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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Peel Hotels Plc | LSE:PHO | London | Ordinary Share | GB0002583606 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 50.00 | 50.00 | 60.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:7909J Peel Hotels PLC 09 April 2003 PEEL HOTELS PLC PRELIMINARY ANNOUNCEMENT Derived from the audited results for financial year ended 16 February 2003 PEEL HOTELS PLC HIGHLIGHTS *Acquisition of two hotels, on 10 June 2002, with a combined cost of #9.8 million. *Turnover up by 23.9% to #11.0 million (2002 - #8.9 million) *Operating profit up by 17.9% to #2.7 million (2002 - #2.3 million) *Pre-tax profits grew by 16.1% to #1.76 million (2002 - #1.52 million) *'Revpar' (accommodation revenue per available room) improved by 7.8%. *Dividend increased by 14.3% to 4.0p per share (2002 - 3.5p per share) PRESS ENQUIRIES TO ROBERT PEEL 020 7266 1100 CHAIRMAN'S STATEMENT RESULTS Turnover grew 23.9% to #11,000,362 and operating profit grew 17.9% to #2,708,779. Earnings before interest, tax, depreciation and amortisation grew from #2,808,312 to #3,374,182, an increase of 20.1%. The pre-tax result increased 16.1% to #1,760,528 from #1,515,958. After a full tax provision of 30% less allowances, earnings per share were 10.9p basic and 10.6p on a diluted basis, a decline of 10.0% and 8.6% respectively on the previous year as a result of the larger average number of shares in issue. Shareholders should note that the charge for depreciation increased to #665,403 some #155,503 or 30% more than the previous year as a consequence of the Board's strategy of continually upgrading its properties. The results include trading from the acquisition of the freeholds and businesses of the Avon Gorge Hotel, Bristol, and the George Hotel, Wallingford, from 10 June 2002 and which are split out in the accounts. As at 16 February 2003, net debt stood at #16,746,809 representing loans totalling #16,751,823 and an overdraft of #129,349 less #134,363 cash at bank. Gearing on shareholders' funds was 124.6% with interest covered 2.9 times. For the year as a whole 'Revpar' (accommodation revenue per available room) on an increased number of rooms owned improved by 7.8%. Room sales increased 29.9% on the previous year, reflecting the new acquisitions. In general terms profit growth slowed in the second half particularly due to comparatively low sales growth, increased costs and, in the case of Leeds, increased competitive product coming on stream. The Caledonian Hotel in Newcastle continued to grow its revenues strongly, whilst the new acquisitions performed to plan. The fall in management fee income to #696,363 from #719,780 was rather less than expected. There are seven hotels remaining within the Grace Hotel portfolio of which several are likely to be sold imminently. Income from this source will come to an end in 2003/2004 and, as was stated in the half-year report, the challenge is to compensate the loss of earnings from this source, through group overhead cost reduction and improved performance in our existing and two recently acquired hotels. Group overhead reduction continued in the year with a further #31,761 saving made. We are in the process of installing a new property management/head office accounting system, which will be seamless and personal computer based, and will enable us to make further savings on overheads. A further benefit will be an integrated guest history system, which will optimise our sales and marketing activity. We were very pleased to have received the 'Best Service Award 2002' for the Caledonian Hotel, Newcastle from North East One, which is part of the Northumbrian Tourist Authority. The award was won against stiff competition in the north east of England. The Board has recommended increasing the dividend from 3.5p to 4.0p per share, amounting to #484,818, which, if approved by shareholders, will be paid on Friday 16 May 2003 to shareholders on the register at 22 April 2003. CAPITAL EXPENDITURE In addition to #9,774,884 inclusive of stamp duty and fees expended on the acquisition of the Avon Gorge Hotel and the George Hotel, a sum of #1,239,852 was spent in the year. A total of 20 bedrooms have been rebuilt