TIDMSCEL
RNS Number : 9699X
Sceptre Leisure PLC
15 December 2010
Sceptre Leisure plc
("Sceptre" or the "Company" or the "Group")
Interim Results for the six months ended 31 October 2010
Sceptre Leisure plc (AIM: SCEL), the AIM-listed leisure and
gaming group today announces its interim results for the six months
ended 31 October 2010.
Financial Performance
2010 2009
Revenue GBPm 19.7 21.2
Operating profit
GBPm 1.2 1.6
Profit before
tax GBPm 0.6 0.9
Basic EPS p 0.7 1.2
Robust Trading
-- Strong performance despite difficult trading conditions and
legislative changes
-- Reported results reflect the sale of the fixed odds betting
terminal machine estate in April 2010
-- Significant contract wins e.g. Punch's managed estate (800
machines) and lead the market operationally
-- Asset utilisation maintained at 95%
-- Net debt reduced to GBP15.8m from GBP17.0m in 2009
-- Continued innovation with "note payout" on AWPs
-- Lotteryking estate grew by 2.5%, further increasing market
penetration
-- New catalogue at Kelly's Eye driving higher Christmas
orders
-- Post half year end acquisition of RV Smith (925 machines) -
integration going to plan
-- Well placed to take advantage of further organic and
acquisitive growth opportunities
Ken Turner, Chief Executive of Sceptre Leisure plc,
commented:
"We have demonstrated the strength of the Sceptre business in
this period against a tough trading backcloth. Through quality of
service and a market leading proposition we have traded strongly in
the circumstances.
We will continue to seek growth organically and by selected
acquisition.
We are in good shape to take advantage of opportunities that are
afforded us."
15 December 2010
For further information, please contact
Sceptre Leisure plc
Ken Turner 01772 694242
------------------------------------- -------------
Panmure Gordon (NOMAD and Broker) 020 7459 3600
------------------------------------- -------------
Andrew Burnett (Corporate Financing)
------------------------------------- -------------
Adam Pollock (Corporate Broking)
------------------------------------- -------------
College Hill 020 7457 2020
------------------------------------- -------------
Matthew Smallwood
Jamie Ramsay
Chairman's Statement
I am pleased to report on Sceptre Leisure plc's 2010 interim
results. The Group has once again produced a profit for the first
six months of the financial year. This is the result of efficient
use of people and other Group resources, and the excellent customer
service that has made us the leader in this business. I would like
to take the opportunity to thank our staff, whose hard work and
dedication to customer service have made such a result
possible.
The six months under review have provided a challenging
environment in which to operate. The industry continues to suffer
pub closures in all areas of the UK, and recent changes to SWP
(quiz machine) legislation by HM Revenue and Customs have reduced
machine income for both machine operators and pub companies.
Following the sale of our fixed-odds betting terminal business
in April 2010, the Board chose to reduce debt and conserve the
Group's financial resources whilst assessing the opportunities
available to it in the pub market. This approach has produced two
important developments.
In September 2010 we announced a two-year deal to supply Punch's
managed estate of pubs. The roll-out of approximately 800 machines
was completed in November 2010.
Secondly, on 29 November 2010 we announced the acquisition of
the amusement machine assets of RV Smith (Leisure) Limited for
GBP1.2m.
Both of the above will contribute to what is traditionally a
stronger second half of the financial year.
We have also continued to reduce debt levels. Net
interest-bearing debt stood at GBP15.8m as at 31 October 2010, down
from GBP17.0m a year earlier, further improving our gearing.
The short and medium-term outlook within the leisure market
remains uncertain, particularly taking into account the increase in
VAT being implemented at the beginning of 2011. However, I believe
that the Group remains well-placed to take advantage of further
opportunities for both organic and acquisitive growth in the coming
months, and we look forward to the additional impetus provided by
our Punch contract win and RV Smith acquisition in the second half
of the financial year.
Douglas Yates
Chairman
15 December 2010
Chief Executive's Review
I am pleased to be able to report a good set of results for the
six months ended 31 October 2010.
