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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Deep-Sea Leis. | LSE:DSL | London | Ordinary Share | GB0002609781 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 70.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 6594v DEEP-SEA LEISURE PLC 17 September 1999 DEEP-SEA LEISURE PLC Interim Results for the half-year ended 31 August 1999 Deep-Sea Leisure PLC announces its unaudited interim results for the half-year ended 31 August 1999. Highlights ---------- Half-year ended 31 August 31 August Change 1999 1998 #'000s #'000s Turnover 3,474 2,461 + 41.2% Operating profit 1,340 1,009 + 32.8% Pre-Tax profit 907 798 + 13.7% Earnings per share 14.5p 13.4p + 8.2% Commenting on the results, Phil Crane, Managing Director of Deep-Sea Leisure, said: "Despite the increase in Turnover and Pre Tax Profits, which reflect a full contribution from the Blue Planet for the whole of the period compared to a six week contribution in the same period last year, the results fall far short of the Directors' projections. In particular, the long spell of exceptionally warm dry weather has adversely affected visitor numbers to the Blue Planet and these have fallen well short of expectations. However, the Directors remain confident in the quality and location of the Blue Planet Aquarium and this, together with the potential for management contracts in other sites across Europe, continues to give the Board confidence in the future prospects of the Company". For further information, please contact: Phil Crane, Managing Director, Deep-Sea Leisure (0131) 343 6682 or (0860) 796 832 Norman Yarrow, Director, Deep-Sea Leisure (0131) 220 4110 Michael Westmacott, Compro PR (0131) 319 1477 Simon Clarke, Williams de Broe (0131) 220 3686 MANAGING DIRECTOR'S REVIEW -------------------------- RESULTS ------- With a full 6 months trading from both Aquariums, turnover is well up from the same period last year. Turnover for the period of #3,474,000 is up 41.2% from #2,461,000 last year and Profit Before Tax of #907,000 is up 16.2% from #798,000 last year. However, these figures fall well short of expectations for the traditionally busier half of the year and do not reflect the full potential of our Aquariums. Since Easter the country has experienced some of the warmest and driest weather for a decade and in line with other indoor attractions, we have suffered accordingly. In addition, the continued strength of sterling has had an impact on the number of tourists visiting the UK. The impact of these factors on visitor numbers should not cloud the considerable steps taken to improve and strengthen the business and your Directors remain pleased with the underlying resilience and potential of the Company. BLUE PLANET AQUARIUM -------------------- Our Ellesmere Port location has taken the brunt of poor summer trading, with visitor numbers of 283,000 during the period being well short of projections. However, I am pleased to report that, whilst entrance revenue was down on expectations, every other department achieved increased margins and better average spends than last year. Customer reviews of our product are outstanding (83% rate it "good" to "excellent") and revisitation stands already at 16%, very high for a visitor attraction after only one year of operation. This continues to give your Directors confidence in the quality of the Blue Planet and its ability to penetrate its market catchment area to at least the same extent achieved by Deep Sea World in Scotland. A large effort has been put into marketing the Blue Planet and this will be continued over the winter with emphasis on corporate entertainment over the Christmas period. This marketing has paid off on the odd wet days when visitor numbers have exceeded 4,000 but it has been hard to penetrate the market on hot sunny days which have been prevalent over the summer and early autumn. The company has recently been provided with an ERDF grant to help with marketing and this is welcomed by the Directors. SCOTLAND -------- Deep Sea World has similarly suffered from the effects of a warm summer but not to the same extent, being only #18,000 behind last year's operating profit, a creditable result in the circumstances which again demonstrates the underlying resilience of this business. As with the Blue Planet, six out of seven departments have improved margins and average spend and further marketing and other initiatives are being explored to help increase visitor numbers. During the year we have transformed the theatre into an interactive amphibian display which has proved to be a popular addition for visitors. DIVIDEND -------- Your Directors consider it inappropriate to recommend a dividend at this time. FUTURE SITES ------------ The company continues to pursue opportunities that do not commit it