All Leisure Group PLC Trading Update (7174Y)
December 03 2014 - 4:56AM
UK Regulatory
TIDMALLG
RNS Number : 7174Y
All Leisure Group PLC
03 December 2014
3 December 2014
All Leisure Group plc
("All Leisure", the "Company" or the "Group")
Trading Update for the year ended 31 October 2014
Financial Update
The Group is in the process of preparing accounts for the year
to 31 October 2014, which are subject to audit and therefore not
final. Underlying Operating Profit before separately disclosed
items is expected to be approximately GBP0.9m (2013: GBP0.8m).
As previously notified in our half-year announcement of 11 July
2014, the unfortunate events of 2014 in Crimea and Ukraine have had
a significant impact on the business. Two Black Sea cruises and a
connected cruise in the Eastern Mediterranean were subject to
substantial cancellations and subsequent discounting to fill
capacity, with profit contribution down GBP1.9m versus budget as a
consequence. In view of the on-going difficulties in the region the
Group has reduced the number of cruises to the Crimean region in
the current financial year from three to one.
A full year pre-tax loss for the Group of approximately GBP7.4m
is anticipated (2013: GBP13.6m loss), after charging GBP7.4m for
the disposal of the MV Discovery and a further GBP0.6m charge for
other reorganization costs that will be separately disclosed in the
financial statements.
The Group closed the year with cash of GBP11.6m (2013: GBP10.7m)
plus further restricted cash balances of GBP3.5m (2013:
GBP3.6m).
Total passenger numbers were as follows; Cruise passengers were
17.9k versus 16.5k last year (+8%). Tour passengers were 40k versus
44k last year, due to a reduction in capacity of 1,600 pax combined
with reduced business to Egypt due to political uncertainty.
Operational Highlights
The last two years have been spent consolidating the former "All
Leisure Group" and "Page & Moy" businesses into one,
single-site business. Operational synergies of approximately GBP2m
(full year basis) have been achieved.
The management team has been strengthened, and has focused on
improving customer service and satisfaction measures. The MV
Voyager has been established as the flagship of the "Voyages of
Discovery" brand, which will be re-launched for Winter 15/16 with
an improved product offering. The disposal of the MV Discovery in
October 2014 represents a significant de-risking of the Cruise
portfolio. The Hebridean Princess maintains its premium, 5-star
positioning, and benefits from continuous capital investment to
maintain its high standards.
The "Travelsphere" and "Just You" Tours brands have also both
been re-launched based on customer research and feedback,
incorporating quality improvements and new destinations. The Tours
businesses offer 85 new tours in 2015 to stimulate consumer
interest. Much work has been done to merge multiple legacy customer
databases into a single customer database. The Company's in-house
tele-sales team has been multi-skilled to drive efficiency.
Appointment of Nigel Arthur as Group Finance Director
All Leisure is pleased to announce the appointment of Mr Nigel
Arthur as its Group Finance Director, effective immediately.
Nigel was formerly UK Finance Director of Thomas Cook plc,
leaving this position in May 2014. Prior to this Nigel spent 10
years at Diageo plc where he held positions as VP Finance EMEA for
Burger King Corp., Diageo International Finance Director, and
Finance Director for Diageo Global Supply Chain. Nigel started his
career at Price Waterhouse in London, before moving into industry
at Guinness plc. Nigel is a Chartered Accountant and graduate in
Economics from the University of Southampton.
The Company wishes to thank Mr Kevan Witts, who has acted as
Interim Finance Director for the last three months. Kevan will
remain as a consultant to the business to ensure a smooth
transition of responsibilities. The list of all companies and
partnerships of which Nigel Arthur has been a director in the
previous five years can be found in the Appendix.
Outlook
The board is encouraged to note that 95% of Winter 2014/15
cruise revenue is already booked (2013: 88%). 84% of Winter tours
revenue is already booked (2013: 88%). 2015 Revenue from Tour
bookings to USA and Italy, the most popular destinations, are both
trading up, whilst Tour bookings to certain Asian destinations
(China, India, Vietnam etc) have declined in line with the overall
market.
