RNS No 0905b
GOLF CLUB HOLDINGS PLC
12 May 1999
GOLF CLUB HOLDINGS PLC
Preliminary statement for the year ended 27th December 1998
1998 was a year of considerable achievement for the Company.
* In April, it was transformed by the acquisition of 3 golf clubs, South
Winchester Golf Club, Batchworth Park Golf Club at Rickmansworth and the Vale
Golf and Country Club at Evesham, to add to The Lambourne Club at Burnham,
Buckinghamshire.
* Later that same month, a fifth club, Vale Royal Abbey Golf Club, near
Chester was purchased for cash and shares. This club was under construction at
the time of purchase and it was successfully opened on time on 1 October 1998.
* The size of the Group was thus greatly increased, with turnover at the clubs
for 1998 reaching #4.2m., a 228% increase on 1997's sales, even though 3 clubs
only contributed for 9 months and Vale Royal Abbey was only open for the last,
winter quarter of the year.
* At the end of the year, total memberships at all the Group's clubs were over
4,000, compared with 767 at 31 December 1997.
* Total capital employed, including long-term funding, rose to #16m, and the
number of employees at the year-end was 133.
I am pleased to report that a positive consequence of this growth was a
significant increase in profitability - operating profit stood at #940,000, a
377% increase on that of 1997, with the second half operating profit being a
107% increase on that of the first half.
1998 was also a year of preparation for the future.
* Hugh Dixon and Allan Tait joined the Board in April 1998, with a focus on
development and acquisitions.
* David Gray joined the Board as Finance Director in May 1998.
* A comprehensive management reporting system was put in place across the
Group.
* Certain staff changes were effected to improve managerial strength in the
clubs.
* Banking arrangements were consolidated, leading to increased efficiency and
to reduced interest costs.
* Planning consents were obtained for developments at two of the clubs.
* Improved purchasing arrangements were put in place, reflecting the greater
buying power of the enlarged Group.
* In November 1998, Court approval was granted for a restructuring of the
Company's reserves in order to put it in a position to pay dividends in the
future.
* Negotiations were entered into with a number of prospective vendors.
Prospects for 1999 look good. Current performance is ahead of expectations
which are themselves significantly higher than 1998's out-turn. Your Board is
therefore confident of continued strong growth in operating profit and
operating cash flow.
The preference shareholders have agreed to accept their dividend due for
payment on 30 June 1999 in the form of ordinary shares in the Company.
The 1998 results and the strong start to 1999 could not have been achieved
without the efforts of the staff of the company, for which the Board is
grateful. The condition of the golf courses and the quality of service to our
members and customers in the clubhouses were and are a credit to our staff's
efforts.
M. P. Knight
Chairman
Tel: 0171 491 4652 (office)
0860 553 455 (mobile)
GOLF CLUB HOLDINGS PLC
Consolidated Profit and Loss Account
For the year ended 27th December 1998
Year to 27 Year to 28
December December
1998 1997
# #
Turnover - Continuing operations 2,421,522 1,288,002
Cost of Sales (434,073) (282,598)
Gross Profit 1,987,449 1,005,404
Administrative Expenses (1,447,483) (808,344)
Management Income 399,713 -
Total Administrative Expenses (1,047,770) (808,344)
Operating Profit
- Continuing operations 939,679 197,060
Net interest payable and similar charges (498,744) (387,618)
Interest adjustment (note 3) - 407,062
Profit on disposal of subsidiary - 84,342
Profit on disposal of investment 54,369 -
Amortisation of goodwill (14,084) -
Profit on ordinary activities before taxation 481,220 300,846
Taxation - -
Profit for the period after taxation 481,220 300,846
Preference dividends (415,799) -
Profit for the financial year transferred to 65,421 300,846
reserves
Earnings per share 0.2p 7.1p
Fully-diluted earnings per share 0.2p 7.1p
Consolidated Balance Sheet as at 27th December 1998
27 December 28 December
1998 1997
# #
Fixed Assets
Tangible Assets 20,002,679 5,584,087
Goodwill 387,534 -
Investments 31,390 22,630
20,421,603 5,606,717
Current Assets
Stocks 127,998 90,360
Debtors 201,126 161,738
Investments 98,928 53,571
Cash at Bank and in hand 53,018 309,000
481,070 614,669
Creditors:
Amounts falling due within one year (4,649,481) (934,295)
Net Current Liabilities (4,168,411) (319,626)
Total Assets Less Current Liabilities 16,253,192 5,287,091
Creditors:
Amounts falling due after more than one year
Members debentures and advances 3,292,070 3,000,000
Secured bank loans 5,741,467 1,886,250
Amounts due under finance leases 6,062 6,602
9,039,599 4,892,852
7,213,593 394,239
Capital and Reserves
Called Up Share Capital 2,804,648 4,715,685
Share Premium Account 4,391,480 5,079,211
Reserve arising on consolidation (3,721,857) (3,721,857)
Profit and Loss Account 3,739,322 (5,678,800)
7,213,593 394,239
NOTES
1. No dividend is proposed on the ordinary shares.
2. Batchworth Park Golf Club and South Winchester Golf Club are managed by
Group companies hence their turnover and profits are included for statutory
purposes as management income. The underlying post-acquisition turnover of
the five clubs owned and operated by the Company for the year ended 27th
December 1998 was #4.2 million.
3. At 31st December 1996 a provision for interest payable on loan notes was
made in compliance with FRS4. As a result of the capitalisation of these loan
notes this provision was released to profit in 1997.
4. No provision has been made for taxation since it is estimated that no
liability will arise in view of previous years' losses.
5. The financial information set out above does not constitute full accounts
within the meaning of section 240 of the Companies Act 1985. Accounts for
1997, on which the report of the auditors was unqualified, have been lodged
with the Registrar of Companies.
6. Financial statements will be sent to shareholders shortly. Copies will be
available to the public free of charge from the office of Grant Thornton,
Grant Thornton House, Melton Street, Euston Square, London NW1 2EP during
normal office hours, Saturdays, Sundays and bank holidays excepted, for 14
days from the date of posting.
END
FR AURAKKSKVAAR
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