to large capital investment: essentially using our skill and experience to design, build and operate aquariums for other investors. We are engaged in negotiations in Holland, Germany, Spain and Canada. Decisions on our project in Seville will be taken in late autumn when the Spanish authorities report definitively on the extent of grant assistance. OUTLOOK ------- Despite the disappointing trading over the warm summer months, your Directors remain confident about the quality and location of the Blue Planet Aquarium and are reviewing the business in order to find ways of making it less weather dependent. This, together with the potential for management contracts at other sites across Europe, continues to give your Board confidence in the future prospects of the Company. The Board is continually looking at ways to increase value for shareholders including joint ventures and partnerships to exploit the Company's expertise and experience in the development of aquariums whilst minimising the capital outlay. To this end, the Board has asked its Corporate Advisers to consider the strategic options available to the Company. Unaudited Profit and Loss Account for the half-year ended 31 August 1999 -------------------------------------- Half Year to Half Year to Year to 31 August 1999 31 August 1999 28 February 1999 (Unaudited) (Unaudited) (Audited) #'000s #'000s #'000s Turnover 3,454 2,461 4,780 Cost of Sales (474) (335) (659) ----- ----- ----- Gross Profit 2,980 2,126 4,121 Administrative Costs (1,640) (1,117) (2,462) Operating Profit 1,340 1,009 1,659 Exceptional Item 0 (42) (1,059) Interest Payable (net) (433) (169) (649) ----- ----- ----- Profit Before Tax 907 798 (49) Taxation 0 0 0 Profit After Tax 907 798 (49) ===== ===== ===== Earnings per Share (pence) 14.5 13.4 16.1 (Before Exceptional Item) ===== ===== ===== Unaudited Balance Sheet as at 31 August 1999 ----------------------- As at As at As at 31 August 1999 31 August 1998 28 February 1999 (Unaudited) (Unaudited) (Audited) #'000s #'000s #'000s Fixed Assets 20,091 18,589 20,200 Current Assets Stocks 632 405 683 Debtors 179 1,178 444 Cash 21 17 17 Creditors: Amounts falling due within (4,420) (2,563) (5,766) one year Net Current Liabilities (3,588) (963) (4,622) Total Assets less Current 16,503 17,626 15,578 Liabilities Creditors: Amounts falling due outwith (7,516) (8,404) (7,615) one year Accruals and Deferred Income (3,162) (3,456) (3,051) ----- ----- ----- Net Assets 5,825 5,766 4,912 ===== ===== ===== Capital and Reserves Called up Share Capital 1,316 1,316 1,316 Share Premium Account 3,027 3,028 3,021 Profit and Loss Account 1,482 1,422 575 ----- ----- ----- Shareholders' Funds 5,825 5,766 4,912 ===== ===== ===== Whereof: Equity 5,328 5,269 4,415 Non-Equity 497 497 497 ----- ----- ----- 5,825 5,766 4,912 ===== ===== ===== Unaudited Cash Flow Statement for the half-year ended 31 August 1999 Half-Year to Half-Year to Year to 31 August 1999 31 August 1998 28 February 1999 (Unaudited) (Unaudited) (Audited) #'000s #'000s #'000s Operating Profit 1,340 1,009 600 Depreciation Charges 288 112 379 Movement in Stocks 51 (129) (307) Movement in Debtors 245 132 661 Movement in Creditors (493) 90 367 Grant Released (325) (56) (366) Net Cash Flow from 1,106 1,158 1,334 Operations Servicing of Finance (297) (134) (977) Capital Expenditure (624) (4,048) (5,591) Cash Flow before Financing 185 (3,024) (5,234) Financing 0 3,267 2,959 Net Movement in Cash 185 243 (2,275) Notes to the Interim Financial Statements ----------------------------------------- 1. The Board is not recommending the payment of an interim dividend. 2. The Interim Financial Statements do not constitute statutory accounts and have been prepared using the same accounting policies as set out in the audited reports and accounts for the year-ended 28th February 1999. The figures for the year ended 28th February 1999 are extracted from the audited accounts for that year, which have been delivered to the Registrar of Companies and on which the auditors gave an unqualified report. 3. The calculation of earnings per share is based on the profit for the period and on the number of ordinary shares is issued during the period of 6,267,063 (1998:6,267,063). 4. No liability to corporation tax arises on the profit for the period by reason of the availability of capital allowances on expenditure on fixed assets. The Directors consider that provision for deferred taxation is not required because it is unlikely that an actual liability will crystallise in respect of timing differences arising from such capital allowances. 5. This statement will be sent to shareholders shortly and copies are available from the Company's registered office, North Queensferry, Fife, KY11 1JR, Scotland. 17th September 1999 END IR LDFFFKKKEBKE
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