will not be repeated in 2003. Will improved revenue and costs translate to profits and cash flow? The group made an operating profit before exceptional items of £4.3 million in 2002, after exceptionals (which I stress again relate almost entirely to the businesses disposed of in 2003 and are not repeatable) the company made a £6.2 million loss. Stripping out the revenues and costs of the disposed businesses, subtracting the exceptional items and assuming constant costs and revenues in the core businesses (remember costs should be substantially lower in 2003), operating profit for 2003 will be about £6 million. This puts CSP on a prospective P/E of just 3! Negative cash flow of £2.3 million in 2002 should be reversed this year because of substantially reduced debt financing requirements and a reduced need for refurbishment and integration works. What are the prospects for growth? CSP has a reputation for growth via acquisition. The reduction in debt (see below) means that CSP is again in a position to grow its business. I believe the health and fitness industry has solid long-term growth prospects and CSP has the management to exploit this (they previously turned Sportsmedia from a £20 million operation into a FTSE 350 company). In addition CSP is in talks with several companies about managing their gyms on a contract basis, an area in which CSP is considered the industry leader. Any potential issues with the company / industry? Not really. The disposal programme is now complete and has allowed the company to reduce debt from £60.2 million at 31 December 2001 to approximately £15 million now. The company has banking facilities totalling £53 million including a £40 million loan repayable over 7 years – this company is not going into liquidation in the foreseeable future. The health and fitness market is maturing in the UK but CSP is expanding into Europe and the Middle East via contract management. Margins may have come under pressure but management have acted quickly to reduce costs. One potential issue is that approximately 84% of shares are held by just 6 shareholders. However, these investors appear to be in for the long haul, and if that proves to be correct the share price should benefit from the limited free float through gearing (i.e. small increase in demand for shares will result in large price increase because of restricted supply). Conclusion: The company has been undervalued in recent years because of worries about high debt levels and a somewhat confusing 'sports conglomerate' strategy. The completion of the disposal programme has resolved these issues and the company is ripe for a re-rating. CSP is a much leaner and more focused company. It has a solid asset base and good growth prospects. Do your own research and be happy with your findings.
wonder boy
Belcher, Bought in first thing this morning (before the 13% rise). These shares offer terrific value in my opinion! Not going to blindly ramp them though, I will post my research on here when I get the time (later this week). Like you, I was concerned with the small free float at first. However, both Bennelong and Sports Assets (whose combined holding represents over 50% of the total share capital) seem to be in these for the long haul. Infact I believe one of them could eventually try to bid for CSP, Bennelong have already tried it once! The advantage of a small free float where the large holders do not sell is gearing (i.e. small rise in demand for shares causes a leap in the price because supply is restricted).
wonder boy
Not sure there is a real market for these shares - just monority few and Bennelog. There has been so little trade that I doubt if you could buy any.
steam belcher
Thought I'd bring this thread back to the top. CSP has just completed it's disposal programme which has resulted in a massive drop in gearing (to around 40%) and left it focused on its core business i.e. gyms. Will do some research on this one over the weekend and post my findings next week. Looks very cheap though with a prospective P/E of around 2.5. Any opinions / comments about the company would be appreciated. Cheers.
wonder boy
RNS Number:1789D Crown Sports PLC 31 October 2002 Not for release, publication or distribution in or into the United States, Canada or Japan PRESS ANNOUNCEMENT FOR IMMEDIATE RELEASE 31 October 2002 CROWN SPORTS PLC ("Crown Sports" or the "Company") RELEASE OF DEFENCE DOCUMENT Crown Sports is today writing to its Shareholders explaining why they should continue to reject the unsolicited and inadequate offer of 5 pence per Crown Sports ordinary share made by Altium Capital Limited on behalf of Bennelong UK Limited ("Bennelong") (the "Offer"). The document draws Crown Sports Shareholders' attention to the following: Maximising Shareholder value * Since the announcement of the Offer on 16 October 2002, significant interest has been shown in the Group's businesses * The Independent Directors concluded that materially higher value could be achieved for Shareholders through the disposal of some or all of the Group's trading businesses * Significant progress has already been made: - exclusivity granted to a proposed #14.5 million cash sale of Crown Golf. A contract is expected to be signed shortly; the deal would be subject to shareholder approval - the Crown Golf proposal equates to 5 pence per Crown Sports Share and compares to Crown Golf's net assets as at 30 June 2002 of #15.6 million - the Crown Golf proposal represents a multiple of 9.5 times operating profit (after allocation of central costs) for the year ended 31 December 2001 - the Crown Golf proposal implies a discount to net assets as at 30 June 2002 