News blog
Essenden
- BY: Andrew Hore |
- POSTED: 23/03/2012 |
Bowling centres operator Essenden reported a profit for 2011 following movements in provisions.
Essenden has 33 sites under the Tenpin brand. The main subsidiary implemented a CVA last year. This eliminated £2.1m of annualised costs and there is more cost cutting to come. Management continues to improve the service offered and the performance of the business.
Last year was hit by the rise in the VAT rate. Revenues fell from £56.6m to £49.7m. There was a £804,000 gain on property disposals and large movements in provisions. The reported pre-tax profit jumped from £93,000 to £2.21m. However, the tax charge more than wiped out the profit.
Net debt is £20.5m, including £14.4m of loan notes.
The net asset value is £12.5m, but excluding £11.9m of goodwill the figure is £628,000. The results were released after the market closed. At 8.5p a share, Essenden is valued at £220,000.
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