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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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6772Q Peel Hotels PLC 09 October 2003 Peel Hotels PLC Interim Results For the 28 week period ended 31 August 2003 *Turnover up 16.6% to #6,488,887 (2002 - #5,567,463) *Operating Profit up 8% to #1,563,171 (2002 - #1,447,401) *Profit before tax down 8.6% to #903,956 (2002 - #989,590) *Earnings per share Basic 5.6p (2002 6.1p) Diluted 5.5p (2002 6.0p) Further information Robert Peel 020 7266 1100 9 October 2003 CHAIRMAN'S STATEMENT RESULTS In the twenty eight weeks to 31 August 2003 turnover grew by 16.6% to #6,488,887 and operating profit grew 8% to #1,563,171. Earnings before interest, tax, depreciation and amortisation grew from #1,805,608 to #1,985,138, an increase of 9.9%. * The pre-tax result decreased 8.6% to #903,956 largely as a result of a 44% increase in net interest payable amounting to #201,404 more than the previous half year. On 10 June 2002 the company acquired the Avon Gorge Hotel, Bristol and the George Hotel, Wallingford for a cash consideration of #9.4 million, which, together with the collar arrangements noted below, has increased interest costs. Tax has been provided at 30% less the discount on the deferred tax liabilities, giving an effective rate of 25%. Basic earnings per share were 5.6p compared with 6.1p in the comparative period on an unchanged 12,120,457 shares. Total sales in the six owned hotels, on a like for like basis, grew by 0.9%, whilst accommodation revenue per available room dipped -0.6% with average room rate up 5.3% and occupancy down 5.6%. We have achieved Revpar growth in each of the last five years of trading and at this stage, with the commercial contracts we have, we will be able to achieve further growth once again for the year as a whole. Management fee income has reduced as forecast and there remain only five hotels that we manage on behalf of Grace Hotels. Our income from this source reduced by #112,583, more than accounting for our overall decline in pre tax profits. Administrative expenses excluding depreciation fell by #93k of which approximately #30 is sustainable, going forward. FINANCIAL CHARGES As we have previously reported we have put in place an interest rate instrument known as a cap and collar agreement. It is worth noting that the collar agreement on #7 million of our long term loans came into effect on 24 June 2003 moving our borrowing rate to 6.99% plus margin and the floating rate we enjoyed on the balance of our loans, changed to fixed at 5.83% plus margin, on 11 April 2003. Although the collar agreement will penalise the company short term, should interest rates rise over the next few years, the company will pay a lesser comparative financial charge. The average cost of borrowing going forward on #16.4 million of loans at the end of the half year was 6.32% plus margin. With effect from 12 October 2003 we have negotiated with our banker to reduce the margin from 1.50% to 1.25%. CAPITAL EXPENDITURE #645,223 was spent in the period. The new passenger lift at the Midland in Bradford was completed. Twenty three bedrooms were refurbished and new hot water and central heating boilers were installed at the Caledonian in Newcastle. We completed the redevelopment of nine bedrooms at the Bull in Peterborough. We moved our administration office out of the Golden Lion in Leeds and into the mezzanine floor of Aire House, adjacent to the hotel. The old offices have been converted to a conference room which will increase conference facilities at the Golden Lion. In addition to these capital improvements we have rigidly adhered to our rolling planned maintenance programme in each of our hotels and expensed costs to the profit and loss account. The benefits of this strategy are self evident in the well cared for appearance of our hotels. In each of our owned hotels we have created a 'cyberspace' in the public areas allowing all residents and guests, with wireless capability laptops, free broadband access to the internet via a wireless 'hotspot'. Additionally we are in the process of placing a computer desk at each hotel for the benefit of our guests at no charge. The applicable costs of these initiatives are easily absorbed from the