at the Bull, Peterborough, with a further nine currently under re-construction. At the Caledonian Hotel, Newcastle, 17 bedrooms were refurbished and the Billabong Bar further extended. The provision of a new passenger lift at the Midland Hotel, Bradford, is well under way and expected to be operational in May 2003. The programme of continual investment in our owned hotels will persist in the current year in line with our strategy of improving the quality of our portfolio to the standard expected of four star hotels. We have finally received planning permission to demolish Aire House in Leeds to expand the Golden Lion Hotel by 45 bedrooms and create a new retail area in what is currently the Hakuna Matata Bar. In view of the considerable amount of new hotels that have opened and are about to open in Leeds, the Board is currently reviewing its options, either to proceed with the development plan, dispose of the property or retain it as an investment property for a further period of time. In addition to capital improvements, keeping our hotels well maintained is an important part of our strategy of winning over clients from competing hotel groups, and each hotel has a comprehensive rolling maintenance plan expensed from its profit and loss account. THE FUTURE It is not going to get any easier for hotel companies within the current economic climate and with the current war in Iraq, which will destabilise tourism. The location of Peel Hotels and the continuing re-investment programme give us opportunities to increase profits. We are not reliant on international tourism and are well placed to benefit from the increased Government spending which is currently underway. In a difficult market place we believe we can continue to grow 'Revpar' in the current year and obtain further benefit in sales and profit from the considerable effort we put into our food and beverage concepts and operations. In simple terms, our focus in the current year is the challenge of lifting the profit performance of our owned hotels to compensate for the loss of the income derived from the Management Contract. ROBERT PEEL CHAIRMAN PROFIT AND LOSS ACCOUNT For the financial year ended 16 February 2003 52 weeks to 52 weeks to Note 16 February 2003 17 February 2002 # # # # ---------------------- ------ -------- -------- -------- -------- Turnover Continuing operations 8,899,052 8,875,183 Acquisitions 2,101,310 - --------------------- ------ -------- -------- -------- -------- Total Turnover 11,000,362 8,875,183 --------------------- ------ -------- -------- -------- -------- Cost of sales Continuing operations (5,507,963) (5,341,380) Acquisitions (1,424,485) - --------------------- ------ -------- -------- -------- -------- Total Cost of Sales (6,932,448) (5,341,380) --------------------- ------ -------- -------- -------- -------- Gross profit Continuing Operations 3,391,089 3,533,803 Acquisitions 676,825 - --------------------- ------ -------- -------- -------- -------- Total Gross Profit 4,067,914 3,533,803 Administrative Expenses Depreciation (665,403) (509,900) Other (693,732) (725,491) (1,359,135) (1,235,391) --------------------- ------ -------- -------- -------- -------- Operating profit 2,708,779 2,298,412 Interest payable and similar charges (1,006,344) (814,892) Other interest receivable and similar income 58,093 32,438 --------------------- ------ -------- -------- -------- -------- Profit on ordinary activities before taxation 1,760,528 1,515,958 Taxation (440,133) (378,990) --------------------- ------ -------- -------- -------- -------- Profit on ordinary activities after taxation 1,320,395 1,136,968 Dividends 1 (484,818) (424,216) --------------------- ------ -------- -------- -------- -------- Profit retained 835,577 712,752 --------------------- ------ -------- -------- -------- -------- Earnings per share 2 Basic 10.9p 12.1p Diluted 10.6p 11.6p There are no recognised gains and losses for the current financial year and preceding financial year other than the retained profit of #835,577 (2002 - #712,752) shown above. Operating profit has not been analysed between acquisitions and continuing operations as required by Financial Reporting Standard 3. This is on the grounds that the businesses have been fully integrated