Ultimate Leisure Share Discussion Threads

[welshanalyst] 07/9/2002 16:34

According to FT.com, there are four broker recommendations, all saying 'strong buy', with an eps consensus median forecast for next year of 30.4p.

[welshanalyst] 07/9/2002 16:31

The Daily Mail today mention that Evolution Beeson Gregory have tipped Ultimate Leisure as a buy @252p, in the 'broker buys' section.
Investor's Chronicle mentioned the good results, and the quality of the expansion programme.

[welshanalyst] 06/9/2002 21:35

05/09/02 16:01: Ultimate Leisure Grp - Director Shareholding


Ultimate Leisure Grp - Director Shareholding
RNS Number:8196A
Ultimate Leisure Group PLC
05 September 2002



Ultimate Leisure Group plc ("the Company")

5 September 2002

Director Shareholding

The Company was notified today that Craig Bell, a Director of the Company, had
purchased on 3 September 2,000 ordinary 10p shares at a market price of 254
pence per share. Mr Bell now has an interest in 5,000 ordinary shares in the
Company representing 0.03 per cent. of the current issued share capital.

The Company was notified today that Surrey Management Services, a company
related to Jon Pither, a Director of the Company, had purchased on 4 September
5,000 ordinary 10p shares at a market price of 255 pence per share. Mr Pither
now has an interest in 106,758 ordinary shares in the Company representing 0.61
per cent. of the current issued share capital.

[welshanalyst] 04/9/2002 20:08

From the Daily Mail:-
'Shares in fast-growing North East nightclub operator Ultimate Leisure have surged 40% in a year as investors warm to its strategy of opening big late-licensed venues, tailored to each town. Profits rose 22% to £5.2m, dividends 11.1% to 4.5p.'

[welshanalyst] 03/9/2002 07:49

RNS Number:6634A
Ultimate Leisure Group PLC
03 September 2002



ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002


Ultimate Leisure Group plc ("Ultimate" or "the Group"), the North East based
venue bar and nightclub operator, is pleased to announce its financial results
for the year ended 30th June 2002.

Highlights:


* Turnover up by 24% to #20.6 million (2001: #16.6 million)

* Profit before tax up 22% to #5.2 million (2001: #4.2 million)

* Operating profits up 23% to #6.2 million (2001: #5.0 million)

* EPS up 20% to 20.7p (2001:17.3p)

* Proposed final dividend increased by 11.1% to 3.0p (2001:2.7p) per ordinary
share, making a total dividend for the year of 4.50p (2001:4.05p)

* Beach and Chase rollout progressing ahead of schedule

* Site acquisitions and openings outside of the North East completed during
the year

* Infrastructure now in place to support expansion outside of North East

Commenting on the results, Allan Rankin, Chief Executive said:

"I am delighted with another excellent set of results showing turnover, EPS and
Profit before tax all increasing by more than 20%.

Significantly, these results reflect not only the strength of our core estate
but also the Group's successful expansion outside of its traditional Newcastle
homeland.

With managements proven track record in both Newcastle and now further afield, I
am confident that the company is well positioned to deliver a year of
substantial growth"


For further information please contact:
Ultimate Leisure Tel: [phone] today
Allan Rankin Chief Executive Thereafter: 0191 261 8800
Bob Senior Managing Director
Craig Bell Finance Director

Brewin Dolphin Securities Tel: [phone]
Neil Baldwin

College Hill Tel: [phone]
Justine Warren

ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

Chairman's Statement and Chief Executive's Review


It gives us great pleasure to once again report on another successful year for
the Group with further significant increases in both turnover and profits.
During this period the Group has continued its strategic growth by successfully
opening units outside its traditional North East heartland and has also
developed an infrastructure to support the continuing growth of the Group over
future years.


RESULTS

Turnover for the year has increased by 24% to #20.6m (2001: #16.6m) and
operating profit has increased by 23% to #6.2m (2001: #5.0m). Pre tax profit has
shown an increase of 22% to #5.2m (2001: #4.2m) and earnings per share increased
by 20% (figures for 2001 restated to reflect FRS 19) to 20.7p (2001: 17.3p).

