Global Edition

PGA European Tour Courses PLC “completes period of transition”

9.00am 29th October 1999 - Corporate

The Group claims that it is now being rewarded in terms of results for its strategic development and capital investment. During the first six months of 1999 the Group made a profit before tax of £1,061,000 on turnover of £3,692,000 – an increase of 83% in operating profit reflecting a strong improvement in operating margin to 24%.

The increase in turnover was mainly due to an increase in the number of rounds of golf played. Green fee income increased by £317,000 to £2,373,000 while income from food and beverage and pro-shops increased by £163,000 to £789,000.

PGA Golf de Catalunya in Spain opened in June; Fleesensee Golf and Sports is planned to open in May 2000 and The Marquess course at Woburn Golf and Country Club is planned to open in June 2000.

“PGA European Tour Courses has essentially completed a period of transition which has included a significant investment programme,” said Neil Coles MBE, Chairman. “The group is now well positioned to benefit from this and management are confident that the Company’s prospects are excellent.”

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