Final Results
13 January 2005 - 6:00PM
UK Regulatory
RNS Number:3206H
Deep-Sea Leisure PLC
13 January 2005
News Release
13 January 2005
Deep Sea Leisure increases Pre-tax Profit 58%
for the year ended 31 October 2004
Deep Sea Leisure PLC, the leisure company which runs two aquariums in the UK
featuring marine life, announces its final results for the year ended 31 October
2004.
Highlights
* Pre-tax profit for the year ended 31 October 2004 up 58% to #1.654
million (2003 - #1.044 million) on turnover of #6.761 million (2003 - #6.138
million)
* Visitor numbers up 6% and per capita spend up for third consecutive
year by 4%
* Marketing activities continue to have significant impact in raising
awareness and appeal of the marine aquariums
* Two major capital investment projects planned for current financial
year are expected to increase appeal of marine aquariums
For further information please contact:-
Sue Elaiho, Finance Director
Deep Sea Leisure plc 0151 357 8804
Roland Cross, Director
Broadgate 020 7726 6111
Chairman's Statement
The good progress reported in my Chairman's statement last year has continued in
the financial year ended 31 October 2004, with pre-tax profit increasing 58% to
#1.654 million (#1.044 million - 31 October 2003) on turnover of #6.761 million
(#6.138 million - 31 October 2003).
The Board is not recommending a final dividend as the retained profit will be
used to increase the financial strength of the Company and provide new
investments at both of the marine aquariums in the coming year.
The Company's excellent performance can be attributed to a combination of
improved operating margins as well as an increase of 6% in visitor numbers at
the two marine aquariums. In Finance Director Sue Elaiho's review, she reflects
on the Company's major successes during the year.
As announced in April 2004, there have been a number of Board changes with
Richard Golding and Stuart Earley resigning from the Board and Carlos Marina
being appointed as a non-executive director. Following the resignation of Stuart
Earley the Board decided not recruit a new Managing Director and instead
reallocated the various tasks of the Managing Director to the other directors.
At the same time Sue Elaiho was promoted from Financial Controller to Finance
Director and she is to be congratulated for her excellent management of the
finances of the Company.
With the continued good management and investment in new attractions we are
expectant that visitor numbers will continue to grow and look forward to the
coming year.
A Barrachina
Chairman
Finance Director's Review
The continued excellent performance of Deep Sea Leisure has been achieved in
spite of several challenging factors affecting its marine aquariums, making the
Company's sound financial performance even more rewarding.
In particular, with its close proximity to the Forth Bridge, Deep Sea World
suffered from the closure of the Bridge for a number of weekends during 2004
affecting visitor numbers. Despite this, visitor numbers were marginally ahead
of last year's as the investment in marketing maintained the profile of the
marine aquarium in Scotland.
The Company's marketing activities at both marine aquariums increased public
awareness of the aquariums and have made a positive contribution in driving
visitors to the attractions. At Blue Planet visitor numbers increased by 9%
during the year reflecting the success of a new outdoor advertising campaign.
The Company has also been successful in achieving a higher spend per visit and
overall per capita spend at both of its marine aquariums increased by a further
4% following the strong gains of 17% achieved last year.
Strong financial controls have been maintained and the Company continues to
benefit from an improving cashflow.
In the current financial year two major capital investment projects, one at each
of the marine aquariums, are planned. The attractions are scheduled to open
ahead of the main visitor season commencing in April 2005 and will, we believe,
have a beneficial impact on attracting visitors to our marine aquariums. Further
details of these projects will be announced nearer the opening of each
attraction.
With the arrival of the new attractions, continued marketing activities and the
significant contribution made by all employees, we are looking forward to a
further year of progress.
SJ Elaiho
Finance Director
Profit and loss account
for the year ended 31 October 2004
12 Months to 12 Months to
31 October 31 October
2004 2003
#000 #000
Turnover 6,761 6,138
Cost of sales (847) (781)
_______ _______
Gross profit 5,914 5,357
Administrative expenses (4,091) (4,096)
_______ _______
Operating profit 1,823 1,261
Interest receivable and similar income 55 33
Interest payable and similar charges (224) (250)
_______ _______
Profit on ordinary activities before taxation 1,654 1,044
Tax on profit on ordinary activities (526) (331)
_______ _______
Profit retained for the financial year for equity
shareholders
1,128 713
Earnings per ordinary share (basic and diluted) 5.88p 3.71p
Balance sheet
as at 31 October 2004
31 October 2004 31 October 2003
#000 #000 #000 #000
Fixed assets
Tangible assets 16,552 17,249
Current assets
Stocks 354 353
Debtors 81 98
Cash at bank and in hand 2,430 783
______ ______
2,865 1,234
Creditors: amounts falling due within one
year
(2,069) (1,710)
______ ______
Net current assets/(liabilities) 796 (476)
______ ______
Total assets less current liabilities 17,348 16,773
Creditors: amounts falling due after more
than one year (2,029) (2,973)
Deferred income (2,690) (2,801)
Provision for liabilities and charges (2,238) (1,736)
______ ______
Net assets 10,391 9,263
Capital and reserves
Called up share capital 960 960
Share premium account 5,902 5,902
Capital redemption reserve 1,003 1,003
Profit and loss account 2,526 1,398
______ ______
Shareholders' funds - equity 10,391 9,263
Cash flow statement
for the year ended 31 October 2004
31 October 31 October
2004 2003
#000 #000
Cash flow statement
Net cash inflow from operating activities 2,805 2,183
Returns on investments and servicing of finance (169) (364)
Capital expenditure (44) (218)
______ ______
Cash inflow before financing 2,592 1,061
Financing (945) (1,204)
______ ______
Increase in cash 1,647 397
Reconciliation of net cash flow to movement in net debt
Increase in cash 1,647 397
Cash outflow from movement in net debt 945 1,204
______ ______
Change in net debt resulting from cash flows 2,592 1,601
______ ______
Movement in net debt in the year 2,592 1,601
Net debt at beginning of year (3,135) (4,736)
______ ______
Net debt at end of year (543) (3,135)
Reconciliation of operating profit to net cash inflow from operating
activities
Operating profit 1,823 1,261
Depreciation charges 780 877
(Increase)/decrease in stocks (1) 26
Decrease in debtors 17 14
Increase in creditors 299 135
Decrease in deferred income (111) (130)
_____ _____
Net cash inflow from operating activities 2,805 2,183
Notes
1. The board is not recommending a payment of a final dividend.
2. The financial information set out on the previous pages does not
constitute the Company's Statutory Accounts for the year ended 31 October 2004
or year ended 31 October 2003 but is derived from these accounts. Statutory
Accounts for the previous financial period ended 31 October 2003 have been
delivered to the Registrar of Companies and those for the financial year ended
31 October 2004 will be delivered following the Company's Annual General Meeting
which will be held at The Blue Planet Aquarium, Cheshire Oaks, Ellesmere Port,
Cheshire, CH65 9LF on Wednesday 16 February 2005 at 12.00 noon. The Auditors
have reported on those accounts: the reports were unqualified and did not
contain any statements under section 237(2) or (3) of the Companies Act 1985.
3. Copies of the annual report and accounts will be posted to
shareholders on 13 January 2005 and will be available for inspection at The Blue
Planet Aquarium, Cheshire Oaks, Ellesmere Port, Cheshire, CH65 9LF from the same
date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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