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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:1832Y Deep-Sea Leisure PLC 4 July 2002 Date: Thursday 4 July 2002 Contacts: Michael Denny, Non-Executive Director, Deep-Sea Leisure 0131 260 1000 Deep-Sea Leisure PLC Preliminary Announcement of Financial Results to 28 February 2002 Highlights 2002 2001 £000 £000 *restated Turnover 6,029 5,056 Operating profit 1,770 1,647 Pre-tax profit 1,256 796 Earnings per ordinary share - basic 4.28p 4.54p Earnings per ordinary share - adjusted 6.54p (8.11)p * As explained at Note 2 to the preliminary announcement. Directors' Statement I am pleased to report that in the year to February 2002, Deep-Sea Leisure PLC achieved turnover of £6.029 million and a resultant pre tax profit of £1.256 million. These figures compare with £5.056 million and £0.796 million respectively for the previous year ended February 2001. It should be noted, however, that the pre-tax profit for the previous year contained both a windfall profit due to the writing off of some bank debt and some exceptional costs relating to the restructuring of the business. If those items are ignored, then the previous year showed an adjusted pre tax loss of £0.719 million. The improvement both in turnover and profit is therefore substantial and the final result is considered most satisfactory. In the quarter ended 2 June 2002, the company improved its trading performance with sales up by 7% over the equivalent period last year and as a result and subject to no unforeseen matters, the board looks forward to another satisfactory result to the year to February 2003. Shareholders have received a mandatory cash offer from its major shareholder - Net-Ein SA. This offer was subsequently declared unconditional in all respects on 2 July 2002. The board urges shareholders to take no action. A more detailed response will be issued in due course. EMP Denny Director 4 July 2002 Profit and loss account for the year ended 28 February 2002 2002 2001 £000 £000 *restated Turnover 6,029 5,056 Cost of sales (862) (976) _______ _______ Gross profit 5,167 4,080 Administrative expenses (3,397) (4,433) Waiver of debt - 2,000 _______ _______ Operating profit 1,770 1,647 Interest payable and similar charges (514) (851) _______ _______ Profit on ordinary activities before 1,256 796 taxation Taxation (435) (393) _______ _______ Profit retained for the financial year for equity shareholders 821 403 Earnings per ordinary share - basic 4.28p 4.54p - adjusted 6.54p (8.11p) * As explained at Note 2 to the preliminary announcement. Balance sheet at 28 February 2002 2002 2001 *restated £000 £000 £000 £000 Fixed assets Tangible assets 18,251 18,926 Current assets Stocks 365 366 Debtors 64 39 Cash at bank and in hand 62 1,297 ______ ______ 491 1,702 Creditors: amounts falling due within one year (2,202) (4,871) ______ ______ Net current liabilities (1,711) (3,169) ______ ______ Total assets less current liabilities 16,540 15,757 Creditors: amounts falling due after more than one year (4,447) (4,255) Accruals and deferred income (1,044) (1,709) Provision for liabilities and charges (992) (557) ______ ______ Net assets 10,057 9,236 Capital and reserves Called up share capital 960 960 Share premium account 5,902 5,902 Capital redemption reserve 1,003 1,003 Profit and loss account 2,192 1,371 ______ ______ Shareholders' funds - equity 10,057 9,236 * As explained at Note 2 to the preliminary announcement. Cash flow statement for the year ended 28 February 2002 Reconciliation of operating profit to net cash inflow from operating activities 2002 2001 £000 £000 Operating profit 1,770 1,647 Waiver of debt - (2,000) Depreciation charges 832 886 Decrease in stocks 1 259 (Increase)/decrease in debtors (25) 211 (Decrease)/increase in creditors (757) 125 Grant released (665) (671) _____ _____ Net cash inflow from operating activities 1,156 457 Cash flow statement Net cash inflow from operating activities 1,156 457 Returns on investments and servicing of finance (514) (998) Capital expenditure (157) (23) ______ ______ Cash inflow/(outflow) before financing 485 (564) Financing (1,720) 2,617 ______ ______ (Decrease)/increase in cash (1,235) 2,053 Notes 1) Basis of preparation The financial statements have been prepared in accordance with applicable accounting standards and under the historic cost accounting rules. On 2 July 2002 the Board of Net-Ein SA, a subsidiary of the Aspro Group, a privately owned Spanish company announced that it had acquired approximately 51.9% of the company's share capital. The company is currently subject to a mandatory cash offer for the balance of its share capital not already owned by Net-Ein SA. While the directors believe the offer undervalues the shares it is likely that the business will become a subsidiary of the Aspro Group at the conclusion of the offer period. The directors have no knowledge of the future plans of Aspro Group for the company or of any potential restructuring of the business within that Group or of its financing which may be carried out. The company's existing bank borrowings, consisting of term loans and an overdraft facility and amounting to £5,200,000 at the year end, all contain clauses permitting the bank to require their repayment in the event of a change in ownership. The directors have prepared the accounts on the going concern basis on the assumption that the potential new owners will continue to operate the business and will put in place sufficient funding such that the company will continue in operational existence for the foreseeable future. 2) Prior year adjustment The accounts comply with Financial Reporting Standard (FRS 19) "Deferred tax" which has resulted in a change in the accounting policy for deferred tax to a full provision basis. Previously provision for deferred tax was made to the extent that an actual liability for timing differences between the treatment of certain items for taxation and accounting purposes which had arisen but not reversed at the balance sheet date would crystallise. Full provision on an undiscounted basis is now made for all such timing differences as they arise. The effect of this change has been to reduce profit after tax for the year to 28 February 2002 by £435,000 and the year to 28 February 2001 by £393,000. The provision for deferred tax has been increased to £557,000 at 1 March 2001. 3) Earnings per ordinary share 2001 2001 2002 Earnings 2002 Earnings Earnings restated Earnings restated Pence per Pence per £000 £000 share share Basic 821 403 4.28 4.54 Adjusted for exceptional income - (1,515) - (17.09) Deferred tax 435 393 2.26 4.44 _____ _____ _____ ______ 1,256 (719) 6.54 (8.11)p The calculation of earnings per share is based on the number of ordinary shares which were in issue during the year of 19,199,783 shares (2001 - 8,860,278) calculated in accordance with Financial Reporting Standard 14. Adjusted earnings per share are shown to provide shareholders with additional information on continuing operations before exceptional items and prior year adjustments. 4) General The financial information set out on the previous pages does not constitute the Company's Statutory Accounts for the years ended 28 February 2002 or 2001 but it is derived from these accounts. Statutory Accounts for the previous financial year ended 28 February 2001 have been delivered to Registrar of Companies and those for the financial year ended 28 February 2002 will be delivered following the Company's Annual General Meeting. The Auditors have reported on those accounts: the reports were unqualified and did not contain any statements under section 237(2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange
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