The leisure group Clubhaus – a leading quoted European golf course, health and fitness operator – announced preliminary audited results ahead of market expectations for the year ended 31 December 1999.
Highlights include:
- Turnover up 40% to £33.7 million (1998: £24.1 million). Like for like turnover increased by 29%
- Gross margin maintained at 60%
- Operating profit up 48% to £10.9 million (1998: £7.3 million)
- Profit before tax and other non-operating exceptional items, up 32% to £8.6 million (1998: £6.5 million)
- Adjusted earnings per share up 32% to 7.0p, the fourth consecutive double-digit increase since flotation in 1996 and representing an average annual increase of 41%
- Acquisition of three UK Golf and Country Clubs in the UK for £12.2 million
- Issue of a total of £60 million Senior debt in May and December 1999
- 800,000 rounds of golf played on Group courses (1999: 582,500); like for like increase of 26%
- Overall membership increased by 37% on a like for like basis
- Golf Membership increased to 18,700. Representing an actual increase of 21% and a like for like increase of 10%
- Leisure Membership of 7,500 an increase of 400% (like for like 300%)
Robert Bourne, Chairman of Clubhaus, commented:
“I am extremely pleased to report the fourth consecutive successful year in the performance, development and growth of the Group. Significant progress has been made in achieving the strategic goals which we have set ourselves.”
“Current trading is in line with expectations, with membership sales at both the new health clubs and the golf clubs ahead of plan. The outlook for Clubhaus is very exciting; the development and acquisition opportunities are now being reinforced by the pleasing results of the developments of the past four years.”
“The infrastructure is in place to take advantage of the opportunities that currently exist within the leisure sector and to establish Clubhaus as a major force within the market place.”