savings made by operating our administrative computers from the same wireless source. We believe this initiative will create a great deal of goodwill and therefore repeat custom for our hotels. SHAREHOLDERS I am delighted to welcome some 28% new shareholders to our register and very much hope that they, along with existing shareholders, will take advantage of our shareholders' discount scheme. Shareholders are entitled to a 25% discount off the listed tariff, using a special reservations number 020 7266 1100 or e-mail info@peelhotel.com. Shareholders can identify the hotels we own and manage using the directory listed at the back of the interim report. We do hope you will visit our hotels and enjoy them. THE FUTURE In a market place where growth is 'tough' to achieve, we have managed to increase like for like turnover and to increase pre-interest profit with less management income. However, much remains to be done and our ongoing challenge remains to lift the profit performance of our six owned hotels to compensate for the gradual extinction of income from the existing management contract. The third quarter has started well in comparative terms, this, together with the many and various improvements to all our hotels, gives us grounds for cautious optimism on trading prospects for the full year. * Taken from the profit and loss account on page 4. DIRECTORS AND ADVISORS Directors Robert Edmund Guy Peel Executive Chairman Clement John Govett Non-executive director Keith Peter Benham Non-executive director Norbert Paul Gottfried Petersen Chief Operating Officer John Perkins Finance Director Secretary Gravitas Company Secretarial Services Limited 110 Cannon Street, London EC4N 6AR Registered Office 4th Floor, 111 Old Broad Street, London EC2N 1PH Company registration number 3473990 Auditors Deloitte & Touche LLP Leda House, Station Road, Cambridge CB1 2RN Bankers Royal Bank of Scotland Plc 280 Bishopsgate, London EC2M 4RB Registrars Computershare Services Plc PO Box No. 82, The Pavillions, Bridgwater Road, Bristol BS99 7NH Solicitors Nicholson Graham & Jones 110 Cannon Street, London EC4N 6AR Stockbrokers KBC Peel Hunt Ltd 4th Floor, 111 Old Broad Street, London EC2N 1PH PROFIT AND LOSS ACCOUNT For period ended 31 August 2003 28 weeks 28 weeks Year ended ended ended 31/8/2003 1/9/2002 16/2/2003 Unaudited Unaudited Audited Note # # # # # # -------- --------- -------- --------- -------- ---------- Turnover 6,488,887 5,567,463 11,000,362 Cost of sales (4,224,964) (3,389,968) (6,932,448) -------- --------- -------- --------- -------- ---------- Gross Profit 2,263,923 2,177,495 4,067,914 -------- --------- -------- --------- -------- ---------- Administrative expenses Depreciation (421,967) (358,207) (665,403) Other (278,785) (371,887) (693,732) (700,752) (730,094) (1,359,135) -------- --------- -------- --------- -------- ---------- Operating profit 1,563,171 1,447,401 2,708,779 Interest payable & similar charges (659,215) (515,105) (1,006,344) Other interest received & similar income - 57,294 58,093 -------- --------- -------- --------- -------- ---------- Profit on ordinary activities before taxation 903,956 989,590 1,760,528 Taxation 2 (225,989) (247,398) (440,133) -------- --------- -------- --------- -------- ---------- Profit on ordinary activities after taxation 677,967 742,192 1,320,395 Dividend - - (484,818) -------- --------- -------- --------- -------- ---------- Profit retained 677,967 742,192 835,577 -------- --------- -------- --------- -------- ---------- Earnings per 3 share Basic 5.6p 6.1p 10.9p Diluted 5.5p 6.0p 10.6p -------- --------- -------- --------- -------- ---------- All transactions derive from continuing operations. There are no recognised gains and losses other than stated above. Accordingly, no statement of total recognised gains and losses is given. BALANCE SHEET AS AT 31 AUGUST 2003 31/8/2003 1/9/2002 16/2/2003 Unaudited Unaudited Audited # # # ----------- -------- --------- Fixed assets 32,588,308 31,905,098 32,365,051 ----------- -------- --------- Current assets Stocks 89,664 76,815 76,672 Debtors 919,427 913,909 870,436 Cash at bank and in hand 119,051 684,914 134,363 ----------- -------- --------- 1,128,142 1,675,638 1,081,471 Creditors (due within one year) (3,355,863) (3,306,225) (3,298,041) ----------- -------- --------- Net