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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:0435F Deep-Sea Leisure PLC 12 December 2002 News Release 12 December 2002 Deep Sea Leisure PLC Interim Results for the six months ended 31 August 2002 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 2002. Highlights * Pre-tax profit up 53% to #1.06m before exceptional items (#0.69m for corresponding period) on turnover of #3.76m (#3.65m for corresponding period) * Improved margins achieved through strengthened management team with enhanced operational cost controls and further plans to improve margins during 2002/2003 * Acquisition of a majority interest in Deep Sea Leisure by Net-Ein, part of the Aspro Group, the operator of water parks, animal parks and aquariums in Europe, completed in August 2002 - AIM listing retained * Richard Golding appointed Chairman following Board restructure and year-end changed to October from February. Intention to report results for the eight month period ended 31 October 2002 to shareholders early in the New Year. For further information please contact:- Richard Golding, Chairman Deep Sea Leisure plc 0034 91 562 5010 Stuart Earley, Managing Director Deep Sea Leisure plc 0151 357 8804 Roland Cross, Director Broadgate 020 7726 6111 Chairman's Interim Statement This has been an eventful period for the Company in terms of corporate activity and one which has seen much progress made from an operational and financial perspective. During the six months ended 31 August 2002, pre-tax profit increased 53% to #1.06m, before exceptional items, (#0.69m for corresponding period) on turnover of #3.76m (#3.65m for corresponding period). The exceptional items of #0.233m referred to above primarily consist of advisors fees incurred by the Company during the acquisition of a majority interest in Deep Sea Leisure PLC by Net-Ein. As previously advised, notwithstanding the acquisition of a majority interest by Net- Ein in August, the Board intends to maintain the Company's listing on the AIM market. Since the appointment of Stuart Earley as Managing Director, in February 2002, new management systems have been introduced that have helped to improve the Company's trading performance. Stuart Earley has brought a useful perspective to the business, building on his experience at Whipsnade Wild Animal Park and working for the State of Florida Tourism Division. The operational strategy for the Company has focused on maximising per capita spends and margins and not chasing visitor numbers without financial growth. Consequently, whilst visitor numbers have not been as high as the same period in 2001, when the Foot & Mouth crisis led to the temporary closure of many of our competitors, per capita spend has increased by over 12.4%. To put this in context, visitor numbers for the first six months of the year were in excess of 501,000 compared to 546,000 in 2001, representing a reduction in visitor numbers of 8.2%. During the same period overall per capita spend has increased from #6.67 to #7.50, meaning that, despite the drop in visitor numbers, turnover has increased year on year by 2.9% to #3.76m. Despite these successes there are a number of areas where there is still significant room for improvement and therefore future growth opportunities. The most significant area for improvement is marketing and it is your Board's conviction that profitable turnover growth will be driven by new cost effective marketing initiatives planned for the 2003 season which will be focused on achieving greater returns on the marketing spend. Membership schemes and functions are also key potential income streams and there will undoubtedly be opportunities to develop best practice across the business. Against this background the outcome for the eight month period ended 31 October 2002 looks encouraging and the Company is poised to move forward with significant new initiatives focused on profitable growth. The financial results of Deep Sea Leisure are now incorporated into those of the Aspro Group. Accordingly and following the appointment of new auditors to the Company, the Board considered it appropriate to undertake a thorough review of operational and accounting matters. As part of this review, the Board has considered the appropriateness of its accounting policies, in particular, the accounting treatment of the European Regional Development Grant which amounted to #3m and assisted the construction of Blue Planet. Previous treatment was to release the grant to profit and loss over the economic life of the grant which was deemed to expire in March 2003. The Board however now consider that an alternative treatment, releasing the grant over the useful economic life of the assets acquired would be more appropriate. The Board considered this matter carefully as any change in accounting treatment would have a significant effect on both