Whilst we are showing reductions of both turnover and profit
against the same period last year, given the background of
continued pub closures and legislative changes to quiz machines,
the figures represent a strong performance in a difficult market.
We continue to lead the market operationally and in terms of
customer service, winning new business at the top end of the pub
and leisure market.
Performance Overview
The sale of our 770 fixed-odds betting terminals in April 2010
meant we started the year from a lower platform when compared to
the second half of the last financial year. In addition, pub
closures contributed a further shortfall of some 510 machines as
the first half of the year progressed.
Our average weekly rental per machine also fell during the
period from GBP35.84 to GBP34.75 due for the most part to
legislative changes made by HM Revenue and Customers governing the
range of games available on SWP (quiz) machines.
The installation of the Punch Pub Company contract began during
the second half of October, and at 31 October 2010 the Group was
operating 21,100 machines, compared to 21,300 pieces at 30 April
2010. We have therefore continued to maintain our overall machine
estate in terms of numbers, whilst increasing its quality through
such a prestigious contract win.
We have maintained our asset utilisation at 95%, and we continue
to improve our ratio of machines operated to people employed by
regularly reviewing staffing levels in all areas of the
business.
I would like briefly to review the activities in each of our
three trading divisions.
Sceptre Leisure Solutions
Sceptre Leisure Solutions provides over 90% of Group revenues,
and is a leading operator of amusement machines in the UK licensed
market.
During the period under review we have improved our personnel to
pieces operational ratio achieved through the regular review and
adjustment of the number of staff working in all areas of our
business.
These ratios have improved further following the award of the
Punch Pub Company contract and our acquisition of RV Smith in
November 2010, as we take the opportunity to drive operational
performance as machine numbers grow once again.
We continue to invest in new technology within our machine
estate. Sceptre was the first machine operator to offer "note
payout" on AWPs (fruit machines) within the pub market. This
technology offers significant benefits to the publican, as it
reduces the requirement to refill the machines with coinage, and
increases operational uptime by eliminating hopper starvation where
the machine is unable to accept notes as payment due to a lack of
cash available to pay out prizes. These devices can increase
machine take by up to 20% when compared to coin-only payout
machines.
We have also pioneered online solutions to monitor machines on
site. This technology allows us to react more quickly to machine
downtime, and in many cases we are able to fix simple faults
online, thus reducing the necessity for an engineer to visit the
site in person. This offers Sceptre significant savings in
engineering and support cost.
The above technology advances, coupled to our excellent customer
service have allowed us to generate more income per machine for
Punch Pub Company than the other operators within their estate.
Lotteryking
Lotteryking continued to grow its machine estate by 2.5% over
the six months under review, further increasing its penetration of
the registered members' club market. Lotteryking continues to
improve its financial performance, and following our restructure
during the last financial year, it is now operating profitably. The
sale of lottery tickets within pubs has also increased year-on-year
by 83%, generating over GBP43,000 in contributions for The Christie
charity through lotteries managed on their behalf in the six months
to 31 October 2010. We aim for this success to continue in the
coming months.
Kelly's Eye
We have further developed the Kelly's Eye brand during the
course of the year, culminating in the introduction of a full-range
catalogue to the pub and club market at the end of October 2010.
The catalogue covers our full range of fundraising and indoor
games, and also adds new product groups aimed specifically at the
licensed market. It will form the basis of our continued growth in
cross-selling the full range of Group products to the pub, club,
and other licensed retail markets. The catalogue has been
instrumental in generating an increased level of pre-Christmas
orders within this area of the business.
Acquisition
On 29 November 2010, Sceptre Leisure plc announced the
acquisition of the amusement machine assets of RV Smith (Leisure)
Limited. The assets purchased comprised 925 machines in 277 leisure
sites in the south of England. The total consideration payable was
GBP1.2m, made up of GBP800 000 in cash and the issue of 1,444,043
new Ordinary Shares to the vendors.
The acquired machine estate was fully integrated into Sceptre's
existing nationwide depot network within 14 days, and underlines
the Group's ability to identify and consolidate selected
acquisitions in a quick and efficient manner.
