Deep-Sea Leisure PLC - Final Results - Replacement
05 May 1999 - 9:56PM
UK Regulatory
RNS No 6976e
DEEP-SEA LEISURE PLC
5 May 1999
The issuer has made the following alteration to the
Deep-Sea Leisure PLC - Final Results
announcement released today.
The earlier announcement had typographical errors in balance sheet and cash flow
statement.
DEEP-SEA LEISURE PLC
Preliminary results for the year ended 28 February 1999
Deep-Sea Leisure PLC, the aquarium company, announces its audited
results for the year ended 28 February 1999.
Highlights
Year Ended 28 February 1999 1998
#000's #000's Change
Turnover 4,780 2,478 +92.9%
Operating profit before exceptional items 1,659 598 +177.4%
Pre-Tax profit before exceptional items 1,010 429 +135.4%
Earnings per share before exceptional items 16.11p 6.85p +135.2%
- Pre-Tax profit before exceptional items has more than doubled
over the period with the opening of the Blue Planet.
- Since the opening of the Blue Planet in July 1998 over 410,000
visitors have visited the aquarium to date.
- Operating margins have increased from 24% to 35%.
- Heads of Agreement have been signed in respect of a management
contract for a new aquarium to be built in Seville, Spain. This
agreement is subject to the satisfactory outcome of grant
applications.
- Active progression of discussions with potential partners in
relation to further sites in United Kingdom and Europe.
Commenting on the results, Frank O'Callaghan, Chairman of Deep-Sea
Leisure, said:
"The continuing popularity of North Queensferry, the initial success
of the Blue Planet and the opportunities that we have for further
developments in Europe give your Board confidence in the future for
your company."
For further information, please contact:
Phil Crane, Managing Director,
Deep-Sea Leisure (0131) 343 6682 or (0860) 796 832
Norman Yarrow, Director,
Deep-Sea Leisure (0131) 220 4110
Michael Westmacott, Compro PR (0131) 319 1477
Simon Clarke, Williams de Broe (0131) 220 3686
CHAIRMAN'S STATEMENT
TRADING
I am pleased to report that 1998/99 has been a year of considerable
progress for our company with the opening of the new BLUE PLANET
AQUARIUM at Ellesmere Port in Cheshire. Turnover for the year at
#4,780,000 was nearly double the previous year (#2,478,000) and the
Profit on Ordinary Activities before Exceptional Items at #1,010,000
was more than double that of the previous year (#429,000). Earnings
per Share before Exceptional Items were 16.11 pence as compared with
6.85 pence in the previous year. The increase in Turnover and
Profits reflects the contribution of the Blue Planet since its
opening in mid July 1998. Operating margin also improved during the
period from 24% to 35%.
As indicated when the results for the half-year to August 1998 were
published, the costs incurred during the construction phase of the
Blue Planet have been written off as an Exceptional Item including
the costs of the marketing support agreement with Chester Zoo. These
costs total #1,059,000 and by writing these costs off now they will
not impact the results of future years.
THE BLUE PLANET
The Blue Planet Aquarium at Cheshire Oaks opened to the public on
15th July 1998 and we were very honoured when Her Majesty The Queen
and His Royal Highness The Duke of Edinburgh paid an official visit
on 31st July 1998. The Blue Planet is already proving to be an
outstanding visitor attraction with over 300,000 visitors in its
first six months and over 410,000 visitors to date. The Directors
are particularly encouraged by the fact that, despite opening late
and missing four key summer trading months, the Blue Planet made a
substantial contribution to the Group's results for the year. This
is reflected in the fact that Profit on Ordinary Activities before
Exceptional Items is over double that of the previous year. The
extensive advertising and PR campaign is proving successful as the
Company starts to penetrate the enormous catchment area of the Blue
Planet.
DEEP-SEA WORLD
Deep-Sea World at North Queensferry continues to prove to be a most
popular visitor attraction although, in common with other visitor
attractions in the UK, visitor numbers were down approximately 10%
over the period compared to last year. Since opening in 1993, Deep-
Sea World has attracted 2.5 million visitors. The durability and
underlying resilience of this aquarium gives us great confidence in
the long-term viability of our expansion plans.
DIVIDEND
As indicated when the results for the half-year to August 1998 were
published, the Directors are not recommending the payment of any
dividend in respect of the financial year to 28th February 1999. The
Board will review the potential for dividend payments in the light of
future trading results and intends to adopt a progressive dividend
policy as soon as possible.
FUTURE DEVELOPMENTS
It remains the strategy of your Board to expand Deep-Sea Leisure's
unique aquarium concepts throughout Europe within a controlled
financial structure. To this end your directors are considering
various development opportunities including management contracts for
development and on-going operations of new aquariums. Heads of
Agreement have been signed in respect of a management contract for a
new aquarium to be built in Seville, Spain. This agreement is
subject to the satisfactory outcome of grant applications.