and, as a result, separate records of administrative expenses of the acquired operations are not maintained. BALANCE SHEET As at 16 February 2003 16 February 17 February 2003 2002 # # --------------------- --------- -------- Fixed assets Tangible assets 32,365,051 22,015,718 --------------------- --------- -------- Current assets Stocks 76,672 56,211 Debtors 870,436 753,696 Cash at bank and in hand 134,363 2,917,489 --------------------- --------- -------- 1,081,471 3,727,396 Creditors (due within one year) (3,298,041) (2,778,516) --------------------- --------- -------- Net current liabilities (2,216,570) 948,880 --------------------- --------- -------- Total assets less current liabilities 30,148,481 22,964,598 Creditors (due after one year) (15,767,283) (9,644,323) Provision for liabilities & charges (948,540) (687,871) --------------------- --------- -------- Total assets 13,432,658 12,632,404 --------------------- --------- -------- Capital and reserves Called up share capital 1,212,046 1,212,046 Share premium account 8,519,477 8,554,800 Profit and loss account 3,701,135 2,865,558 --------------------- --------- -------- Equity shareholders' funds 13,432,658 12,632,404 --------------------- --------- -------- CASH FLOW STATEMENT For the financial year ended 16 February 2003 52 weeks to 52 weeks to Note 16 February 17 February 2003 2002 # # # # ------------------------- ----- -------- -------- -------- -------- Net cash inflow from operating activities 3 3,635,528 3,072,919 Returns on investments and servicing of finance Interest paid (768,714) (811,908) Net cash outflow from returns on investments and servicing of finance (768,714) (811,908) Taxation UK corporation tax paid (272,345) (241,287) ------------------------- ----- -------- -------- -------- -------- Tax paid (272,345) (241,287) Capital expenditure Purchase of tangible fixed assets (1,239,852) (1,238,874) ------------------------- ----- -------- -------- -------- -------- Net cash outflow from capital expenditure (1,239,852) (1,238,874) Acquisition of businesses (9,774,884) - Equity dividend paid (424,216) (260,000) ------------------------- ----- -------- -------- -------- -------- Net cash (outflow)/inflow before financing (8,844,483) 520,850 Financing Issue of ordinary share capital - 3,004,798 Less: share issue cost * (35,323) (168,649) New long term loans 7,150,000 - Less: loan arrangement fees (97,960) - Loan repayments (667,270) (593,750) ------------------------- ----- -------- -------- -------- -------- Net cash inflow from financing 6,349,447 2,242,399 ------------------------- ----- -------- -------- -------- -------- (Decrease)/increase in cash 4 (2,495,036) 2,763,249 ------------------------- ----- -------- -------- -------- -------- Reconciliation of net debt (Decrease)/increase in cash (2,495,036) 2,763,249 (Increase)/decrease in debt (6,384,770) 593,750 (Increase)/reduction in net debt resulting from cash flows (8,879,806) 3,356,999 ------------------------- ----- -------- -------- Non cash changes (48,980) (19,728) (Increase)/reduction in net debt in the year (8,928,786) 3,337,271 Net debt at beginning of year (7,818,023) (11,155,294) ------------------------- ----- -------- -------- Net debt at end of year 4 (16,746,809) (7,818,023) ------------------------- ----- -------- -------- Purchase of tangible fixed assets include #34,526 relating to acquisitions. All other cash flows have not been analysed between acquisitions and continuing operations as required by Financial Reporting Standard 1. This is on the grounds that the businesses have been fully integrated and, as a result, separate records of the acquired operations are not maintained. * These costs relate to the prior year equity issue. NOTES TO THE ACCOUNTS Financial Year Ended 16 February 2003 1. Dividends 2003 2002 # # Final proposed dividend of 4p per share (2002 - 3.5p) 484,818 424,216 ------------------------------------- -------- -------- 2. Earnings per share Basic Calculated on the average number of shares in issue 12,120,457 9,397,276 during the year and on profit after taxation #1,320,395 #1,136,968 Diluted Calculated on average of number of shares 12,436,057 9,768,016 available during year and on the profit after taxation #1,320,395 #1,136,968 ------------------------------------- -------- -------- In calculating the diluted earnings per share, the weighted average number of shares is adjusted for the dilutive effect of the share options by 315,600 (2002 - 370,740), giving an adjusted number of shares of 12,436,057 (2002 - 9,768,016). 