As expected, the Group generated significant cash flows and EBITDA for the year
was #6.8m (2001: #5.5m). Capital Expenditure during the year was #10.3m (2001:
#4.8m) and free cash flow after dividends, interest and tax was #4.3m. (2001:
#3.4m)

At 30 June 2002 the Group had net assets of #22.2m (2001 restated to reflect FRS
19: #18.0m) and net debt was #16.3m (2001: #11.7m). Gearing stood at 73% (2001:
65%) and interest is covered 5.8 times by earnings (2001: 5.9 times).The net
borrowings of the Group represent 43% of freehold properties held by the Group
at the balance sheet date (2001: 41%).

As reported at the time of the interim results, the Group successfully completed
an institutional placing of 831,895 shares at a premium to the market price in
November 2001 and this, along with strong cash generation ensures that the Group
is in a strong financial position to fund further investment and growth.


DIVIDENDS

The Board recommends an 11.1% increase in the final dividend to 3.0p per share
(2001: 2.7p) making a total dividend of 4.5p per share for the year (2001:
4.05p). The dividend will be paid on 8 November 2002 to shareholders registered
on 11 October 2002.


ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

Chairman's Statement and Chief Executive's Review (cont'd)


BUSINESS REVIEW

The year to 30 June 2002 has been a year of significant growth for the Group
with considerable time being spent ensuring that the Group has the necessary
infrastructure in place to continue with its strategy of expansion outside its
traditional North East heartland.

During the year, one new outlet was opened, two major refurbishments were
completed and the Group also acquired five new freehold sites including its two
first acquisitions outside the North East. A leasehold site was also acquired in
the Bigg Market in Newcastle and the Group was awarded the first 2am licence for
a 1300 capacity nightclub in this popular drinking circuit.

New Openings and Acquisitions

In October 2001 the Group completed the development of the freehold site in
Sunderland and opened a new 1300 capacity nightclub (named "Beach"). This
concept has proved a significant addition to the Group's portfolio and the
concept is in the process of being rolled out as part of the Group's expansion
plans.

To develop this theme, a freehold site was acquired in Rotherham and this was
refurbished during the year. This opened on 9th August 2002 as "Beach Rotherham
". The leasehold site in the Bigg Market in Newcastle is scheduled to open in
mid September and will be a similar styled beach club named 'Blubambu'.

Of the other freehold sites acquired during the year Klute in Durham, and the
Glasshouse in Nottingham are successfully contributing to the results of the
Group. Our new site in South Shields and the Gresham Hotel in Jesmond are
undergoing refurbishments and are expected to open towards the end of the
calendar year 2002.

Two major refurbishments were completed during the year. Of these, the
refurbishment of a site in Sunderland has created the Group's second "Chase"
Bar. This concept has a proven track record of success and the intention is to
roll out this concept where practicable.


Development Sites

As well as the development sites mentioned above, planning permission has now
been granted for the Boat House in Durham and work has begun to refurbish this
site as "Chase Durham". This site is due to be completed in the Autumn of 2003.

Contracts have also been exchanged for a development site in Leeds and, subject
to planning permission being granted, work is due to start on this site early in
2003 with opening scheduled for later that year.


ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

Chairman's Statement and Chief Executive's Review (cont'd)


Post Year End Developments

The Group is in an advanced stage of negotiations to acquire a number of further
sites.


MANAGEMENT AND STAFF

As noted in our interim report, Craig Bell was appointed to the main board on 3
October 2001 as Finance Director, replacing Keith Atkinson who remains a
director and company secretary.

The Group now employs more than 600 people and this number is ever increasing as
we open more units. We would again like to pass on our thanks to our staff for
their continued dedication and commitment to the Group. Without such high
calibre personnel, the Group's success would not have been possible.


OUTLOOK

Over the year, the Group has reviewed its infrastructure and spent considerable
time preparing itself for the next phase of growth. Operational management has
been strengthened and financial controls have been further enhanced by fully
implementing an Electronic Point of Sale (EPOS) system across the Group. This
will allow the Group to continue its expansion plans outside its North East base
whilst maintaining effective levels of operating and financial control.

The current licensing environment is ever changing and the Group appreciates
that this needs to be recognised in future opening and refurbishment plans. The
refurbishments and new openings during the year reflect flexible opening hours
and a more relaxed regulatory environment.

The infrastructure that has been put in place during the year, management's
proven track record and the development sites in the pipeline give us confidence
that the Group is well positioned to successfully continue its expansion plans
over the next twelve months.

