Interim Results
June 24 2005 - 4:50AM
UK Regulatory
RNS Number:0045O
Deep-Sea Leisure PLC
24 June 2005
News Release
24 June 2005
Deep-Sea Leisure PLC
Interim Results for the six months ended 30 April 2005
Deep-Sea Leisure PLC, the leisure company which runs two aquariums, Blue Planet
in Chester and Deep Sea World in Edinburgh - featuring marine life, announces
its interim results for the six months ended 30 April 2005.
Highlights
*Pre-tax profit, for the six months ended 30 April 2005, up 18.4% to
#309,000 (#261,000 - 2004) on turnover down 4% to #2.75m (#2.86m - 2004)
*Further improvement in per capita spend and improved operating efficiency
contributed to increased pre-tax profit
*New seal sanctuary due to open on 15 June at Deep Sea World and a new
children's adventure play park has opened at Blue Planet
*Visitor numbers recovering to prior year's level, having declined at both
sites reflecting the good Easter weather and a slow down in leisure spending
*No interim dividend will be declared by the Company
*Summer season expected to benefit from new visitor attractions.
For further information please contact:-
Sue Howarth, Finance Director
Deep-Sea Leisure PLC 0151 357 8804
Roland Cross, Director
Broadgate 020 7726 6111
Chairman's Interim Statement
During the six months to 30 April 2005, Deep Sea Leisure increased pre-tax
profit by 18.4% to #309,000 (#261,000 - 2004), on turnover down by 4% to
#2.75million (#2.86million - 2004). No interim dividend will be declared by the
Company.
Despite a slow start to the year at both aquariums reflecting the good weather
at Easter and a general slow down in visitor numbers, strong operational
management contributed to the increase in pre-tax profits.
Recognising the importance of creating new and visually appealing attractions to
drive visitor numbers, we have continued to improve both aquariums over the last
six months. A new seal sanctuary will open shortly at Deep Sea World and a new
adventure play park has opened at Blue Planet. Both these new attractions are
being supported by an active marketing campaign.
The seal sanctuary is a tremendous new initiative by Deep Sea World and is
driven by our commitment to improving the welfare of all marine life. The
sanctuary will provide a place for the rehabilitation of orphaned, injured or
sick seal pups, prior to release back into the sea, with educational
opportunities for visitors to gain an insight into the animals.
As we now enter the traditionally busier period of the year, the investment in
new attractions designed to add to visitors' overall enjoyment of the aquariums
will, in the Board's opinion, assist us in achieving our visitor number targets
through the summer months.
Against a background where there are signs of a tightening in consumer spending,
the Board is satisfied that the current strategy of strong financial controls
and investment in new attractions is the right strategy which will deliver
results for all shareholders.
Angel Barrachina
Chairman
24 June 2005
Unaudited profit and loss account
for the half year to 30 April 2005
Half year Half year 12 months
to to to
30 April 30 April 31 October
2005 2004 2004
#000 #000 #000
Turnover 2,750 2,864 6,761
Cost of sales (340) (353) (847)
______ ______ ______
Gross profit 2,410 2,511 5,914
Administrative
expenses (2,043) (2,153) (4,091)
______ ______ ______
Operating
profit before
interest 367 358 1,823
Interest
receivable and
similar income 24 14 55
Interest
payable (82) (111) (224)
______ ______ ______
Profit/(Loss)
on ordinary
activities
before
taxation 309 261 1,654
Tax on profit
on ordinary
activities (112) (84) (526)
______ ______ ______
Profit/(Loss)/ retained for the
financial year for
equity
shareholders 197 177 1,128
______ ______ ______
Earnings per
ordinary share 1.026p 0.921p 5.88p
Unaudited balance sheet
at 30 April 2005
As At As At
30 April 31 October
2005 2004
#000 #000 #000 #000
Fixed assets
Tangible
assets 16,466 16,552
Current assets
Stocks 383 354
Debtors 129 81
Cash at bank
and in hand 2860 2,430
3,372 2,865
Creditors: amounts
falling due within one
year (2,244) (2,069)
Net current
assets/(liabilities) 1128 796
Total assets less current
liabilities 17,594 17,348
Creditors: amounts
falling due after more
than one year (2,029) (2,029)
Accruals and deferred
income (2,635) (2,690)
Provision for liabilities
and charges (2,342) (2,238)
Net assets 10,588 10,391
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 2,723 2,526
Shareholders'
funds 10,588 10,391
Unaudited cashflow
for the half year to 30 April 2005
Half year Half year 12
to to months to
30 April 30 April 31 October
2005 2004 2004
#000 #000 #000
Operating
profit 367 358 1,823
Depreciation
charge 377 392 780
(Increase)/decrease
in stocks (29) 8 (1)
(Increase)/decrease
in debtors (48) (153) 17
(Increase)/decrease
in creditors 175 426 297
Decrease in deferred
income (55) (55) (111)
Net cash inflow from
operating activities 787 976 2,805
Cash flow statement
Net cash inflow from
operating activities 787 976 2,805
Servicing of finance (41) (45) (169)
Capital expenditure (316) (10) (44)
Cash inflow before
financing 430 921 2,592
Financing - - (945)
Increase in cash 430 921 1,647
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 period ended 31 October 2004. The figures for the period to 31 October
2004 have been extracted from the audited accounts for that period, which have
been delivered to the Registrar of Companies and on which the auditors gave an
unqualified report.
K:/DeepSea/Broadgate Releases/interimapr2005.doc
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