Outlook
In spite of a challenging operating climate, I believe that the
Group remains well-placed to take advantage of opportunities within
the licensed retail market.
We continue to win new business on the back of our excellent
customer service, and we continue to identify acquisition
opportunities in a fragmented machine market. We also continue to
concentrate on our key operational ratios to ensure we maintain
profitability and drive customer service.
Sceptre is looking forward to building on the first half of this
financial year having added new machines through contract wins and
acquisition, and we expect to continue outperforming our
competitors in all areas of the market in the coming months.
Ken Turner
Chief Executive Officer
15 December 2010
Financial Review
I would like briefly to review the main areas of financial
activity during the period under review.
Revenue
Group turnover reduced by 7.1% to GBP19.7m (2009: GBP21.2m),
driven by a combination of pub closures and the sale of the
fixed-odds betting terminal (FOBT) rental operation in April
2010.
Profitability
Whilst gross profit reduced only 3.5% to GBP6.0m, operating
profit before exceptional items reduced by 24% to GBP1.2m, and
profit before tax reduced 33% to GBP609,000.
There were a number of contributory factors to this decline in
profit: amortisation increased to GBP289,000 (2009: GBP135,000)
following the acquisition of The Australian 8 Ball Company Limited
in December 2009 and the subsequent recognition and amortisation of
intangible assets under IFRS. In addition, there was a loss on
disposal of tangible and intangible assets of GBP12,000 (2009:
profit of GBP81,000). Total administrative costs were therefore
GBP137,000 higher than the same period last year.
Finance Costs
Net finance costs charged to income were GBP565,000 of which
GBP642,000 was cash interest. The balance related to a non-cash
interest rate swap gain of GBP77,000. The derivative contract was a
condition of the Group's banking agreements with Bank of Scotland
(now Lloyds Banking Group) and will continue to run alongside this
facility until the end of the term loan in October 2012.
Earnings per Share
Basic earnings per share reduced to GBP0.7p (2009: 1.2p).
Exceptional Costs
During the period, the Group incurred certain one-off
restructuring costs. These related to redundancy payments and
provisions as a result of corporate restructuring, and totalled
GBP49,000 (2009: GBPnil). These costs are set out in note 11 to
these interim results.
Capital Expenditure
Capital expenditure was GBP5.1m for the six months ended 31
October 2010 compared with GBP7.4m in the same period last year.
The 2009 level of capital expenditure was driven by the stakes and
prizes review and investment in the FOBT estate which was sold in
April 2010.
Financing
Net debt reduced to GBP15.8m from GBP17.0m a year ago, and
GBP15.9m at 30 April 2010. During the period, GBP2.2m of the
proceeds from the FOBT sale were used to pay down the revolving
credit facility with Lloyds Banking Group.
As at 31 October 2009, GBP3.8m was drawn down against a total
facility of GBP6.0m. Asset finance borrowings remained stable
during the period, whilst we also continued to pay down our term
and vendor loans, with GBP1.4m being repaid during the period.
Taxation
The effective rate of taxation in these interim statements is
32%, which is higher than the effective rate in the Group's 2010
annual report and accounts of 15%. The difference is attributable
to negative goodwill on the acquisition of Australian 8 Ball
Company Limited in December 2009 and prior year adjustments in the
2010 full year accounts.
