Thierry Delsol, 38, graduated in management studies from ISCA business school in Paris. After working for a Japanese investment company, which took stakes in French golf courses, he joined Clubhaus in April 1997. After managing two of the group’s sites, Thierry was given a group operations role in 1999. He joined the Board on 18th December 2002 and retains his title of Chief Operating Officer.
Thierry Delsol is also a director of Mentmore Golf and Country Club PLC having been appointed on 15th July 2002
The Group’s turnover was £34.1 million for the year ended 30th September 2002. Gross profit of £16.8m was outweighed by administrative expenses of £18.3m, including exceptional costs of £1.2m, which resulted in an operating loss of £1.5m – a considerable improvement over the operating loss in 2001 which totalled £92.9m.
The share price remains at ¾ pence
Commenting on today’s announcement, John Hume, chairman of Clubhaus PLC, said, “Clubhaus has emerged from a successful but time-consuming restructuring with a very clear business focus. The assets that were historically complex and loss making have been sold, leaving a profitable business model with exciting potential. The success of the disposals has meant that the real value of the core business can now be realized and we look forward to the extension of the country club format into the remaining four undeveloped clubs, with the usual significant increase in club turnover and profitability. Improved operating performance and selective development are our goals in order to allow the true potential of the portfolio to be realized.
“The year has started well for Clubhaus. The group continues to be cash flow positive and the first two months of this financial year are significantly ahead of budget and prior year.”
Highlights:
Year’s results dominated by the successful financial restructuring, which was completed in May 2002
Conversion of the majority of the high yield bonds and all the preference shares into ordinary equity
Net debt reduced from £101.1m to £58.4m
£15.2m of proceeds generated from disposals; a further club sold since the year end for £2.25m
Interest burden greatly reduced and remaining debt profile and cost improved
Purchase of freehold of Nizels Golf and Country Club for £3.4m
Continuing operations:
Comprises the core 11 UK clubs (7 in Country Club format), plus the Fox Club
Despite a difficult trading environment, the core UK Golf and Country Clubs have performed well
Turnover £25.4m (2001: £18.0m)
Gross profit £13.7m (2001: £9.6m)
Head office costs substantially reduced
Operating profit of £0.4m (2001: operating loss of £34.1m)
Overall monthly membership subscriptions at the core clubs increased by 15% to £1.1m in September 2002 compared with September 2001
Group, comprising continuing and discontinued operations:
Turnover £34.1m (2001: £27.1m)
Gross profit £16.8m (2001: 13.5m)
Administrative expenses £18.3m, including exceptional costs of £1.2m (2001: £106.4m, including exceptional costs of £87.3m)
Operating loss £1.5m (2001: £92.9m)
Loss on ordinary activities before interest £5.6m (2001: £94.5m)
Loss on ordinary activities before taxation £14.3m (2001: £102.8m)
Operations:
Despite a difficult trading environment, the core UK Golf and Country Clubs have performed well
Short-term strategy of disposals of non-core assets nearly completed:
Sale of all continental European clubs and one UK golf club.
These clubs did not have the potential to be developed into the Country Club format (golf plus health and fitness facilities) and in most cases were loss making
Post 30 September 2002, a further UK golf club has been sold for £2.25m
The Fox Club is the last remaining non-core asset and is close to being sold
Head office relocated and its function streamlined
Overall financial and operating profile of Clubhaus greatly improved
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