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Stagecoach Theatre Arts

  • BY: Andrew Hore |
  • POSTED: 18/01/2011 |

Stagecoach Theatre Arts has been hit by reduced student numbers and higher costs in the six months to November 2010.

The children’s theatre and dance schools franchise owner reported a small decrease in interim revenues from £3.03m to £2.92m. UK student numbers have fallen by 332 to 34,956 as some schools closed or merged. The number of schools declined from 623 to 611. Fees from new school openings fell by £47,000.

International student numbers increased but these operations still made a small loss.

There was also a decrease in income of £50,000 from the agency business as fewer students were taken on. There was also a £150,000 increase in marketing spending with around 50% a one-off expense. There were cost savings of £50,000.

All this meant that pre-tax profit slumped from £267,000 to £72,000.

Net cash was £1.59m at the end of November 2010. A reduction in working capital boosted the cash pile. The interim dividend was maintained at 0.5p a share.

Management is hopeful that it can make the German business profitable. Promotional investment is helping to minimise the drop off in UK student numbers.

Daniel Stewart is no longer joint broker.

At 42.5p a share, STA is valued at £4.23m.

Download the January edition of AIM Journal at http://www.hubinvest.com/AIMPDFJanuary2011_16.pdf

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