Golf Club Holdings - Interim Results

RNS No 5533k
GOLF CLUB HOLDINGS PLC
26 October 1999


Interim Results for the Six Months ended 4 July 1999

                                  6 months ended   6 months ended
                                     4 July 1999     28 June 1998
                                     (unaudited)      (unaudited)

                                            #000             #000
Clubs' Turnover                            2,760            1,465
Clubs' Operating Profit                      502              370

The first half of 1999 was a period when Golf Club Holdings made good progress
in implementing its strategy of growth through acquisition of assets with clear
development potential. In particular:

*  Vale Royal Abbey, Northwich, Cheshire was acquired in April 1998, and opened
on 1st October 1998. Since then, membership sales have been good, the course and
clubhouse well received and the overall performance has been in line with
expectations at the time of acquisition.

*  Wickham Park Golf Club, near Fareham, Hants was purchased in May 1999.
Improvements to the clubhouse and the course have already been made and the
performance has since acquisition exceeded expectations.

*  Negotiations were put in hand to acquire two further assets for development;
the Chase Golf Club at Cannock, Staffordshire for which a purchase option was
signed in July 1999; and Ecclestone Park Golf Club, near St Helens, Merseyside,
for which a purchase option was concluded in September 1999.

The underlying performance of the four established clubs in the Group's
portfolio showed a satisfying improvement over 1998, with like for like turnover
at the clubs up by 5% and like for like club operating profit up by 44%.  The
Group's overall profit was, however, held back by increased central costs and by
Vale Royal Abbey, still (as noted above) in its first year of operation.

Performance to date for the second half of the year has shown, as is customary
in this business, a significant improvement on the first half.

The prospects for future development activity are very good, not only to
increase the number of golf holes at the Group's clubs, but also to introduce
other facilities, e.g health and fitness operations, at the Group's clubs.

The Board continues to explore avenues to enhance shareholder value and to
improve returns on capital employed.


Consolidated Profit and Loss Account
6 Months Ended 4th July, 1999

                               6 Months to    6 Months to   12 Months to
                             4th July 1999 28th June 1998  27th December
                                 unaudited      unaudited   1998 audited

                                     #'000          #'000          #'000

Turnover - Continuing operations     1,567            867          2,422
(Note 1)

Operating Profit                       316            306            926

Net Interest (payable)/receivable     (313)          (187)          (499)

Profit on disposal of investments        8             54             54

Profit on ordinary activities before    11            173            481
taxation

Taxation (Note 2)                        -              -              -

Profit after Tax                        11            173            481

Preference Dividend                   (228)          (196)          (416)

Deficit carried forward               (217)           (23)            65

Earnings per share                    (0.5p)        (0.1p)          0.2p

Diluted earnings per share            (0.5p)        (0.1p)          0.2p


The earnings per share are based upon the consolidated after tax profits and the
weighted average number of shares in issue, being 47,527,276 (June 1998:
21,895,719 after adjustment for the 10 for 1 share consolidation in July 1998,
and December 1998: 34,484,370).

Diluted earnings per share are based upon the weighted average number of shares
in issue diluted for the effect of share options being 47,709,808, (June 1998:
22,117,787 after adjustment for the 10 for 1 share consolidation in July 1998,
and December 1998: 34,746,610).


Summary Consolidated Balance Sheet

                             At 4th July 1999 At 28th June        At 27th
                                                      1998  December 1998

                                        #'000        #'000          #'000
  
Fixed Assets                           21,776       19,504         20,422
 
Current Assets                          1,228          719            997

Creditors falling due within one year  (6,234)      (4,141)        (5,165)

Net Current Liabilities                (5,006)      (3,422)        (4,168)

Creditors falling due after more than  (9,774)      (8,871)        (9,040)
one year

Total Net Assets                        6,996        7,211          7,214

Share Capital and Reserves              6,996        7,211          7,214


NOTES

1 Batchworth Park Golf Club and South Winchester Golf Club are managed by
  Group companies, hence their turnover and profits are included for statutory
  purposes as management fees. The underlying turnover at the clubs owned and
  operated by the Company was #2,760,000 (1998 #1,465,000).

2 No provision has been made for taxation since it is estimated that no
  liability will arise in view of previous years' losses.

3 This interim statement for the six months ended 4th July, 1999 is unaudited
  and was approved by the directors on 25th October, 1999. The financial
  information set out above does not constitute statutory accounts within the
  meaning of section 240 of the Companies Act 1985. The information at 27th
  December, 1998 has been extracted from statutory accounts relating to the year
  ended 27th December, 1998 which have been filed with the Registrar of
  Companies.

5 The accounting policies remain as stated in the Annual Report for the
  year ended 27th December 1998.

6 The Company has considered the risks arising from the issue of year
  2000 compliance, and is satisfied that no further material costs will be
  incurred.

7 Copies of this interim report are being sent to shareholders.

8 Copies of this interim report will be available to the public free of
  charge from the office of Grant Thornton, Grant Thornton House, Melton Street
  Euston Square, London, NWI 2EP, during normal office hours, Saturdays, Sundays
  and Bank Holidays excepted, for 14 days from today.

END

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