3. Reconciliation of operating profit to net cash inflow from operating activities ------------------------------------- -------- -------- 2003 2002 # # ------------------------------------- -------- -------- Operating profit 2,708,779 2,298,412 Depreciation charges 665,403 509,900 (Increase)/decrease in stocks (20,461) 4,741 (Increase)/decrease in debtors (87,124) 123,385 Increase in creditors 368,931 136,481 ------------------------------------- -------- -------- Net cash inflow from operating activities 3,635,528 3,072,919 ------------------------------------- -------- -------- 4. Analysis of net debt ------------------------ -------- -------- -------- -------- At beginning Non of year Cash Cash At end of year # Flow Changes # # # ------------------------ -------- -------- -------- -------- Cash at bank and in hand 2,917,489 (2,783,126) - 134,363 Bank overdrafts (417,439) 288,090 - (129,349) ------------------------ -------- -------- -------- -------- 2,500,050 (2,495,036) - 5,014 Debt due within one year (673,750) (310,790) (984,540) Debt due after one year (9,644,323) (6,073,980) (48,980) (15,767,283) ------------------------ -------- -------- -------- -------- Total (7,818,023) (8,879,806) (48,980) (16,746,809) ------------------------ -------- -------- -------- -------- 5. Acquisitions On 10 June 2002 the company acquired the Avon Gorge Hotel, Bristol and the George Hotel, Wallingford and has accounted for them under acquisition accounting as required by the Financial Reporting Standard 6. Fair Value of Net Assets Acquired Avon Gorge George Hotel Total Hotel # # # Tangible fixed assets 6,849,858 2,925,026 9,774,884 Stocks 12,320 12,102 24,422 Debtors 6,564 9,045 15,609 Prepayments 3,874 5,038 8,912 Creditors (22,758) (26,185) (48,943) ----------------------- --------- --------- --------- Net assets acquired 6,849,858 2,925,026 9,774,884 ----------------------- --------- --------- --------- Satisfied by: Cash 6,600,000 2,800,000 9,400,000 Expenses 249,858 125,026 374,884 ----------------------- --------- --------- --------- 6,849,858 2,925,026 9,774,884 ----------------------- --------- --------- --------- Book values, as recorded in the vendor's books immediately before the acquisition, are not available. Accordingly, their disclosure as required by Financial Reporting Standard 6 is not provided. Turnover and cost of sales for the acquired hotels in the period 17 February 2002 to 10 June 2002 (the date of acquisition) was #981,170 and #694,728 respectively. Additional disclosures of profits for the acquired hotels prior to the acquisition, as required by Financial Reporting Standard 6 for substantial acquisitions, are not provided. This is due to the fact that the hotels acquired formed part of a larger portfolio owned by the vendor, and the necessary information on operating expenses, interest and tax is not available. 6. The financial information set out above does not constitute the company's statutory accounts for periods ended 16 February 2003 and February 2002 but is derived from those accounts. Statutory accounts for 2002 have been delivered to the Registrar of Companies and those for 2003 will be delivered following the company's annual general meeting. The auditors reported on those accounts: their reports were unqualified and did not contain statements under section 237 (2) or (3) of the Companies Act 1985. This preliminary announcement is prepared on the basis of accounting policies as stated in the previous year's financial statements. 7. The annual report for the period ended 16 February 2003 will be posted to shareholders by 22 April 2003, and the Annual General Meeting will take place at the offices of KBC Peel Hunt Ltd, 4th Floor, 111 Old Broad Street, London EC2N 1PH at 12:00 noon on Thursday, 15 May 2003. 08 April 2003 This information is provided by RNS The company news service from the London Stock Exchange END FR UUUGGCUPWGQR
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