All Leisure Group PLC Trading Update (4867J)
December 18 2015 - 2:00AM
UK Regulatory
TIDMALLG
RNS Number : 4867J
All Leisure Group PLC
18 December 2015
18 December 2015
All Leisure Group plc
("All Leisure", the "Company" or the "Group")
Trading Update for the year ended 31 October 2015
Financial Update
Trading conditions have been challenging throughout the year,
both for the Tours and Cruise divisions. The Group's interim report
issued on 30 July 2015 said "the Board anticipates that full year
performance will be below expectations and now expects the business
to make a small loss for the full year."
Subsequent to this statement, trading in the final quarter of
the year improved slightly, driven by better late bookings for
September/October departures. Subject to audit, the Group now
expects to have delivered broadly neutral profit before tax for the
year.
Unaudited results show revenues for the year of GBP127.3 million
(2014: GBP138.9 million), a reduction of GBP11.6 million. The 2014
figure included revenue of GBP4.3 million in relation to the vessel
"mv Discovery" which was disposed in October 2014. Underlying
Cruise division revenues fell by GBP2.2 million as a direct result
of maintenance periods for both Voyager and Minerva in the first
half year, offset by slightly better occupancy levels whilst the
ships were operational. Revenue from the Tours division declined
GBP5.1 million due to lower passenger numbers, partly offset by a
2% improvement in revenue/passenger.
Profit before Tax for the year is expected to be broadly neutral
(2014: loss of GBP(7.2) million).
The Group closed the year to 31 October 2015 with unrestricted
cash of GBP6.9 million (2014: GBP11.6 million) plus further
restricted cash balances of GBP3.2 million (2014: GBP3.5 million).
Subsequently on 30 November 2015 the Group received GBP3 million
proceeds, less costs, for the sale and lease-back of the vessel
"Hebridean Princess" with HP Shipping Limited, a company owned by a
syndicate of investors led by Mr. Roger Allard, the Chairman and
controlling shareholder of All Leisure Group.
Operational Highlights
Our "Travelsphere" and "Just You" brands continued to offer
Escorted Tours to destinations across the world. Total passenger
numbers for Tours were 36.2k (2014: 39.8k), with average revenue
per passenger ahead 2%. Our "Just You" brand continued to grow
passenger numbers, which was very pleasing.
In the Cruise business, passengers were 17.8k (2014: 17.9k),
with slightly reduced capacity due to dry dock maintenance periods
for both Voyager and Minerva, as reported at the half year. However
occupancy of available cabins improved to 77% (2014: 76%).
Outlook
Trading conditions are expected to remain very challenging,
especially in view of the escalating conflict in the Middle East
and recent acts of terrorism, and the effect these events may have
on consumers' propensity to travel.
Enquiries:
All Leisure Group PLC
Roger Allard (Executive Chairman) Tel: +44 1858 588 396
Ian Smith (Group Chief Executive Officer) Tel: +44 1858 588 396
Nigel Arthur (Group Finance Director) Tel: +44 1858 588 396
NOMAD and broker:
Panmure Gordon (UK) Limited
Andrew Godber/Charles Leigh-Pemberton Tel: +44 207 886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
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