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(SCEL.L) Sceptre Leisure PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 27-01-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 1565G
Sceptre Leisure PLC
27 January 2010
Sceptre Leisure plc
("Sceptre" or the "Company" or the "Group")
Interim Results for the six months ended 31 October 2009
Sceptre Leisure plc (AIM: SCEL), the AIM-listed leisure and gaming group, today announces its interim results for the six months ended 31 October 2009.
Strong financial performance
* Revenue increased to £21.2m (2008: £17.9m)
* Gross profit increased to £6.2m (2008: £4.4m)
* Operating profit up to £1.6m from £1.0m
* Profit before tax up to £0.9m from £0.2m
* £5.4m of cash generated from operating activities (2008: £4.7m)
* EPS of 1.2p (2008: 0.3p)
Growth at operational level
* Average machine weekly rental up 1% to £39.15 from £38.92
* Machine asset utilisation at target of 95%
* Estate quality maintained
* 79% of all AWPs converted to new play level
* Strategic acquisition of southern-UK based machine operator in December 2009
Well funded
* Net debt reduced to £16.7m from £19.3m
* £5.5m share placing in July 2009
* Increased banking facilities agreed with Lloyds Banking Group in December 2009
In good shape
* Well positioned
* Current trading in-line
Ken Turner, Chief Executive of Sceptre Leisure, commented:
"This is an excellent performance at all levels. Sceptre has continued to grow, maintaining the quality of its estate by winning prestigious national contracts and by acquisitions. Strengthened finances and investment in our operational infrastructure positions the Company well to make continued progress in the traditionally stronger second half "
27 January 2010
For further information, please contact:
Sceptre Leisure plc Today: 0207 457 2020
Ken Turner Thereafter: 01772 694242
Seymour Pierce (NOMAD and Broker) 0207 107 8000
Sarah Jacobs / Christopher Wren
College Hill 0207 457 2020
Matthew Smallwood / Justine Warren
Chairman's Statement
The interim figures highlight Sceptre Leisure's continuing progress in the first half of the current financial year. Both revenue and operating profit show a significant improvement over the previous interim period, and the Group won new high-quality contracts with national retailers during the first half of the financial year.
Sceptre Leisure has achieved a number of targets since I last wrote in our 2009 annual report and accounts.
On 2 July 2009, the Company completed a £5.5m share placing with Hillroad Investments, equivalent to 29.9% of the enlarged issued share capital.
On 1 December 2009, increased banking facilities were agreed with Lloyds Banking Group. A new £6.0m revolving finance facility and £0.5m working capital facility replaced the £3m overdraft originally agreed with Bank of Scotland in 2008. These new resources will be used to invest in new machines across the entire estate.
On 15 December 2009, we announced the acquisition of Australian 8 Ball, a single-site operator based in Dorset. This new addition to the Sceptre Leisure plc group was a combined cash and shares deal with a total value of £1.1m. The acquired business strengthens our position in the south and south-west of England, and will offer both financial and operational benefits to the organisation.
Our trading divisions continued to meet the key performance indicators set by the Board during the six months under review. We look forward to the second half of the financial year which is traditionally our strongest; the level of trade in licensed premises during and after the Christmas and New Year period should be a significant contributor to our financial performance in the year as a whole.
I would like to welcome Adrian Gare to Sceptre Leisure plc's board as finance director with effect from 27 January 2010. Adrian joins us from Baker Tilly, where he was a corporate finance director at their Manchester office. He brings with him significant experience in his field and will be a valuable addition to the team (see separate announcement).
I would also like to thank Lesley Humphrys, who is stepping down from the plc board, for her service to the Group since the reverse takeover in 2008. Lesley will remain as finance director of Sceptre Leisure Solutions and will continue to take an active part in the Group's future development.
Douglas Yates
Chairman
26 January 2010 Chief Executive's Review
It gives me great pleasure to present our interim review for the six months ended 31 October 2009. As well as putting in a strong financial performance, Sceptre Leisure plc has achieved some significant operational milestones in the past few months. I would like to take the opportunity to review our progress in these areas, and also give an update on each of our trading divisions.