Mark White
Finance Director
15 December 2010
Condensed Consolidated Statement of Comprehensive Income
Restated*
Note Unaudited Unaudited
Six months Six months Year
ended ended ended
31 October 31 October 30 April
Continuing operations 2010 2009 2010
GBP000 GBP000 GBP000
REVENUE 4 19,735 21,229 42,808
Direct costs (13,762) (15,041) (29,498)
GROSS PROFIT 5,973 6,188 13,310
Distribution costs (32) (47) (93)
Administrative expenses -
normal (4,706) (4,618) (9,748)
Administrative expenses -
exceptional items 11 (49) - (803)
Total administrative expenses (4,755) (4,618) (10,551)
(Loss) / profit on disposal
of tangible and intangible
assets (12) 81 535
OPERATING PROFIT 1,174 1,604 3,201
Operating profit before exceptional
items 1,223 1,604 4,004
Exceptional items 11 (49) - (803)
----------------------------------- ---- ----------- ----------- ---------
Finance income 77 - 124
Finance costs (642) (695) (1,414)
PROFIT BEFORE TAXATION 4 609 909 1,911
Tax expense 5 (193) (307) (293)
PROFIT FOR THE FINANCIAL PERIOD
AND TOTAL COMPREHENSIVE INCOME 416 602 1,618
----------------------------------- ---- ----------- ----------- ---------
PROFIT AND TOTAL COMPREHENSIVE
INCOME ATTRIBUTABLE TO:
- EQUITY HOLDERS OF THE PARENT 398 581 1,587
- NON-CONTROLLING INTEREST 18 21 31
416 602 1,618
----------------------------------- ---- ----------- ----------- ---------
EARNINGS PER ORDINARY SHARE
- Basic 6 0.7p 1.2p 3.0p
- Diluted 6 0.7p 1.1p 2.8p
* These results have been adjusted from those previously
published as described in note 9
Condensed Consolidated Balance Sheet
Restated*
Unaudited Unaudited
31 October 2010 31 October 2009 30 April 2010
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
ASSETS
NON-CURRENT ASSETS
Intangible assets 5,386 4,790 5,675
Property, plant
and equipment 27,420 30,672 26,975
TOTAL NON-CURRENT
ASSETS 32,806 35,462 32,650
CURRENT ASSETS
Inventories 1,309 1,349 1,276
Trade and other
receivables 7,140 6,269 5,771
Cash and cash
equivalents 635 704 4,163
TOTAL CURRENT
ASSETS 9,084 8,322 11,210
TOTAL ASSETS 41,890 43,784 43,860
------------------- ------- -------- -------- -------- -------- --------
LIABILITIES
CURRENT LIABILITIES
Trade and other
payables (6,992) (11,231) (7,533)
Corporation tax (287) (1,156) (612)
Interest bearing
loans and
borrowings (7,558) (10,845) (7,887)
TOTAL CURRENT
LIABILITIES (14,837) (23,232) (16,032)
NON-CURRENT
LIABILITIES
Trade and other
payables (2,287) (315) (130)
Interest bearing
loans and
borrowings (8,924) (6,828) (12,193)
Deferred taxation (1,949) (911) (1,976)
Derivative
financial
instruments (213) (364) (290)
TOTAL NON-CURRENT
LIABILITIES (13,373) (8,418) (14,589)
TOTAL LIABILITIES (28,210) (31,650) (30,621)
------------------- ------- -------- -------- -------- -------- --------
NET ASSETS 13,680 12,134 13,239
------------------- ------- -------- -------- -------- -------- --------
EQUITY
Share capital 5,394 5,384 5,394
Share premium
account 4,840 4,840 4,840
Merger reserve (2,232) (2,332) (2,232)
Retained earnings 5,589 4,181 5,166
EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS
OF THE PARENT 13,591 12,073 13,168
NON-CONTROLLING
INTEREST 89 61 71
TOTAL EQUITY 13,680 12,134 13,239
------------------- ------- -------- -------- -------- -------- --------
* These results have been adjusted from those previously
published as described in note 9
Condensed Consolidated Statement of Cash Flows
Restated*
Unaudited Unaudited
31 October 2010 31 October 2009 30 April 2010
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
CASH FLOWS FROM
OPERATING ACTIVITIES
Profit before
taxation 609 909 1,911
Adjustments for:
Depreciation 4,512 4,551 9,344
Amortisation 289 135 372
Recognition of
negative goodwill - - (225)
Impairment of
intangible assets
(brand names) - - 227
Equity-settled share
options 25 115 131
Loss / (profit) on
disposal of tangible
and intangible
assets 12 (81) (535)
Finance gain on
derivative financial
instruments (77) (50) (124)
Finance costs 642 695 1,414
CASH FLOWS FROM
OPERATING ACTIVITIES
BEFORE CHANGES IN
WORKING CAPITAL 6,012 6,274 12,515
Changes in working
capital:
Increase in
inventories (33) (257) (180)
Increase in trade and
other receivables (1,369) (1,523) (946)
Increase / (decrease)
in trade and other
payables 1,616 1,799 (2,612)
CASH GENERATED FROM
OPERATIONS 6,226 6,293 8,777
Finance costs (642) (695) (1,414)