the balance sheet and future profits. The interim statement reflects this change of policy with the grant being released partly over 20 and also over 50 years. The net impact of this change in policy is detailed in note 3. Irrespective of the impact of these changes in accounting policy the Board is delighted that profits have risen significantly year on year. The Board has decided that the Company's financial year should be changed to 31 October, enabling final results to reflect the Company's busiest trading period, and also to be consistent with the Aspro Group. The Board will therefore report audited results for the eight month period ending 31 October 2002 early in the New Year. Richard Golding Chairman 12 December 2002 Unaudited profit and loss account for the half year ended 31 August 2002 Half year to Half year to Full year to 31 August 31 August 2001 28 February 2002 2002 #000 #000 #000 RESTATED RESTATED Turnover 3,761 3,655 6029 Cost of sales (531) (535) (862) _______ _______ _______ Gross profit 3,230 3,120 5,167 Administrative expenses (1,976) (2,115) (3903) _______ _______ _______ Operating profit before exceptional items 1,254 1,005 1,254 Exceptional expenses (233) - - _______ _______ _______ Operating profit before interest 1,021 1,005 1,254 Interest payable (203) (319) (514) _______ _______ _______ Profit on ordinary activities before taxation 818 686 740 Tax on profit on ordinary activities (335) (228) (248) _______ _______ _______ Profit retained for the financial year for equity shareholders 483 458 492 _______ _______ _______ Earnings per ordinary share - basic 2.54p 2.41p 2.65p _______ _______ _______ adjusted 3.76p 2.41p 2.65p _______ _______ _______ Unaudited balance sheet at 31 August 2002 Half year to Half year to Full year to 31 August 2002 31 August 2001 28 February 2002 RESTATED RESTATED #000 #000 #000 #000 #000 #000 Fixed assets Tangible assets 18007 18,730 18,251 Current assets Stocks 383 414 365 Debtors 104 207 64 Cash at bank and in hand 314 247 62 ______ ______ ______ 801 868 491 Creditors: amounts falling due within one year (2,821) (3,703) (2,202) ______ ______ ______ Net current liabilities (2,020) (2,835) (1,711) ______ ______ ______ Total assets less current liabilities 15,987 15,895 16,540 Creditors: amounts falling due after more than one year (3,154) (3,785) (4,447) Accruals and deferred income (2,945) (3,100) (3,023) Provision for liabilities and charges (1,378) (1,023) (1,043) ______ ______ ______ Net assets 8,510 7,987 8,027 ______ ______ ______ Capital and reserves Called up share capital 960 960 960 Share premium account 5,902 5,902 5,902 Capital redemption reserve 1,003 1,003 1,003 Profit and loss account 645 122 162 ______ ______ ______ Shareholders' funds 8,510 7,987 8,027 ______ ______ ______ Unaudited cash flow statement for the half year ended 31 August 2002 Half year to Half year to Full year to 31 August 2002 31 August 28 February 2001 2002 #000 #000 #000 Operating profit 1,026 1,010 1,271 Depreciation charges 382 449 832 Decrease in stocks (18) (48) 1 (Increase)/decrease in debtors (40) (168) (25) (Decrease)/increase in creditors (269) (233) (757) Grant released (83) (83) (166) _____ _____ _____ Net cash inflow from operating activities 998 927 1,156 Cash flow statement Servicing of finance (203) (319) (514) Capital expenditure (118) (253) (157) ______ ______ _____ Cash inflow/ (outflow) before financing 677 355 485 Financing (425) (1,405) (1,720) ______ ______ ______ (Decrease)/Increase in cash 252 (1,050) (1,235) ______ ______ ______ 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 2002, except as reported below in note 3. The figures for the year ended 28 February 2002 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. The restatement of prior year accounts follows the implementation of FRS 19 'Deferred Tax' requiring the recognition of the tax liabilities which were previously unrecognised. The recognition of these liabilities has given rise to a prior year adjustment, with provisions for liabilities and charges being increased by #1,023,000 and revenue reserves decreased by #1,023,000 at 31 August 2001. An additional restatement has been made to account more appropriately for capital grants received, to amortise them over the useful economic lives of the assets for which the grants were provided. The effect of this change on the results for the six months ended 31 August 2002 is to reduce the reported profit before taxation by #255,000. Comparative figures have been restated and the effect is to decrease the reported profit before taxation for the six months ended 31 August 2001 by #255,000, to increase the accruals and deferred income by #1,724,000 and decrease revenue reserves by #1,724,000. This information is provided by RNS The company news service from the London Stock Exchange END IR ELLFFLLBEFBX
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