STAFF
Every business depends upon the quality and commitment of its staff and
this is especially so in a business like ours where there is a very
high degree of interaction between staff and customers. I would like
to take this opportunity to thank all of our staff on your behalf for
all their efforts during the year both in maintaining such high
standards and also for bringing new ideas to fruition.
OUTLOOK
The continuing popularity of North Queensferry, the initial success
of the Blue Planet and the opportunities we have for further
developments in Europe give your Board confidence in the future for
your company.
Frank O'Callaghan
Chairman
5 May 1999
Profit and loss account
for the year ended 28 February 1999
Before Exceptional
exceptional items Total
items (note 3) 1999 1998
#000 #000 #000 #000
Turnover 4,780 - 4,780 2,478
Cost of Sales (659) - (659) (369)
______ ______ ______ ______
Gross profit 4,121 - 4,121 2,109
Administrative expenses (2,462) (1,059) (3,521) (1,511)
______ ______ ______ ______
Operating profit 1,659 (1,059) 600 598
Interest receivable 1 - 1 2
Interest payable and similar charges (650) - (650) (171)
______ ______ ______ ______
(Loss)/profit on ordinary activities
before taxation 1,010 (1,059) (49) 429
Tax on (loss)/profit on ordinary
activities - - - -
______ ______ ______ ______
(Loss)/profit retained for the
financial year for equity shareholders 1,010 (1,059) (49) 429
______ ______ ______ ______
Earnings per ordinary share (0.78p) 6.85p
______ ______
Earnings per ordinary share before
exceptional items 16.11p 6.85p
______ ______
Balance Sheet
at 28 February 1999
1999 1998
#000 #000 #000 #000
Fixed assets
Tangible assets 20,200 14,471
Current assets
Stocks 683 276
Debtors 444 1,310
Cash at bank and in hand 17 16
______ ______
1,144 1,602
Creditors: amounts falling due within
one year (5,766) (1,869)
______ ______
Net current liabilities (4,622) (267)
______ ______
Total assets less current liabilities 15,578 14,204
Creditors: amounts falling due after more
than one year (7,615) (6,612)
Accruals and deferred income (3,051) (2,588)
______ ______
Net assets 4,912 5,004
______ ______
Capital and reserves
Called up share capital 1,316 1,316
Share premium account 3,021 3,064
Proft and loss account 575 624
______ ______
Shareholders' funds 4,912 5,004
______ ______
Whereof:
Equity 4,415 4,507
Non-equity 497 497
______ ______
4,912 5,004
______ ______
Cash flow statement
for the year ended 28 February 1999
Reconciliation of operating profit to net cash inflow from
operating activities
1999 1998
#000 #000
Operating profit 600 598
Depreciation charges 379 175
Increase in stocks (307) (54)
Decrease/(increase) in debtors 661 (672)
Increase in creditors 367 369
Grant released (366) (70)
______ ______
Net cash inflow from operating activities 1,334 346
______ ______
Cash flow statement
Net cash inflow from operating activities 1,334 346
Returns on investments and servicing of finance (977) (339)
Capital expenditure (5,591) (5,895)
______ ______
Cash outflow before financing (5,234) (5,888)
Financing 2,959 5,369
______ ______
Decrease in cash (2,275) (519)
______ ______
Reconciliation of net cash flow to movement
in net debt
Decrease in cash (2,275) (519)
Cash outflow from movement in debt
and lease financing (1,968) (3,650)
______ ______
Movement in net debt in the year (4,243) (4,169)
Net debt at beginning of year (7,132) (2,963)
______ ______
Net debt at end of year (11,375) (7,132)
______ ______
Notes:
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 1999 is audited. The
statutory accounts will be filed with the Registrar of Companies
following the Annual General Meeting. Financial information for
1998 is taken from the audited accounts for that year.
3. Exceptional Items
Included within administrative expenses are the following
exceptional items of expenditure:
1999 1998
#000 #000
Pre-Opening expenses - The Blue Planet Aquarium 659 -
Payments to North of England Zoological Society 400 -
_____ _____
1,059 -
_____ _____
4. The earnings per share figures of 16.11p and (0.78p) for the
year ended 28 February 1999 have been calculated using profit
before exceptional items for the year of #1,010,000 and the loss
after exceptional items for the year of #49,000 and the number of
ordinary shares in issue during the year of 6,267,063.
5. The Report and Accounts for the year ended 28 February 1999
will be sent to shareholders shortly and further copies will
be available from the Company's registered office, North
Queensferry, Fife, KY11 1JR, Scotland.
END
FR FLGGKMKGLLMM
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