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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:9903K Deep-Sea Leisure PLC 2 October 2001 Deep Sea Leisure PLC Interim Results for the six months ended 31 August 2001 Benefit from Increase in Visitor Numbers Deep Sea Leisure plc, the leisure company which runs two aquariums in the UK featuring marine life, announces its interim results for the six months ended 31 August 2001. Highlights * Pre-tax profit up 111% to #0.94m (#0.45m for corresponding period) before exceptional income * Turnover up 15% to #3.65 m (#3.16 m for corresponding period) * Capital investment undertaken with visitor numbers up 10% at both Deep Sea World and Blue Planet despite depression in tourist industry * Following recent financial reconstruction, gearing declined to 50% with resultant interest costs reducing by 35% to #0.32m * Tight cost controls now in place with further plans to enhance performance in 2002. For further information please contact; Alastair Ritchie, Chairman eep Sea Leisure plc 0131 220 3900 David McCorquodale, Partner KPMG Corporate Finance 0131 222 2000 Roland Cross, Director Broadgate 020 7726 6111 Chairman's Interim Statement I am pleased to report most encouraging results for the first half of the current trading year. Despite the negative effects of external influences, notably the Foot and Mouth epidemic, visitor numbers rose by 10% at both Deep Sea World and Blue Planet. As shareholders are aware, capital investment was undertaken at both and it is gratifying to see good returns being achieved. Sales income rose by 15% to #3.65m, whilst costs were reduced by 5%, resulting in an operating profit of #1.26m. Following on the financial reconstruction last year-end, gearing fell to 50%, with resultant interest costs reducing by 35% to #0.32m. Accordingly, the pre-tax profit for the period before exceptional items was #0.94m, an increase of 111% over the previous period. These figures are the outcome of the high season for our attractions and now that we have entered the quieter period of the year, we will continue to control costs in line with the level of activity. In addition, we shall formulate plans further to enhance our performance in 2002. Alastair Ritchie Chairman 2 October 2001 Unaudited profit and loss account for the half year ended 31 August 2001 Half year Half year Full year to to to 31 August 31 August 28 February 2001 2000 2001 #000 #000 #000 Turnover 3,655 3,168 5,056 Cost of sales (535) (431) (976) _______ _______ _______ Gross profit 3,120 2,737 4,080 Administrative expenses (1,860) (1,804) (3,948) _______ _______ _______ Operating profit before exceptional items 1,260 933 132 Exceptional operating income - 1,658 1,515 _______ _______ _______ Profit before interest 1,260 2,591 1,647 Interest payable (319) (487) (851) _______ _______ _______ Profit on ordinary activities before 941 2,104 796 taxation Tax on profit on ordinary activities - - - _______ _______ _______ Profit retained for the financial year for equity shareholders 941 2,104 796 Earnings per ordinary share 4.90p 33.57p 8.98p Earnings per ordinary share before 4.90p 7.12p (8.11)p exceptional items Unaudited balance sheet at 31 August 2001 Half year to Half year to Full year to 31 August 2001 31 August 2000 28 February 2001 #000 #000 #000 #000 #000 #000 Fixed assets Tangible assets 18,730 19,481 18,926 Current assets Stocks 414 679 366 Debtors 207 412 39 Cash at bank and in hand 247 19 1,297 ______ ______ ______ 868 1,110 1,702 Creditors: amounts falling due within one year (3,703) (4,327) (4,871) ______ ______ ______ Net current liabilities (2,835) (3,217) (3,169) ______ ______ ______ Total assets less current liabilities 15,895 16,264 15,757 Creditors: amounts falling due after more than one year (3,785) (6,665) (4,255) Accruals and deferred income (1,376) (2,046) (1,709) ______ ______ ______ Net assets 10,734 7,553 9,793 Capital and reserves Called up share capital 960 1,316 960 Share premium account 5,902 3,001 5,902 Capital redemption reserve 1,003 - 1,003 Profit and loss account 2,869 3,236 1,928 ______ ______ ______ Shareholders' funds 10,734 7,553 9,793 Equity 10,734 7,056 9,793 Non-equity - 497 - ______ ______ ______ 10,734 7,533 9,793 Unaudited cash flow statement for the half year ended 31 August 2001 Half year Half year Full year to to to 28 31 August 31 August February 2001 2000 2001 #000 #000 #000 Operating profit 1,260 933 1,647 Waiver of debt - - (2,000) Depreciation charges 449 433 886 Movement in stocks (48) (54) 259 Movement in debtors (168) (162) 211 Movement in creditors (233) 164 125 Grant released (333) (334) (671) _____ _____ _____ Net cash inflow from operating activities 927 980 457 Cash flow statement Servicing of finance (319) (487) (998) Capital expenditure (253) (125) (23) ______ ______ _____ Cash inflow (outflow) before financing 355 368 (564) Issue of ordinary share capital (net of issue - - 3,548 expenses) Net loans (repaid)/received (1,400) (900) (914) Bank loans waived - 2,000 - Capital element of finance leases and hire (5) - (17) purchase rentals ______ ______ ______ (Decrease)/increase in cash (1,050) 1,468 2,053 Notes 1. The Board is not recommending the payment of an interim dividend. 2. The interim financial statements do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985, they have been prepared on the basis of the accounting policies set out in the audited report and accounts for the year ended 28 February 2001. The figures for the year ended 28 February 2001 have been 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 Earnings per ordinary share are calculated as follows: Half year Half year Full year to to to 31 August 31 August 28 February 2001 2000 2001 #000 #000 #000 #000 #000 #000 Profit after tax 941 2,104 796 Exceptional operating income - (note 5) - 2,000 2,000 Exceptional refinancing costs - (342) (485) ______ ______ ______ 941 1,658 1,515 _____ _____ _____ Earnings before exceptional income 941 446 (719) Basic earnings per share 4.90p 33.57p 8.98p Earnings(loss) per share before exceptional income 4.90p 7.12p (8.11)p All calculations of earnings per share are based on the number of ordinary shares in issue during the period of 19,199,783 (August 2000 : 6,267,063; February 2001: 8,860,278). 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. 5. On 23 August 2000 the company entered an agreement with the Bank of Scotland to refinance the borrowing. The terms of this agreement were that Allied Irish Bank (GB) and Bank of Ireland waived #2,000,000 of debt and the balance of the amounts due to them were repaid on that date from a mixed debt package amounting to #9,750,000 advanced to the company by Bank of Scotland.
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