Interim Results
02 October 2001 - 10:27PM
UK Regulatory
RNS Number:9903K
Deep-Sea Leisure PLC
2 October 2001
Deep Sea Leisure PLC
Interim Results for the six months ended 31 August 2001
Benefit from Increase in Visitor Numbers
Deep Sea Leisure plc, the leisure company which runs two aquariums in the UK
featuring marine life, announces its interim results for the six months ended
31 August 2001.
Highlights
* Pre-tax profit up 111% to #0.94m (#0.45m for corresponding period)
before exceptional income
* Turnover up 15% to #3.65 m (#3.16 m for corresponding period)
* Capital investment undertaken with visitor numbers up 10% at both
Deep Sea World and Blue Planet despite depression in tourist industry
* Following recent financial reconstruction, gearing declined to 50% with
resultant interest costs reducing by 35% to #0.32m
* Tight cost controls now in place with further plans to enhance
performance in 2002.
For further information please contact;
Alastair Ritchie, Chairman
eep Sea Leisure plc 0131 220 3900
David McCorquodale, Partner
KPMG Corporate Finance 0131 222 2000
Roland Cross, Director
Broadgate 020 7726 6111
Chairman's Interim Statement
I am pleased to report most encouraging results for the first half of the
current trading year. Despite the negative effects of external influences,
notably the Foot and Mouth epidemic, visitor numbers rose by 10% at both Deep
Sea World and Blue Planet. As shareholders are aware, capital investment was
undertaken at both and it is gratifying to see good returns being achieved.
Sales income rose by 15% to #3.65m, whilst costs were reduced by 5%, resulting
in an operating profit of #1.26m. Following on the financial reconstruction
last year-end, gearing fell to 50%, with resultant interest costs reducing by
35% to #0.32m. Accordingly, the pre-tax profit for the period before
exceptional items was #0.94m, an increase of 111% over the previous period.
These figures are the outcome of the high season for our attractions and now
that we have entered the quieter period of the year, we will continue to
control costs in line with the level of activity. In addition, we shall
formulate plans further to enhance our performance in 2002.
Alastair Ritchie
Chairman
2 October 2001
Unaudited profit and loss account
for the half year ended 31 August 2001
Half year Half year Full year
to to to
31 August 31 August 28 February
2001 2000 2001
#000 #000 #000
Turnover 3,655 3,168 5,056
Cost of sales (535) (431) (976)
_______ _______ _______
Gross profit 3,120 2,737 4,080
Administrative expenses (1,860) (1,804) (3,948)
_______ _______ _______
Operating profit before exceptional items 1,260 933 132
Exceptional operating income - 1,658 1,515
_______ _______ _______
Profit before interest 1,260 2,591 1,647
Interest payable (319) (487) (851)
_______ _______ _______
Profit on ordinary activities before 941 2,104 796
taxation
Tax on profit on ordinary activities - - -
_______ _______ _______
Profit retained for the financial year for
equity shareholders 941 2,104 796
Earnings per ordinary share 4.90p 33.57p 8.98p
Earnings per ordinary share before 4.90p 7.12p (8.11)p
exceptional items
Unaudited balance sheet
at 31 August 2001
Half year to Half year to Full year to
31 August 2001 31 August 2000 28 February 2001
#000 #000 #000 #000 #000 #000
Fixed assets
Tangible assets 18,730 19,481 18,926
Current assets
Stocks 414 679 366
Debtors 207 412 39
Cash at bank and in hand 247 19 1,297
______ ______ ______
868 1,110 1,702
Creditors: amounts falling due
within one year (3,703) (4,327) (4,871)
______ ______ ______
Net current liabilities (2,835) (3,217) (3,169)
______ ______ ______
Total assets less current
liabilities 15,895 16,264 15,757
Creditors: amounts falling due
after more than one year (3,785) (6,665) (4,255)
Accruals and deferred income (1,376) (2,046) (1,709)
______ ______ ______
Net assets 10,734 7,553 9,793
Capital and reserves
Called up share capital 960 1,316 960
Share premium account 5,902 3,001 5,902
Capital redemption reserve 1,003 - 1,003
Profit and loss account 2,869 3,236 1,928
______ ______ ______
Shareholders' funds 10,734 7,553 9,793
Equity 10,734 7,056 9,793
Non-equity - 497 -
______ ______ ______
10,734 7,533 9,793
Unaudited cash flow statement
for the half year ended 31 August 2001
Half year Half year Full year
to to to 28
31 August 31 August February
2001 2000 2001
#000 #000 #000
Operating profit 1,260 933 1,647
Waiver of debt - - (2,000)
Depreciation charges 449 433 886
Movement in stocks (48) (54) 259
Movement in debtors (168) (162) 211
Movement in creditors (233) 164 125
Grant released (333) (334) (671)
_____ _____ _____
Net cash inflow from operating activities 927 980 457
Cash flow statement
Servicing of finance (319) (487) (998)
Capital expenditure (253) (125) (23)
______ ______ _____
Cash inflow (outflow) before financing 355 368 (564)
Issue of ordinary share capital (net of issue - - 3,548
expenses)
Net loans (repaid)/received (1,400) (900) (914)
Bank loans waived - 2,000 -
Capital element of finance leases and hire (5) - (17)
purchase rentals
______ ______ ______
(Decrease)/increase in cash (1,050) 1,468 2,053
Notes
1. The Board is not recommending the payment of an interim dividend.
2. The interim financial statements do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985, they
have been prepared on the basis of the accounting policies set out in the
audited report and accounts for the year ended 28 February 2001. The figures
for the year ended 28 February 2001 have been extracted from the audited
accounts for that year, which have been delivered to the Registrar of
Companies and on which the auditors gave an unqualified report.
3 Earnings per ordinary share are calculated as follows:
Half year Half year Full year
to to to
31 August 31 August 28 February
2001 2000 2001
#000 #000 #000 #000 #000 #000
Profit after tax 941 2,104 796
Exceptional operating income -
(note 5) - 2,000 2,000
Exceptional refinancing costs - (342) (485)
______ ______ ______
941 1,658 1,515
_____ _____ _____
Earnings before exceptional
income 941 446 (719)
Basic earnings per share 4.90p 33.57p 8.98p
Earnings(loss) per share before
exceptional income 4.90p 7.12p (8.11)p
All calculations of earnings per share are based on the number of
ordinary shares in issue during the period of 19,199,783 (August 2000 :
6,267,063; February 2001: 8,860,278).
4. No liability to corporation tax arises on the profit for the period
by reason of the availability of capital allowances on expenditure on fixed
assets.
5. On 23 August 2000 the company entered an agreement with the Bank of
Scotland to refinance the borrowing. The terms of this agreement were that
Allied Irish Bank (GB) and Bank of Ireland waived #2,000,000 of debt and the
balance of the amounts due to them were repaid on that date from a mixed debt
package amounting to #9,750,000 advanced to the company by Bank of Scotland.
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