Jon Pither Allan Rankin
Chairman Chief Executive
3 September 2002


ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

Consolidated Profit and Loss Account for the year ended 30 June 2002

2002 2001
Notes #'000 #'000

TURNOVER 20,567 16,609

OPERATING PROFIT 6,198 5,040

Net interest payable 2 (1,016) (809)

Profit on ordinary activities before taxation 5,182 4,231
Taxation 3 (1,621) (1,348)
Profit on ordinary activities after taxation 3,561 2,883

Dividends - paid (262) (225)
- proposed 4 (524) (449)

RETAINED PROFIT 2,775 2,209


The results of the Group for the year arose entirely from continuing operations.

There were no recognised gains or losses in the year to 30 June 2002 other than
the profit for the year.

Dividend per share 4 4.50p 4.05p
Earnings per share - basic 5 20.8p 17.3p
- diluted 5 20.7p 17.3p


ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

Consolidated Balance Sheet as at 30 June 2002
2002 2001
Notes #'000 #'000

FIXED ASSETS

Intangible assets 6 262 250
Tangible assets 6 42,628 32,851

42,890 33,101
CURRENT ASSETS

Stocks 259 198
Debtors 7 1,136 762
Cash at bank and in hand 1,229 2,168

2,624 3,128

CREDITORS - due within one year 8 (6,772) (5,344)


Net current liabilities (4,148) (2,216)


TOTAL ASSETS LESS CURRENT LIABILITIES 38,742 30,885

CREDITORS - due after one year 8 (15,265) (12,167)
- Provisions for liabilities and charges 9 (1,259) (727)


NET ASSETS 22,218 17,991


CAPITAL AND RESERVES

Called-up share capital 1,747 1,664
Share premium 5,091 3,722
Other reserves 7,013 7,013
Profit and loss account 8,367 5,592

EQUITY SHAREHOLDERS' FUNDS 22,218 17,991



ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

Consolidated Cash Flow Statement for the year ended 30 June 2002

2002 2001
Notes #'000 #'000


Net cash inflow from operating activities A 7,227 5,729

Return on investments and servicing of finance
Interest received 46 43
Interest paid (1,062) (847)

Net cash outflow from return on investments and
servicing of finance (1,016) (804)


Taxation paid (1,303) (886)

Capital expenditure (8,685) (4,781)
Purchase of tangible fixed assets
Purchase of intangible fixed assets - -
Sale of tangible fixed assets - 10

Net cash outflow from capital expenditure 8,685 (4,771)


Acquisitions (1,588) -

Dividends paid (711) (624)


Cash outflow before financing (6,076) (1,356)

Financing

Net proceeds from share issue 1,452 -
Bank loans 3,685 2,420
5,137 2,420

(Decrease)/Increase in cash B (939) 1,064



ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

NOTES TO CASH FLOW STATEMENT


A. Reconciliation of Operating profit to Operating cash flow

2002 2001
#'000 #'000

Operating profit 6,198 5,040

Depreciation 546 425

Loss on Sale of tangible fixed assets - 5

Change in Stocks (56) -

Change in Debtors (358) (215)

Change in Creditors 897 474

Cash Flow from operating activities 7,227 5,729



B. Movements in net debt
2002 2001
#'000 #'000

(Decrease)/Increase in cash (939) 1,064

Increase in loans (3,685) (2,420)

Change in net debt (4,624) (1,356)
Opening net debt (11,728) (10,372)

Closing net debt (16,352) (11,728)


ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

NOTES TO CASH FLOW STATEMENT (cont'd)


1. Basis of Preparation

The financial information contained in this document does not constitute
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The financial information for the year ended 30 June 2001 has been extracted
from the statutory accounts for that year which have been filed with the
Registrar of Companies and which contain an unqualified audit report. The
financial information for the year ended 30 June 2002 has been extracted from
the statutory accounts for that year which contain an unqualified audit report
but which have not yet been delivered to the Registrar of Companies.


2. Net interest
2002 2001
#'000 #'000

Interest payable (1,062) (850)
Interest receivable 46 41

1,016 (809)


3. Taxation
2002 2001
#'000 #'000

UK Corporation Tax at 30% (2001: 30%) 1,621 1,429
Write back of previous year's provision - (81)

1,621 1,348


The Group has adopted FRS 19 "Deferred Taxation" in these financial statements.
The comparative figures have been restated accordingly.