Performance Overview
The six months to 31 October 2009 showed turnover up 19% to £21.2m, gross profits up 42% to £6.2m and operating profit up 54% to £1.6m compared to the same period last year. Net cash from operating activities also rose to £5.4m (2008: £4.7m). This strong financial performance was driven by the growth in our machine numbers during the second half of the last financial year, which allowed us to start the period from a higher platform in terms of revenue and profit generation.
Our trading divisions also continued to meet our key performance indicators, by which the Board monitors the performance of the Group. Machine asset utilisation remained above 95%, and our average weekly machine rental also grew 1% to £39.15 during the period.
Sceptre Leisure Solutions
Sceptre remains the second-largest operator of amusement and gaming machines in the UK's licensed retail sector, and the only national operator with fully staffed depots across the country.
Whilst overall machine numbers did not increase during the six months under review, the award of significant new high-quality contracts over the summer allowed us to replace sites lost through closure at the bottom end of the market. We have therefore managed to maintain the quantity of our machine estate at the same time as growing its quality, whilst many of our competitors have continued to contract. This continued increase in quality is underlined by the increase in average weekly machine rental of 1% to £39.15 between 30 April and 31 October 2009.
New stakes and prizes for AWPs were introduced during June 2009, and Sceptre undertook a comprehensive and speedy roll-out programme to allow its customers to take advantage of the £70 jackpot levels now authorised. This programme contributed significantly to the increase in our capital expenditure, with machine purchases rising to £7.6m from £5.3m in the same period last year, and an additional £0.5m being spent on upgrade kits for existing machine assets. As at 31 October 2009, over 79% of all AWPs had been converted to the new play levels, with our customers on average benefitting from a 5% increase in cashbox take.
We have continued to invest in the infrastructure associated with Sceptre Gaming, the Fixed Odds Betting Terminal (FOBT) sub-division of Sceptre Leisure Solutions. In addition to replacing and upgrading over 450 terminals with our own Jupiter machine during the six months to 31 October 2009 at a cost of £1.9m, we have invested both time and money in setting up a dedicated service team to ensure that our machine uptime levels remain among the best in the industry, reaching 99.7% in the month of October 2009. This continued dedication to customer service and innovation will give us a strong platform to continue the growth in this key area for future expansion.
Lotteryking
Lotteryking continued its penetration of the registered members' club market, increasing the number of lottery terminals operated by 5% over the period under review. We are also beginning to see the benefits of cross-selling the Group's entire range of amusement machines into the club market using our expanded sales team dedicated to this part of the licensed retail industry. I expect that this growth will continue, and that over the course of the full financial year Lotteryking will continue its improvement in operational and financial performance.
Kelly's Eye
Kelly's Eye is the brand used to sell our full range of fundraising and indoor gaming products to the leisure industry and it is now personified through a range of themed "Kelly" caricatures. Kelly has been particularly busy in the first half of the year, and his products are now distributed through our collector network to over 6,000 pubs and leisure locations across the UK. The introduction of Halloween, Christmas and other seasonally-themed promotions has been well received and we will continue to build this momentum during the second half of the financial year.
Acquisition
On 15 December 2009, Sceptre Leisure plc announced the acquisition of Australian 8 Ball Company Limited, based in Wimborne, Dorset which operates 1150 machines in 410 sites predominately across the south and south-west of England. In the 12 months to August 2009 Australian 8 Ball had revenues of £2.0 million. The acquisition of Australian 8 Ball strengthens Sceptre's position in the important southern marketplace and adds a strategically important depot in that area. As is the Sceptre way, integration of Australian 8 Ball into our business will be effected quickly and efficiently to derive the maximum benefit.
Outlook
Following this successful start to the financial year, the Group continues to invest in its machine estate to generate future income and profit growth.
We will also continue to invest in our operational infrastructure to ensure that we can maintain the high levels of customer service offered to each of our customer sites across the UK.
Finally, we will continue to look for growth either through acquisition or organically through contract gains.
The second half of the financial year is traditionally the stronger of the two, and early indications are that the Group continues to trade in line with the Board's expectations. The combination of our recent acquisition and contract wins gives us a great platform from which to build the business.
Ken Turner
Chief Executive Officer
26 January 2010 Financial Review
I would like briefly to review the changes in the Group's capital structure, and other financial events during the period under review.