current liabilities (2,227,721) (1,630,587) (2,216,570) ----------- -------- --------- Total assets less current liabilities 30,360,587 30,274,511 30,148,481 Creditors (due after one year) (15,301,422) (16,247,367) (15,767,283) Provisions for liabilities and charges (948,540) (687,871) (948,540) ----------- -------- --------- Net assets 14,110,625 13,339,273 13,432,658 ----------- -------- --------- Capital and reserves Called up share capital 1,212,046 1,212,046 1,212,046 Share premium account 8,519,477 8,519,477 8,519,477 Profit and loss account 4,379,102 3,607,750 3,701,135 ----------- -------- --------- Equity shareholders' funds 14,110,625 13,339,273 13,432,658 ----------- -------- --------- CASH FLOW STATEMENT For the period ended 31 August 2003 28 weeks 28 weeks Year Ended Ended Ended 31/8/2003 1/9/2002 16/2/2003 Unaudited Unaudited Audited Note # # # # # # --------- --------- --------- --------- ---------- ---------- Net cash flow from operating activities 4 1,723,410 2,018,186 3,635,528 Returns on investments and servicing of finance Interest received - 57,294 - Interest paid (361,320) (300,937) (768,714) --------- --------- ---------- Net cash outflow from returns on investments and servicing of finance (361,320) (243,643) (768,714) Taxation UK corporation tax paid - - (272,345) --------- --------- ---------- Tax paid - - (272,345) Capital expenditure Purchase of tangible fixed assets (645,223) (440,878) (1,239,852) --------- --------- ---------- Net cash outflow from capital Expenditure (645,223) (440,878) (1,239,852) Acquisitions of businesses net of cash acquired - (9,797,545) (9,774,884) Equity dividend paid (484,818) (424,216) (424,216) --------- --------- ---------- Net cash inflow/(outflow) before financing 232,049 (8,888,096) (8,844,483) Financing Share issue costs - (44,487) *(35,323) New long term loans - 7,150,000 7,150,000 Less: loan arrangement fees - - (97,960) Loan repayments (492,270) (175,000) (667,270) --------- --------- ---------- Net cash (outflow)/inflow From financing (492,270) 6,930,513 6,349,447 --------- --------- --------- --------- ---------- ---------- Decrease in cash 5 (260,221) (1,957,583) (2,495,036) --------- --------- --------- --------- ---------- ---------- *These costs relate to prior year equity issue. Reconciliation of net debt Decrease in cash in the period (260,221) (1,957,583) (2,495,036) Cash outflow/(inflow)from decrease/(increase) in debt 492,270 (6,975,000) (6,384,770) --------- --------- ---------- Change in net debt resulting from cashflows 232,049 (8,932,583) (8,879,806) Non cash changes (26,409) 61,166 (48,980) --------- --------- ---------- Reduction/(increase) in net debt in the period 205,640 (8,871,417) (8,928,786) --------- --------- --------- --------- ---------- ---------- Net debt at beginning of period (16,746,809) (7,818,023) (7,818,023) --------- --------- --------- --------- ---------- ---------- Net debt at end of period 5 (16,541,169) (16,689,440) (16,746,809) --------- --------- --------- --------- ---------- ---------- NOTES TO THE INTERIM ACCOUNTS For the period ended 31 August 2003 1. Basis of accounting The interim financial information has been prepared on the basis of the accounting policies consistent with those applied in the last Annual Report. The financial information set out in respect of the year ended 16 February 2003 does not constitute the company's statutory accounts for that year but is derived from those accounts. Statutory accounts for that year have been delivered to the Registrar of Companies. The auditors reported on those accounts, their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 2. Taxation Tax has been provided at a rate of 25% which represents the expected effective rate for the full year. This charge has been calculated in accordance with FRS19 "Deferred Tax" which is consistent with the accounting treatment adopted for the year ended 16 February 2003 and the 28 weeks ended 1 September 2002. 