4. Dividend

A final dividend of 3.0p per share is proposed and, if approved at the
forthcoming Annual General Meeting, will be payable on 8 November 2002 to those
shareholders on the register at the close of business on 11 October 2002.



ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

NOTES TO CASH FLOW STATEMENT (cont'd)


5. Earnings Per Share

Basic earnings per share is calculated based on the profit on ordinary
activities after taxation divided by the weighted average number of shares in
issue being 17,125,627 (2001 16,637,931). Diluted earnings per share is
calculated in accordance with FRS 14, based on 17,229,832 shares (2001:
16,656,216).


6. Fixed Assets
2002 2001
#'000 #'000

Intangible Fixed Assets
Opening Net Book Value 250 255

Additions 150 -

Reclassification (138) (5)

Closing Net Book Value 262 250


During the year, licences were transferred to specific properties on completion
of the development of the properties.


2002 2001
#'000 #'000

Tangible Fixed Assets
Opening Net Book Value 32,851 28,505

Additions 10,185 4,781

Disposals - (15)

Reclassification 138 5

Depreciation (546) (425)

Closing Net Book Value 42,628 32,851



ULTIMATE LEISURE GROUP PLC
Preliminary Results for the year ended 30 June 2002

NOTES TO CASH FLOW STATEMENT (cont'd)


7. Debtors
2002 2001
#'000 #'000

Trade debtors 185 32
Other debtors 36 50
Prepayments 915 680
1,136 762


Other debtors include #35,000 (2001: #35,000) due after more than one year.


8. Creditors

2002 2001
#'000 #'000
Due within one year
Bank loans 2,316 1,729
Trade creditors 2,347 1,530
Corporation tax 523 736
Dividend payable 524 449
Other taxation and social security 617 494
Other creditors 52 33
Accruals and deferred income 393 373
6,772 5,344

Due after one year
Bank loans - due between one and two years 2,457 1,985
- due between two and five years 7,371 5,956
- due after five years 5,437 4,226
15,265 12,167


9. Provisions for liabilities and Charges

Deferred Taxation 1,259 727



This information is provided by RNS
The company news service from the London Stock Exchange
END
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[spacecake] 19/7/2002 14:21

Rescuer, Some FACTS in reply to your posting 07/07/02.

The Ultimate club in the Bigg Market will have a capacity of 1300 (ULG interim report 2001).

See below for FACTS about Electric City.

Local News

£60m city leisure plan is dropped Feb 8 2002


By The Journal


Plans for a £60m leisure complex at a major gateway site to Newcastle have been dropped.

The abandonment of the Electric City scheme for the block bounded by Worswick Street and Pilgrim Street in Newcastle is the latest twist in a five-year saga.

The project by developers JJ Gallagher envisaged a multiplex cinema, restaurants, pubs, health and fitness and family entertainment centres.

But with the Odeon set to move to a multiplex at the £70m Gate centre currently under construction in Newgate Street, Gallagher has been unable to find a cinema operator for its venture.

It means more delay on a key site facing the Tyne Bridge which has now been deteriorating since plans were laid for its redevelopment in 1997.

It was the scene of a dispute when English Heritage spot-listed 18th and 19th Century town houses in the block which were due for demolition under the redevelopment plans.

Then protesters occupied one of the buildings in the block for six weeks, claiming that the city centre was becoming increasingly dominated by expensive leisure developments.

The Electric City multiplex proposal was one of several in the last two years which would have doubled the number of cinema seats in Newcastle.

City head of planning John Miller said yesterday: "The cinema market has slowly changed and predicted growth has flattened off and the Electric City scheme was not seen as being viable any longer.

"This is a very important, prime site on the edge of Grainger Town which we want to see regenerated. We are very disappointed that there has been so little progress. We desperately need to see some urgency. We are keen to see something moving on that site."

Gallagher managing director Paul Cross said last night: "We are now looking at various possible mixed uses for the site which could include some leisure, shops, offices or residential but it is very early days."

North-East Civic Trust spokesman Jules Brown said: "We were not happy with Electric City with its flashing lights approach with the danger that it would have looked like a Christmas tree. It seemed too garish and brash."

