Clubhaus this morning announces its results for the first quarter ended 31 March 2001.
- Turnover up 23% to £8.9 million (2000: £7.3 million)
- On a like-for-like basis, excluding one acquisition and two disposals, turnover increased by 21%
- Gross profit up 25% to £5.2 million, gross margin 58% (2000: £4.1 million, gross margin 57%)
- Operating profit up 25% to £1.1million (2000: £884,000)
- Number of members increased by 37% to 39,860 (2000: 29,045), representing a like for like increase of 35%
- £6.6 million disposal of two golf only clubs completed in February 2001
- Seven Country Clubs now operating, with five other clubs with potential for this format
- £2.9 million acquisition of Chartham Park Golf and Country Club in May 2001
Commenting on the results and the outlook Charlie Parker, managing director of Clubhaus, said, “Overall the Group has produced satisfactory results with continued strong growth in the membership base of our Country Clubs offsetting weak figures from the ‘golf only’ clubs which have suffered from the wet weather. The strategy of concentrating on our core Country Club product has proved its value and the proceeds realized from the disposal of the two ‘golf only’ facilities in the period has given us the ability to acquire Chartham Park which fits perfectly with our Country Club product.”
Clubhaus believes that its ‘Country Club’ product is transferable to certain markets in Europe specifically Germany and Spain. The Group intends to roll out the concept into these markets starting with its existing portfolio and adding to the portfolio via acquisitions in due course. The developments that have taken place at El Bosque over the past 18 months have begun to bear fruit with a record first quarter in terms of earnings being recorded by the Club.
Commenting on recent press reports about the future of Clubhaus PLC, the Chairman said, “As was stated at the AGM two weeks ago and detailed in the Report and Accounts issued on 21 March, the Company continues to pursue the various options open to it. In this regard the Board firmly believes that it is crucial that any transaction that may be concluded enhances the value for all investors in the Company, and allows the true worth of the business to be realised. The Board is working towards this goal and hopes to remove the current uncertainty in the near future.”
Clubhaus PLC www.clubhaus.com