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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 Number:9194P Deep-Sea Leisure PLC 24 August 2000 DEEP-SEA LEISURE PLC (the "Company") Preliminary Results for the Year Ended 29 February 2000. Details of Refinancing Proposed Rights Issue of up to #2.5 million Deep-Sea Leisure PLC, the aquarium company, announces its preliminary audited results for the year ended 29 February 2000. Highlights Year ended 29 February 2000 1999 #000's #000's Turnover 5,477 4,780 Operating profit before interest, tax, depreciation and amortisation 1,581 1,672 Operating profit before exceptional items 1,451 1,659 Pre-tax profit before exceptional items 557 1,010 Earnings per share before exceptional items 8.89p 16.11p (A change in depreciation policy to reflect FRS 15 has resulted in an increase in the depreciation charge of #210,000.) CHAIRMAN'S STATEMENT Revenues for the year were somewhat below expectation, particularly during the peak summer season. Cost over-runs against the original budgets were incurred in the completion of the Blue Planet, the new aquarium in Cheshire which opened in July 1998. Consequently, although able to service debt interest, the Company was unable to generate the cash flow necessary to meet scheduled debt repayments. During the period since the year end, significant effort has been applied to finding a remedy for the breach of the banking agreements with the Company's former bankers, Allied Irish Bank (GB) and Bank of Ireland. This has resulted in a refinancing package which has been agreed and implemented today as follows. The Company has refinanced its entire banking facilities under a new agreement with the Bank of Scotland. The new facilities take the form of a #7 million term loan and #750,000 overdraft facility. In addition the Company's former bankers have agreed to write-off #2 million of debt. Further, the Bank of Scotland has extended a bridging facility of #2 million which is to be repaid from the proceeds of a proposed rights issue of up to #2.5 million at 30p per share. This proposed rights issue will be underwritten to the extent of #2 million by Northern Venture Partnership Fund, Northern Investors Company plc, Northern Venture Trust plc, Scottish Enterprise, Dunedin Enterprise Investment Trust plc and AID Investments Limited. As Northern Venture Partnership Fund, Northern Investors Company plc and Northern Venture Trust plc, which are all managed by Northern Venture Managers Limited, already jointly own 1,889,996 ordinary shares representing 30.15 percent of the issued ordinary share capital of the Company, the proposed rights issue will be subject to shareholder approval under the whitewash procedures of The City Code on Takeovers and Mergers. A circular will be sent to shareholders in due course. Trading in the current year shows no improvement against a background of strong currency and reduced tourist numbers which have affected virtually all similar attractions. However the effect of the restructuring will be a reduction in debt of some #4 million, with the attendant reduction in interest costs. Attention will now turn to the organisation of the business, primarily concentrating on a more focused, cost effective marketing strategy and a structure which brings operating costs in line with the level of activity. As was announced on 5 June 2000 Frank O'Callaghan resigned as Chairman, having decided to reduce the number of his commitments and I was appointed Chairman on that date. Further Board changes will be announced with the posting of the circular. The posting of the audited accounts will be made before the end of August. Alastair J Ritchie 23 August 2000 For further enquiries contact: Alastair Ritchie, Chairman of Deep-Sea Leisure PLC 0131 220 3900 David McCorquodale, KPMG Corporate Finance 0131 222 2000 Profit and loss account for the year ended 29 February 2000 2000 1999 #000 #000 Turnover 5,477 4,780 Cost of sales (724) (659) _______ _______ Gross profit 4,753 4,121 Administrative expenses (3,302) (3,521) _______ _______ Operating profit 1,451 600 Interest receivable - 1 Interest payable and similar charges (894) (650) _______ _______ Profit/(loss) on ordinary activities before taxation 557 (49) Tax on profit/(loss)on ordinary activities - - _______ _______ Profit/(loss) retained for the financial year for equity shareholders 557 (49) Earnings per ordinary share 8.89p (0.78p) Earnings per ordinary share before exceptional items 8.89p 16.11p There are no recognised gains or losses other than the profit for the financial year. Balance sheet at 29 February 2000 2000 1999 #000 #000 #000 #000 Fixed assets Tangible assets 19,789 20,200 Current assets Stocks 625 683 Debtors 250 444 Cash at bank and in hand 14 17 ______ ______ 889 1,144 Creditors: amounts falling due within one year (12,691) (5,766) ______ ______ Net current liabilities (11,802) (4,622) ______ ______ Total assets less current liabilities 7,987 15,578 Creditors: amounts falling due after more than one year (158) (7,615) Accruals and deferred income (2,380) (3,051) ______ ______ Net assets 5,449 4,912 ====== ====== Capital and reserves Called up share capital 1,316 1,316 Share premium account 3,001 3,021 Profit and loss account 1,132 575 ______ ______ Shareholders' funds 5,449 4,912 ====== ====== Whereof: Equity 4,952 4,415 Non-equity 497 497 ______ ______ 5,449 4,912 ====== ====== 1. The current and prior year results are non-statutory accounts within the meaning of section 240 of the Companies Act 1985. 2. The financial information for 2000 is audited. The statutory accounts will be filed with the Registrar of Companies following the Annual General Meeting. Financial information for 1999 is taken from the audited accounts for that year. 3. The earnings per share figures of 8.89p and (16.11p) for the year ended 29 February 2000 have been calculated using profit before exceptional items for the year of #557,000 (#1,010,000) and the ordinary shares in issue during the year of 6,267,063
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