of only approximately 7 per cent. compared to a discount of 75 per cent. to net assets implied by the Offer - the Company has entered into discussions with a number of parties who have expressed interest in acquiring the health club businesses - in relation to the remaining trading businesses, the Company has received a number of approaches and the Independent Directors will be entering into discussions as a matter of urgency Ray Pierce, Independent Director of Crown Sports, said: "The proposed terms agreed for Crown Golf and the level of interest so far shown for the Group's other trading businesses lead us to believe that there is materially more value in Crown Sports than represented by the Offer. We are determined to deliver this greater value for the benefit of all Shareholders." Current trading * Encouraging like-for-like turnover growth of approximately 1 per cent. and 7 per cent. for Dragons Health Clubs and Crown Golf, respectively, for the nine months to 30 September 2002 (compared to 1 per cent. and 6 per cent, respectively, for the six months to 30 June 2002) * Cost and capital expenditure reduction programmes initiated prior to the interims are delivering cost savings in line with the Independent Directors' expectations * Since 30 June 2002, the Company has sold its 9.9 per cent. stake in Esporta plc and has used the proceeds of #14.5 million to retire debt; taking account of this, net debt as at 30 June 2002 would have been #33.8 million. This debt position compares to the Group's tangible assets of #88.3 million as at 30 June 2002 * The Independent Directors continue to expect a satisfactory outcome for the current year with overall trading in line with their expectations Enquiries: Crown Sports Tel: 020 7466 5000 Ray Pierce Hawkpoint Tel: 020 7665 4500 David Renton Tom Bayne Buchanan Communications Tel: 020 7466 5000 Mark Edwards The Independent Directors accept responsibility for the information contained in this announcement and, to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Hawkpoint Partners Limited ("Hawkpoint"), which is regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Crown Sports and no-one else in connection with the offer from Bennelong and will not be responsible to anyone other than Crown Sports for providing the protections afforded to clients of Hawkpoint, nor for providing advice in relation to the contents of this announcement nor any other matter referred to herein. This information is provided by RNS The company news service from the London Stock Exchange END
Only 1 MM left at 6.5p to buy now. Looks like someone is stakebuilding at 6.5p. I wonder what the next take out price will be? ST.
Serious buying going on at 6p. ST.
Flying up pre mkt!!!!! ST.
IMO, a counter bid is coming or Bennelong UK Ltd will come back with a better offer. :-)) ST.
Crown Sports PLC 25 October 2002 PRESS ANNOUNCEMENT EMBARGOED UNTIL 7.00AM 25 October 2002 CROWN SPORTS PLC ('Crown Sports' or the 'Company') OFFER REJECTION Crown Sports notes the announcement on 17 October 2002 by Bennelong UK Limited ('Bennelong') regarding the posting of its formal offer documentation. The Board announces that a committee of independent directors of Crown Sports, comprising Martin Knight, Ray Pierce and Robert Rayne (the 'Independent Directors'), has been established in order to consider the offer by Altium Capital Limited on behalf of Bennelong of 5 pence in cash per Crown Sports share (the 'Offer'). In the light of his interest in Bennelong, Jeff Chapman, Chairman of Crown Sports, has agreed to take no part in the consideration of the Offer. The Independent Directors, who are being advised by Hawkpoint Partners Limited ('Hawkpoint'), believe that the terms of the Offer substantially undervalue Crown Sports. As a result, the Independent Directors are actively pursuing all options to maximise shareholder value, including the potential sale of some or all of Crown Sports trading businesses. In providing advice to the Independent Directors, Hawkpoint has taken into account the Independent Directors' commercial assessments. Commenting on the Offer, Ray Pierce, Independent Director of Crown Sports, said: 'This bid substantially undervalues Crown Sports and the Independent Directors are actively exploring all options to maximise shareholder value. We will be writing to shareholders next week and advise shareholders to take no action at this time.' Enquiries: Crown Sports Tel: 020 7466 5000 Ray Pierce Hawkpoint Tel: 020 7665 4500 David Renton Tom Bayne Buchanan Communications Tel: 020 7466 5000 Mark Edwards The Independent Directors accept responsibility for the information contained in this announcement and, to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Hawkpoint, which is regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Crown Sports and no-one else in connection with the offer from Bennelong and will not be responsible to anyone other than Crown Sports for providing the protections afforded to clients of Hawkpoint, nor for providing advice in relation to the contents of this announcement nor any other matter referred to herein. This information is provided by RNS The company news service from the London Stock Exchange
To get a yes vote!
People are still buying at 5p, why on earth for??!! Is there another bid coming? ST.
Why are people buying this stock at 5p? It makes no sense as the price offered in the bid talks is 5p so why would anyone want to buy at the current price?? Maybe there's a counter bid in the offing?? ST.
is this stock not trading today?
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
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