Income tax paid (550) (250) (250)
NET CASH GENERATED
FROM OPERATING
ACTIVITIES 5,034 5,348 7,113
CASH FLOWS FROM
INVESTING ACTIVITIES
Purchase of business
net of cash acquired - - (996)
Purchase of property,
plant and equipment (5,116) (7,365) (12,389)
Sales of tangible and
intangible assets 152 673 4,557
NET CASH USED IN
INVESTING
ACTIVITIES (4,964) (6,692) (8,828)
CASH FLOWS FROM
FINANCING ACTIVITIES
Movement in bank
loans and loan
notes (1,387) (900) (2,775)
Revolving credit
facility (payments)
/ drawdowns (2,200) - 5,999
Finance lease rental
drawdowns /
(payments) 112 (3,059) (1,576)
Equity dividends paid - (100) (100)
New shares issued - 5,496 5,497
NET CASH GENERATED
FROM FINANCING
ACTIVITIES (3,475) 1,437 7,045
NET (DECREASE) /
INCREASE IN CASH AND
CASH EQUIVALENTS (3,405) 93 5,330
--------------------- -------- ------- -------- ------- -------- -------
Cash and cash
equivalents at start
of period 3,693 (1,637) (1,637)
CASH AND CASH
EQUIVALENTS AT END
OF PERIOD 288 (1,544) 3,693
--------------------- -------- ------- -------- ------- -------- -------
* These results have been adjusted from those previously
published as described in note 9
Condensed consolidated statement of changes in equity
Equity
attributable
Share to equity
Share premium Merger Retained holders of Non-controlling Total
Unaudited capital account reserve earnings the parent interest equity
31 October
2010
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------- ------- ------- ------- -------- ------------ --------------- ------
At 1 May 2010 5,394 4,840 (2,232) 5,166 13,168 71 13,239
Employee
share-based
payment - - - 25 25 - 25
-------------- ------- ------- ------- -------- ------------ --------------- ------
Transactions
with owners - - - 25 25 - 25
-------------- ------- ------- ------- -------- ------------ --------------- ------
Profit for the
financial
period and
total
comprehensive
income - - - 398 398 18 416
-------------- ------- ------- ------- -------- ------------ --------------- ------
At 31 October
2010 5,394 4,840 (2,232) 5,589 13,591 89 13,680
-------------- ------- ------- ------- -------- ------------ --------------- ------
Equity
attributable
Share to equity
Share premium Merger Retained holders of Non-controlling Total
Unaudited capital account reserve earnings the parent interest equity
31 October
2009
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- ------- ------- ------- -------- ------------ --------------- ------
At 1 May 2009
(as previously
reported) 4,554 173 (2,332) 3,733 6,128 40 6,168
Prior year
adjustment - - - (248) (248) - (248)
--------------- ------- ------- ------- -------- ------------ --------------- ------
At 1 May 2009
(restated) 4,554 173 (2,332) 3,485 5,880 40 5,920
--------------- ------- ------- ------- -------- ------------ --------------- ------
Issue of shares
in the period
and net
premium 830 4,667 - - 5,497 - 5,497
Employee
share-based
payment - - - 115 115 - 115
--------------- ------- ------- ------- -------- ------------ --------------- ------
Transactions
with owners 830 4,667 - 115 5,612 - 5,612
--------------- ------- ------- ------- -------- ------------ --------------- ------
Profit for
the period
and total
comprehensive
income - - - 581 581 21 602
--------------- ------- ------- ------- -------- ------------ --------------- ------
At 31 October
2009 5,384 4,840 (2,332) 4,181 12,073 61 12,134
--------------- ------- ------- ------- -------- ------------ --------------- ------
At 1 May 2009
(as previously
reported) 4,554 173 (2,332) 3,733 6,128 40 6,168
Prior year
adjustment - - - (248) (248) - (248)
--------------- ------- ------- ------- -------- ------------ --------------- ------
At 1 May 2009
(restated) 4,554 173 (2,332) 3,485 5,880 40 5,920
--------------- ------- ------- ------- -------- ------------ --------------- ------
Net proceeds
from the issue
of Ordinary
Shares 830 4,667 - - 5,497 - 5,497
Shares issued
on the
acquisition of
Australian 8
Ball Company
Limited 10 - 100 - 110 - 110
Employee
share-based
payments - - - 131 131 - 131
Taxation effect
of share-based
payment - - - (37) (37) - (37)
--------------- ------- ------- ------- -------- ------------ --------------- ------
Transactions
with owners 840 4,667 100 94 5,701 - 5,701
--------------- ------- ------- ------- -------- ------------ --------------- ------
Profit for
the financial
year and total