[pyman] 08/7/2002 22:11

Thanks glenn. I too am waiting for a pull back in the price which seems to have started of late.I can understand the coucil wanting to distance the city from it's party image-probably a good thing, but i'd be surprised if it will put a dent in takings unless licences start getting revoked. I like the expansion outward too.I shall watch with interest.

[rescuer] 07/7/2002 22:41

pyman,

there is a major problem brewing in newcastle.

should gateshead and newcastle win city of culture, they will have to have a big rethink on the quayside tourist bowl. It is heavily populated with pubs and clubs, which detracts from the overall cultural theme. We have the baltic arts centre and the new hilton hotel, the opera house and major residential development.

Whilst newcastle is still known as the 8th greatest PARTY city in the world, this may cause problems with the city of culture bid.

The council's are currently trying to lose this party tag.

ULG have there major strong hold on newcastle quayside. They are however in the process of building/ refurbishing a new club in newcsatles Bigg Market, which i'm led to belive will hold a capcity of 2500 people.

We also have two other major developments one of which is a good mile north of the quayside and can accomodate 7500 drinkers (the gate). The other is 500 mtr north east of the quayside and will accom 5000 drinkers (electric city).

ULG WILL lose some of there market share in newcastle and may even have to have a rethink on there positions on the quayside.

But ULG are expanding well outside of newcastle.

I do know this company fairly well, i'm not employed by them and i do not hold them, but as a local company i'm always keen to see them do well.

They have a great future ahead of them and IMHO will be a good long term hold at current price levels. I bought at 151 and sold at 235. I will not buy back in until (if ever) they go sub 200.

There current pub roll outs include Sunderland, Durham, Nottingham and they also have interests in METNORS (which is offten being ramped on HSBB)

good luck with your investments i hope you were in early enough.

glenn

[welshanalyst] 07/7/2002 17:04

The forecast was from Brewin Dolphin, who predict £5.2m (eps of 21.2p), increasing to £6.7m (eps of 26.8p) next year.

[pyman] 06/7/2002 09:55

who bought the 250k from the vanot managemnt trust at £2.60? I can't see why that would cause a fall. All I hear from the toon is business is booming, more openings on the way and keep an eye on Newcastle to win city of culture for 2008-that'll keep sales flowing as beer has a lasting culture in the northeast.

[mxds] 05/7/2002 00:12

Its always been twitchy to low volume, but this is exceptional market jitters aside.

[eagle eye] 04/7/2002 20:54

Of interest: Today market makers are quoting a NMS of 5000 to sell yet are only prepared to quote a NMS of 500 to buy. Market makers are happy to sell in volume but aren't prepared to take any stock on their books.

[user] 04/7/2002 11:57

what is going on? Why the sudden down movement on such tiny volume?

Al.

[user] 03/7/2002 14:29

Could do with a bit of news

[user] 02/7/2002 14:04

All gone a bit dead at the mo!

Al.

[cymro] 16/6/2002 22:55

Summary of what the Indie said today:

Pub and nightclub operator Ultimate Leisure is poised for strong growth and City analysts believe it has the cash to back the plans up. The Independent on Sunday urges readers not to focus on troubles affecting others in the pub sector and take a close look at Ultimate shares now trading at 256p. It cites Teather & Greenwood that has predicted profits growth rising as high as £7.2m from the most recent figure of £4.2m.

Regards

cymro

[welshanalyst] 16/6/2002 18:49

Independent on Sunday tipped Ultimate Leisure today, and says growth is set to continue.

[gzr] 31/5/2002 15:51

Looking good, 320,000 X trade at 260p.

[jazza] 30/5/2002 12:17

Nothing!

I actually reckon ULG should be a good investment, but
I reckon ULM is a better bet on the sector - once the
price settles of course.

Regards,

Justin.

[cymro] 29/5/2002 09:21

Snob! what is wrong with tacky bars? :-)

cymro

[jazza] 29/5/2002 08:14

Went to Newcastle a few weeks back to see Bob Dylan at the
Telewest Arena - not a fan but the mate I went with is.

We hit the quayside for a couple of drinks afterwards and
started at the Chase bar.

It was half empty (OK it was a wednesday) and was rather
tacky - we went to Casa next which was much better.

Sorry....