Final Results, etc
24 August 2000 - 8:24PM
UK Regulatory
RNS Number:9194P
Deep-Sea Leisure PLC
24 August 2000
DEEP-SEA LEISURE PLC (the "Company")
Preliminary Results for the Year Ended 29 February 2000.
Details of Refinancing
Proposed Rights Issue of up to #2.5 million
Deep-Sea Leisure PLC, the aquarium company, announces its preliminary audited
results for the year ended 29 February 2000.
Highlights
Year ended 29 February 2000 1999
#000's #000's
Turnover 5,477 4,780
Operating profit before interest, tax, depreciation
and amortisation 1,581 1,672
Operating profit before exceptional items 1,451 1,659
Pre-tax profit before exceptional items 557 1,010
Earnings per share before exceptional items 8.89p 16.11p
(A change in depreciation policy to reflect FRS 15 has resulted in an increase
in the depreciation charge of #210,000.)
CHAIRMAN'S STATEMENT
Revenues for the year were somewhat below expectation, particularly during the
peak summer season. Cost over-runs against the original budgets were incurred
in the completion of the Blue Planet, the new aquarium in Cheshire which
opened in July 1998. Consequently, although able to service debt interest,
the Company was unable to generate the cash flow necessary to meet scheduled
debt repayments.
During the period since the year end, significant effort has been applied to
finding a remedy for the breach of the banking agreements with the Company's
former bankers, Allied Irish Bank (GB) and Bank of Ireland. This has resulted
in a refinancing package which has been agreed and implemented today as
follows.
The Company has refinanced its entire banking facilities under a new agreement
with the Bank of Scotland. The new facilities take the form of a #7 million
term loan and #750,000 overdraft facility. In addition the Company's former
bankers have agreed to write-off #2 million of debt.
Further, the Bank of Scotland has extended a bridging facility of #2 million
which is to be repaid from the proceeds of a proposed rights issue of up to
#2.5 million at 30p per share. This proposed rights issue will be
underwritten to the extent of #2 million by Northern Venture Partnership Fund,
Northern Investors Company plc, Northern Venture Trust plc, Scottish
Enterprise, Dunedin Enterprise Investment Trust plc and AID Investments
Limited. As Northern Venture Partnership Fund, Northern Investors Company plc
and Northern Venture Trust plc, which are all managed by Northern Venture
Managers Limited, already jointly own 1,889,996 ordinary shares representing
30.15 percent of the issued ordinary share capital of the Company, the
proposed rights issue will be subject to shareholder approval under the
whitewash procedures of The City Code on Takeovers and Mergers. A circular
will be sent to shareholders in due course.
Trading in the current year shows no improvement against a background of
strong currency and reduced tourist numbers which have affected virtually all
similar attractions. However the effect of the restructuring will be a
reduction in debt of some #4 million, with the attendant reduction in interest
costs.
Attention will now turn to the organisation of the business, primarily
concentrating on a more focused, cost effective marketing strategy and a
structure which brings operating costs in line with the level of activity.
As was announced on 5 June 2000 Frank O'Callaghan resigned as Chairman, having
decided to reduce the number of his commitments and I was appointed Chairman
on that date. Further Board changes will be announced with the posting of the
circular.
The posting of the audited accounts will be made before the end of August.
Alastair J Ritchie 23 August 2000
For further enquiries contact:
Alastair Ritchie, Chairman of Deep-Sea Leisure PLC 0131 220 3900
David McCorquodale, KPMG Corporate Finance 0131 222 2000
Profit and loss account
for the year ended 29 February 2000
2000 1999
#000 #000
Turnover 5,477 4,780
Cost of sales (724) (659)
_______ _______
Gross profit 4,753 4,121
Administrative expenses (3,302) (3,521)
_______ _______
Operating profit 1,451 600
Interest receivable - 1
Interest payable and similar charges (894) (650)
_______ _______
Profit/(loss) on ordinary activities before taxation
557 (49)
Tax on profit/(loss)on ordinary activities - -
_______ _______
Profit/(loss) retained for the financial year
for equity shareholders 557 (49)
Earnings per ordinary share 8.89p (0.78p)
Earnings per ordinary share before exceptional items 8.89p 16.11p
There are no recognised gains or losses other than the profit for the
financial year.
Balance sheet
at 29 February 2000
2000 1999
#000 #000 #000 #000
Fixed assets
Tangible assets 19,789 20,200
Current assets
Stocks 625 683
Debtors 250 444
Cash at bank and in hand 14 17
______ ______
889 1,144
Creditors: amounts falling due within one year
(12,691) (5,766)
______ ______
Net current liabilities (11,802) (4,622)
______ ______
Total assets less current liabilities 7,987 15,578
Creditors: amounts falling due after
more than one year (158) (7,615)
Accruals and deferred income (2,380) (3,051)
______ ______
Net assets 5,449 4,912
====== ======
Capital and reserves
Called up share capital 1,316 1,316
Share premium account 3,001 3,021
Profit and loss account 1,132 575
______ ______
Shareholders' funds 5,449 4,912
====== ======
Whereof:
Equity 4,952 4,415
Non-equity 497 497
______ ______
5,449 4,912
====== ======
1. The current and prior year results are non-statutory accounts within the
meaning of section 240 of the Companies Act 1985.
2. The financial information for 2000 is audited. The statutory accounts will
be filed with the Registrar of Companies following the Annual General
Meeting. Financial information for 1999 is taken from the audited accounts
for that year.
3. The earnings per share figures of 8.89p and (16.11p) for the year ended 29
February 2000 have been calculated using profit before exceptional items
for the year of #557,000 (#1,010,000) and the ordinary shares in issue
during the year of 6,267,063
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