comprehensive
income - - - 1,587 1,587 31 1,618
--------------- ------- ------- ------- -------- ------------ --------------- ------
At 30 April
2010 5,394 4,840 (2,232) 5,166 13,168 71 13,239
--------------- ------- ------- ------- -------- ------------ --------------- ------
Notes
1 Reporting Entity
Sceptre Leisure plc is a company registered and resident in
England and Wales. The condensed consolidated interim financial
statements of the Company as at and for the six months ended 31
October 2010 are unaudited and comprise the Company and its
subsidiaries (together referred to as the "Group").
2 General information
These condensed consolidated interim financial statements do not
include all of the information required for full annual financial
statements, and should be read in conjunction with the consolidated
financial statements of the Group as at and for the year ended 30
April 2010.
These condensed consolidated interim financial statements were
approved by the board of directors on 15 December 2010.
3 Basis of preparation and accounting policies
The accounting policies applied by the Group in these condensed
consolidated interim financial statements are the same as those
applied by the Group in its consolidated financial statements as at
and for the year ended 30 April 2010.
The comparative figures for the financial year ended 30 April
2010 are not the Company's statutory accounts for that financial
year. Those accounts have been reported on by the Company's
auditors and delivered to the registrar of companies. The report of
the auditors was (i) unqualified and (ii) did not contain a
statement under section 498 (2) or (3) of the Companies Act
2006.
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the consolidated
financial statements as at and for the year ended 30 April
2010.
The Directors have prepared trading and cash flow forecasts for
a period in excess of one year from the date of approval of these
interim results. The forecasts make assumptions in respect of
future trading conditions and in particular the Directors'
estimates of growth in the number of machines placed. These
forecasts have been sensitised to take into account current trading
levels and known future machine number growth. Taking into account
a number of reasonably forseeable sensitivies, the forecasts show
that the Group will continue to meet its banking covenants and
operate within currently available funding facilities for a period
in excess of one year from the date of approval of these interim
results.
After making enquiries, the Directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the Group's interim results.
4 Segmental information
The Board of Directors manages the Group in three business
segments:
-- machine sales and rental;
-- the sale of lottery, indoor gaming and other products,
and;
-- the operation of lotteries on behalf of charities.
During the period under review, over 90% of the Groups
activities related to machine sales and rental, and therefore the
remaining segments have been consolidated due to materiality. All
revenue reported in the period under review arose within the United
Kingdom.
Segment performance is monitored monthly as part of the
management reporting process. The financial performance for each
segment is analysed and consolidation adjustments to reach the
Group results are shown separately.
Machine sales
and rental Other Central Group
GBP000 GBP000 Corporate Costs GBP000
Six months Six months GBP000 Six Six months
Segmental to to months to 31 to
analysis 31 October 31 October October 31 October
Restated Restated Restated Restated
2010 2009 2010 2009 2010 2009 2010 2009
Revenue 17,961 19,337 1,774 1,892 - - 19,735 21,229
Profit/(loss)
before
taxation 1,105 1,273 19 (45) (515) (319) 609 909
Segment assets 37,057 38,176 4,833 5,608 - - 41,890 43,784
-------------- ------ -------- ----- -------- ----- --------- ------ --------
5 Taxation
The taxation charge on the profit before taxation for the six
months ended 31 October 2010 is calculated by reference to the
directors' best estimate of the effective annual tax rate for the
full year of 32% (2009: 15%). The movement in the effective tax
rate is due to the recognition of negative goodwill on the
acquisition of Australian 8 Ball Company Limited in December 2009
and prior year adjustments in the 2010 full year accounts.
