Slater Investments has taken a 3.14% stake in cruise operator All Leisure Group.
Slater increased its stake following the release of All Leisure’s figures for the year to October 2011.These showed a return to profit.
Revenues fell from £82.6m to £80.4m, while the stated 2009-10 loss of £2.04m was turned into a profit of £5.66m. The latest figures benefited from a swing from losses of £5.49m on derivative contracts to a gain of £1.94m. There was also additional income from insurance and damages claims of £3.47m. Stripping these out, the underlying profit fell sharply. There was unrestricted cash of £6.7m at the end of October 2011.
An unchanged final dividend of 1.31p a share was announced. The record date for the dividend is 10 April.
At 31p a share, All Leisure is valued at £19.1m. Net assets are £32.5m, or £27.2m excluding intangible assets. The assets are predominantly three freehold ships, which are in the books at less than their current value, and other fixed assets.
Current sales are 7% lower than the same time last year but some selling prices are higher. Summer 2012 ocean cruising capacity has been increased by 15%. Even so, All Leisure is taking advantage of the weaker market in order to refit and upgrade mv Minerva, which is a leased. This means that winter losses will be higher this year.
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