Cruise operator All Leisure Group reported sharply lower revenues and a higher loss in the six months to April 2012 but this was prior to the acquisition of Page & Moy.
The tough European economic situation and high profile disasters have hit the cruise sector.
Revenues fell from £34.8m to £24.6m with all parts of the group reporting lower revenues. The main decline was in passenger tickets revenue. Operating costs also declined but not as rapidly. Last year benefited from insurance claims and that has made the increase in loss sharper than it would have been. The pre-tax rose from £4.19m to £11.2m.
Occupancy levels of the ships mv Discovery, mv Minerva and Hebridean Princess were 74%, against 79% in the first half of last year. The mv Minerva was dry-docked and upgraded and this should help to boost summer revenues.
Positive working capital inflows meant that there was a £3m cash inflow from operations. Cash, excluding restricted balances, was £5.8m at the end of April 2012. There will not be any more dividend payments for the foreseeable future. There was an interim of 0.64p a share and a final of 1.31p a share last year.
Page & Moy was acquired for £4.2m in May. All Leisure secured a loan of £5.8m with an interest charge of 7% to finance the purchase. There should be some integration and cost saving benefits over the next three years. Page & Moy has a database of 4m people and it remains on target to achieve its expected profit enabling it to be earnings enhancing in this financial year.
The poor short-term trading has not put off Slater Investments from taking a 4% stake in All Leisure this year.
At 24.5p a share, down 3.25p, All Leisure is valued at £15.1m. Net asset value was £20.7m at the end of April 2012, or £15.7m excluding intangibles.
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