6 Earnings per share
The calculations of earnings per share are based on the
following profits and number of shares:
Six months
Six months ended Year ended
ended 31 31 October 30 April
October 2010 2009 2010
Restated
GBP000 GBP000 GBP000
Profit for the financial period 398 581 1,587
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2010 2009 2010
Number of Number of Number of
Weighted average number of shares shares shares shares
For basic earnings per share 55,545,542 49,407,533 52,426,333
Share options 3,458,607 3,757,116 3,617,694
For diluted earnings per share 59,004,149 53,164,649 56,044,027
Six months Six months
ended ended Year ended
31 October 31 October 30 April
The Group's earnings per share 2010 2009 2010
are as follows: Pence pence Pence
- Basic 0.7 1.2 3.0
- Diluted 0.7 1.1 2.8
7 Share capital and share premium
The Company had 55,545,542 shares in issue as at the balance
sheet date.
8 Dividends
The directors do not propose the payment of an interim dividend
(2009 interim dividend: nil; 2010 full year dividend: nil).
9 Prior year adjustment
During the 2010 financial year, the Group revised its method of
allocating interest over the life of the lease term in order to
give a better approximation of a constant periodic rate of interest
on the remaining balance of the liability in accordance with IAS
17, Leases. The effect of this was to increase interest bearing
loans and borrowings by GBP248,000 as at 30 April 2009, and to
reduce net assets as at 30 April 2009 by GBP248,000. This
adjustment was fully disclosed in note 5 to the Group's 2010 annual
report and accounts. The effect on the 2009 interim comparative
figures was to increase interest bearing loans and borrowings by
GBP15,000, increase finance costs by GBP15,000, and to reduce net
assets as at 31 October 2009 by GBP15,000.
10 Net debt
31 October
31 October 2009 30 April
2010 Restated 2010
GBP000 GBP000 GBP000
Cash and cash equivalents 635 704 4,163
Bank overdrafts (347) (2,248) (470)
---------- ---------- --------
Cash and cash equivalents 288 (1,544) (3,693)
Current interest bearing loans
and borrowings (7,211) (8,597) (7,417)
Non-current interest bearing
loans and borrowings (8,924) (6,828) (12,193)
(15,847) (16,969) (15,917)
---------- ---------- --------
11 Exceptional administrative expenses
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2010 2009 2010
GBP000 GBP000 GBP000
Restructuring and redundancy 49 - 195
Provision for rentals and business
rates on onerous leases - - 452
Impairment of intangible assets
- brands - - 227
Recognition of negative goodwill
on acquisition of Australian
8 Ball Company Limited - - (225)
Professional and financial
expenses relating to corporate
restructuring - - 154
Exceptional administrative
cost / (credit) 49 - 803
----------- ----------- ----------
12 Events after the balance sheet date
On 29 November 2010, the Company announced the acquisition of
the amusement machine assets of R V Smith (Leisure) Limited, a
southern UK based supplier of amusement machines. The assets
purchased comprised 925 machines in 277 leisure sites. The total
acquisition payable for the assets was GBP1.2m, satisfied by a cash
payment of GBP800,000 and the issue of 1,444,043 new Ordinary
Shares at 27.7p to the vendors. These Ordinary Shares rank parri
passu with existing Ordinary Shares, and represent approximately
2.6% of the total issued share capital of the company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGGAUPUPUGBC
Sceptre Leisure (LSE:SCEL)
過去 株価チャート
から 5 2024 まで 6 2024
Sceptre Leisure (LSE:SCEL)
過去 株価チャート
から 6 2023 まで 6 2024
