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Interim Results 2008 May 2008

Interim Results 2008 May 2008. Agenda. Bob Ayling (Chairman) - Overview Bob Baddeley (Group Finance Director) - Finance Review Carl Michel (Group Chief Executive) - Strategy - Trading Outlook. Highlights. Interim results - Revenue growth of 55% - Solid performance

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Interim Results 2008 May 2008

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  1. Interim Results 2008 May 2008

  2. Agenda Bob Ayling (Chairman) - Overview Bob Baddeley (Group Finance Director) - Finance Review Carl Michel (Group Chief Executive) - Strategy - Trading Outlook

  3. Highlights • Interim results - Revenue growth of 55% - Solid performance - DPS + 5% • Current trading broadly in line with expectations • Great potential for future growth

  4. Interim Results for the six months ended 31 March 2008

  5. FINANCE DIRECTOR’S REVIEW BOB BADDELEY

  6. FINANCIAL HIGHLIGHTS • Revenues +55% to £156.0m (2007 : £100.6m) • EBITA loss (£10.0m) (2007 : (£5.7m)) • Net debt £165.7m (2007 : £29.6m) • Dividend up 5%

  7. INCOME STATEMENT * Before amortisation of acquired intangible assets

  8. DIVISIONAL RESULTS

  9. CASH FLOW

  10. BALANCE SHEET

  11. BANKING FACILITIES • Refinancing of £275m 5 year committed facility completed May - replaces previous £255m facility - £50m Term Loan - £225m RCF, Bonding and Ancillary Facility - still require £30m in CAA & ABTA bonds • Initial margin 130 bps + LIBOR (previously 85bps) - attractive terms in current conditions • Costs c.£3m - plus £0.5m unamortised from 2005 • Minimum headroom c.£50m in current year

  12. CURRENCY • 23% of Group EBITA in € zone • Other net exposure - c. €53m - c. $26m • Forward contracts in place for 2008 but not for 2009

  13. CEO REVIEW CARL MICHEL

  14. BUSINESS RESILIENCE DIVISION STRENGTHS/POSITIVES

  15. PROGRESS AGAINST STRATEGIC THEMES • Building on core competencies • Develop a multipath approach • Pursue sustainable faster growth • Diversify sales mix

  16. 1. BUILDING ON CORE COMPETENCIES Selling London theatre visits to schools Packaging hotel stays with premium tickets WETB NST Focus on respective sales expertise in tours and centres. SUPERBREAK Web expertise London theatre for the Dutch Selling last minute Camping stock KEYCAMP/ EUROCAMP BOOKIT Action stations on campsites Exchange customer lists PGL Schools Adventures* Work assignments at PGL centres Summer language schools* EXPLORE DJOSER Cycling product Work-travel and Volunteer products TRAVELPLUS * Activity planned for 2009

  17. 2. DEVELOP A MULTIPATH APPROACH • Organic developments • Launch of Explore Tailor-made in late June • Launch of Travelworks in UK • Introduction of tree-houses and Florida into Camping programme • Channel developments • Explore products to be sold via Thomas Cook • New ticket booth at Leicester Square • Bolt-on acquisitions • Acquisition of Divantoura (Ghent) • Healthy pipeline of deal opportunities

  18. 3. PURSUE SUSTAINABLE FASTER GROWTH • Windmill Hill in Hailsham, Sussex – a new centre with the potential for 400+ beds. £300k of bookings for 2009 • Other opportunities to grow UK bedstock on existing sites – potential to add further 480 beds (on base of 6,800) in 2008/09 • Drive to value added packaging in London • Up year to date from 36% to 49% - average spend 2¼ times that of room-only sales • Larger presence allow more substantial ticket commitments for shows • Continued systems investment • Cost synergies next year between NST and PGL

  19. 4. DIVERSIFY SALES MIX • 2007/08 proforma sales: Education 22%, Hotels Breaks 33%, Adventure Travel 21%, Camping 24% • Adventure Travel Division already half non-UK revenue • Looking at several European acquisitions • Portfolio now spanning all customer age bands:

  20. TRADING UPDATE • Education • Up 9%. £19m of turnover already booked with UK adventure centres for 2009 • Hotel Breaks • Sales intake up 7%. Activity in London will tail off with August ending of Tutankhamum/China Warriors but new shows (Oliver!) and exhibitions (Hadrian’s Britain) to follow • Margins continue at around 12% to reflect investment in IT systems and web affiliate costs • Adventure Travel • Current summer sales up 5%. Impact of Antarctic, Kenya and Tibet worth about £2m in sales with margin adversely affected by around £0.8m. • Camping • Up 2% on capacity down 5%. Now 90% booked, but depends on late UK market (last year assisted by bad weather) • Margins assumed to be stable

  21. OUTLOOK • The group enjoys • A sound financial position • Industry-leading margins • Good operating cashflow • Current performance is good • Our operations are resilient • We have confidence in the longer term growth prospects for the group

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