Enquiries:
All Leisure group PLC
Roger Allard (Executive Chairman) Tel: +44 7836 382767
Ian Smith (Group Chief Executive Officer) Tel: +44 1858 588396
Nigel Arthur (Group Finance Director) Tel: +44 1858 588052
NOMAD: Panmure Gordon (UK) Limited
Andrew Godber / Charles Leigh-Pemberton Tel: + 44 207 886
2500
Financial PR: Citigate Dewe Rogerson
Tehsin Nayani Tel: +44 207 282
1080
Appendix: List of companies of which Nigel John Arthur (aged 53)
has been a director in the previous five years
Current Directorships / Former Directorships / Partnerships
Partnerships (past 5 years)
Close Number 29 Limited* A. A. H. (1997) Limited*
Ennay Services Limited A.T. Mays Group (Holdings) Limited*
A.T. Mays Investments Limited*
A.T. Mays The Travel Agents Limited*
Adrian Hayes Management Limited*
Airline Network Plc
Airtours Holidays Transport Limited
Airtours Insurance Services Limited
Airtrack Services Limited
Amsterdam Travel Service Limited*
BCT Transport Brokers Limited*
Belgian Travel Service Limited*
Blue Sea Overseas Investments Limited
Bridge Tours Limited*
Bridge Travel Service Limited*
Buzzard Leisure Limited
Carousel Holidays Limited
Carousel Resorts International
Limited
Close Number 1 Limited
Close Number 2 Limited*
Close Number 3 Limited
Close Number 4 Limited*
Close Number 5 Limited*
Close Number 6 Limited
Close Number 7 Limited
Close Number 8 Limited
Close Number 9 plc
Close Number 10 Limited*
Close Number 11 Limited*
Close Number 12 Limited*
Close Number 13 Limited*
Close Number 14 Limited*
Close Number 15 plc*
Close Number 16 Limited
Close Number 17 plc*
Close Number 18 Limited*
Close Number 19 Limited
Close Number 20 Limited*
Close Number 21 Limited*
Close Number 22 Limited*
Close Number 23 Limited*
Close Number 24 Limited*
Close Number 25 Limited
Close Number 26 Limited*
Close Number 27 Limited*
Close Number 28 Limited*
Compass Travel Limited
Co-op Group Travel 1 Limited
Cresta Holidays Limited
Direct Aviation Limited*
Elvington Limited*
Essential Extras Limited
FlexTravel Limited*
Flights4u.com Limited*
Flying Colours Holidays Limited*
Flying Colours Leisure Group Limited*
Flying Colours Trustees Limited*
Future Travel Limited
Gold Medal International Limited
Gold Medal Travel Group Plc
Goldcrest Aviation Limited*
Goldcrest International Charters
Limited*
Highlight Travel Limited*
Holiday Matchmakers Limited*
Holidayline Limited*
Hotels4u.com Limited
HRLT*
I.T. Travel Limited*
In Touch (IT) Business Centres
Limited*
Inhoco 3434 Limited
Inspirations Air Limited*
Inspirations East Limited*
Inspirations Group Pension Trustees
Limited
Inspirations Limited
International Airways Limited*
JMC Travel Limited*
JMCH Services Limited
Jupiter Leasing Limited*
Kestrel Leisure Limited
Late Escapes Limited*
MTG (UK) Limited
MyTravel Group Limited
MyTravel North America Limited
MyTravel Pioneer Limited
MyTravel Tour Operations Limited
Neilson Active Holidays Ltd
Omicron Leasing (Orange) 1 Limited*
Online Essentials Limited*
Orchid Travel Limited*
Panorama Holiday Group Limited*
Panorama Seat Broking Limited*
Paris Travel Service Limited*
Parkway (UK) Investment Management
Limited*
Parkway 2005 plc*
Parkway Hellas Holdings Limited
Parkway IPR Limited
Peregrine Leisure Limited
Pluto Leasing Limited*
Rankin Kuhn Travel Limited*
Retail Travel Limited
Sandbrook UK Investments Limited
Secpark Limited*
Shipping and Aviation Industries
Limited
Ski America Limited*
Style Aviation Limited*
Style Holidays Limited
Sun International (UK) Limited
Sunset Developments Limited*
Swiss Travel Service Limited*
TCCT Holdings UK Limited
TCCT Retail Limited
TCIM Limited
The BTN Finance Company*
The Freedom Travel Group Limited
The French Selection Limited*
The Travelworld Group Limited
Thomas Cook (Jersey) Limited
Thomas Cook Broking Limited
Thomas Cook Continental Holdings
Limited
Thomas Cook Destination Services
Inc
Thomas Cook Finance plc
Thomas Cook Group Management Services
Limited
Thomas Cook Group UK Limited
Thomas Cook Investments (1) Limited
Thomas Cook Investments (2) Limited
Thomas Cook Overseas Limited
Thomas Cook Retail Limited
Thomas Cook Scheduled Tour Operations
Limited
Thomas Cook Services Limited
Thomas Cook Tour Operations Limited
Thomas Cook UK Limited
Thomas Cook UK Travel Limited
Thomas Cook Wholesale Limited
Time Off Limited*
Tourmajor Limited
Tradewinds Worldwide Holidays Limited*
Transfers4u.com Limited*
Travel Choice Overseas Limited
Trust Accommodation.com Limited*
Up Trips Limited*
US Travel Service Limited*
Vayago Limited*
Winston Rees (World Travel) Limited*
Worldsure Limited*
Zoom Flights Limited*
Note: those companies marked with a * above were in liquidation
at the time of Nigel Arthur's directorship, or are currently in
liquidation.
There are no further matters in connection with the Company's
appointment of Nigel Arthur to be disclosed under Rule 17 or
Schedule Two paragraph (g) of the AIM Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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