3. Earnings per share Earnings per share are based on the profit after taxation, and on the average number of shares in issue during the period. ----------- ---------- ---------- 28 weeks 28 weeks Year ended ended ended 31/8/2003 1/9/2002 16/2/2003 Unaudited Unaudited Audited ----------- ---------- ---------- Average No. shares - Basic 12,120,457 12,120,457 12,120,457 - Diluted 12,381,007 12,453,428 12,436,057 ----------- ---------- ---------- 4.Reconciliation of operating profit to net cash flow from operating activities ----------- ---------- ---------- 28 weeks 28 weeks Year ended ended ended 31/8/2003 1/9/2002 16/2/2003 Unaudited Unaudited Audited # # # ----------- ---------- ---------- Operating profit 1,563,171 1,447,401 2,708,779 Depreciation and amortisation 421,967 358,207 665,403 Increase in stocks (12,992) (20,604) (20,461) Increase in debtors (187,266) (354,654) (87,124) (Decrease)/increase in creditors (61,470) 587,836 368,931 ----------- ---------- ---------- Net cash inflow from operating 1,723,410 2,018,186 3,635,528 activities ----------- ---------- ---------- NOTES TO THE INTERIM ACCOUNTS For the period ended 31 August 2003 5. Analysis of net debt At beginning non At End of period cash of period 17/2/2003 cash flow changes 31/8/2003 # # # # --------- --------- --------- ----------- Cash at bank and in 134,363 (15,312) - 119,051 hand Bank overdraft (129,349) (244,909) - (374,258) --------- --------- --------- ----------- 5,014 (260,221) - (255,207) Debt due within one (984,540) - - (984,540) year Debt due after one (15,767,283) 492,270 (26,409) (15,301,422) year --------- --------- --------- ----------- Total (16,746,809) 232,049 (26,409) (16,541,169) --------- --------- --------- ----------- 6. Financing The bank loans are repayable by semi-annual instalments plus a final payment on 11 April 2014. Interest is currently charged at 1.5% over LIBOR. The company has entered into a collar agreement on #7 million which caps the company interest cost at 6.99% plus margin. The minimum interest cost is 4.99% plus margin, up to 12 October 2009, except where LIBOR falls below 4.99% between 24 June 2003 and 12 October 2009; in which case an additional 2% of interest is payable. In addition, the company has entered into an interest rate swap agreement on the outstanding loan balances which are not covered by the collar agreement, commencing on 11 April 2003 to 11 April 2014 with an option for the Royal Bank of Scotland to terminate the agreement from 11 October 2009. Under the terms of this agreement the company receives interest at LIBOR plus 1.5% and pays interest at a fixed rate of 7.33%. INDEPENDENT REVIEW REPORT TO PEEL HOTELS PLC Introduction We have been instructed by the company to review the financial information for the 28 weeks ended 31 August 2003 which comprises the profit and loss account, the balance sheet, the cash flow statement, the reconciliation of net debt and the related notes 1 to 6. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to it an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are also responsible for ensuring that the accounting policies and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the 28 weeks ended 31 August 2003. Deloitte & Touche LLP Chartered Accountants Cambridge 8 October 2003 PEEL HOTELS PLC 19 Warwick Avenue London W9 2PS Telephone: 020 7266 1100 FAX: 020 7289 5746 Location Hotel Rating Rooms Telephone Facsimile ---------------- ------------- ------ ------ --------- ---------- Owned by the company Bradford Midland Hotel **** 90 01274 735735 01274 720003 Bristol Avon Gorge Hotel **** 76 0117 973 8955 0117 923 8125 Leeds Golden Lion **** 89 0113 243 6454 0113 242 9327 Hotel Newcastle Upon Tyne Caledonian Hotel **** 89 0191 281 7881 0191 281 6241 Peterborough Bull Hotel **** 118 01733 561364 01733 557304 Wallingford George Hotel **** 39 01491 836665 01491 825359 Management Contracts - Grace Hotels Ltd Carlisle Crown & Mitre *** 94 01228 525491 01228 514553 Hotel Dunfermline King Malcolm **** 48 01383 722611 01383 730865 Hotel Edinburgh Barnton Hotel **** 50 0131 339 1144 0131 339 5521 Leeds Merrion Hotel **** 109 0113 243 9191 0113 242 3527 Nottingham Strathdon Hote **** 68 0115 941 8501 0115 948 3725 Total Hotels 11 870 ---------------- --------------- ------ ------ ------------- ------------- For reservations at any Peel Hotel call 020 7266 1100 Or dial into our web site on www.peelhotel.com e-mail - info@peelhotel.com This information is provided by RNS The company news service from the London Stock Exchange END IR MPBATMMIMBAJ
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