Share Placing
On 17 June 2009, the Company announced that it had conditionally placed with Hillroad Investments Limited 16,603,400 new Ordinary Shares of 5p each at a price of 33.1p per share, thereby raising gross proceeds of £5.5m. These shares represent approximately 29.9 per cent of the Company's issued share capital following the placing. This placing was agreed with shareholders at the Company's General Meeting held on 2 July 2009. Following the issue of those Placing Shares, the Company now has 55,363,120 Ordinary Shares in issue.
Banking Facilities
On 1 December 2009, the Company agreed a £6m revolving credit facility and £0.5m overdraft with Lloyds Banking Group. These facilities replaced an existing £3m overdraft, which was due to expire on 31 December 2009. The bank loan taken out in 2007, repayable over a five year term ending in September 2012, remains in place under unchanged terms. At the end of October 2009, the outstanding loan amount was £7.4m (2008: £9.2m).
Derivative Financial Instruments
The Group uses an interest rate collar to manage its exposure to interest rate movements on its bank borrowings. Contracts covering notional amounts equivalent to the bank loan restrict interest payments at rates between 4.70% and 5.75% over the life of the loan. The fair value of the collar at the reporting date is reflected in the group balance sheet under the derivative financial instrument heading.
Asset Finance
The Group uses asset finance leasing to acquire certain of its plant and equipment. At the end of October 2009, asset finance outstanding totalled £5.6m (2008: £7.3m). The leases are held with various financial institutions, but in general machine assets are financed over a period of 24 months, with commercial vehicles financed over a period of up to 48 months. Repayments of finance lease facilities during the period totalled £3.1m (2008: £3.0m). Whilst the banking crisis resulted in the termination of some of our leasing facilities during the last financial year, we have secured a number of new asset finance lines since the year end which have been used to fund capital purchases.
Lesley Humphrys
Finance Director
26 January 2010
Condensed Consolidated Statement of Comprehensive Income
Note Unaudited Unaudited
Restated
Six months ended Six months ended Year
31 October 2009 31 October ended
2008* 30 April
2009
£000 £000 £000
REVENUE 4 21,229 17,872 39,205
Direct costs (15,041) (13,500) (28,068)
GROSS PROFIT 6,188 4,372 11,137
Distribution costs (47) (56) (104)
Administrative expenses - (4,618) (3,027) (7,462)
normal
Administrative expenses - 11 - (248) (236)
exceptional
Total administrative expenses (4,618) (3,275) (7,698)
Profit on disposal of 81 2
property, plant and equipment 154
OPERATING PROFIT 1,604 1,043 3,489
Underlying profit before 1,604 1,291 3,725
exceptional items
Exceptional items 11 - (248) (236)
OPERATING PROFIT 1,604 1,043 3,489
Finance income - - -
Finance costs (680) (892) (1,907)
PROFIT BEFORE TAXATION 4 924 151 1,582
Tax expense 5 (307) (40) (422)
PROFIT FOR THE PERIOD 617 111 1,160
Other comprehensive income - - -
TOTAL COMPREHENSIVE INCOME FOR 617 111 1,160
THE PERIOD
PROFIT AND TOTAL COMPREHENSIVE
INCOME ATTRIBUTABLE TO:
- EQUITY HOLDERS OF THE PARENT 596 108 1,127
- MINORITY INTERESTS 21 3 33
617 111 1,160
EARNINGS PER ORDINARY SHARE
- Basic 6 1.2p 0.3p 3.1p
- Diluted 6 1.1p 0.3p 3.0p
*Results for the six months ended 31 October 2008 are restated from those previously published as disclosed in note 9.
Condensed Consolidated Statement of Financial Position
Unaudited Unaudited
Restated
31 October 2009 31 October 2008* 30 April 2009
£000 £000 £000 £000 £000 £000
ASSETS
NON-CURRENT ASSETS
Intangible assets 4,790 5,057 4,924
Property, plant and equipment 30,672 23,978 26,854
TOTAL NON-CURRENT ASSETS 35,462 29,035
31,778
CURRENT ASSETS
Inventories 1,349 862 1,092
Trade and other receivables 6,269 4,246 4,744
Cash and cash equivalents 704 1,112 719
TOTAL CURRENT ASSETS 8,322 6,220 6,555
TOTAL ASSETS 43,784 35,255 38,333
LIABILITIES
CURRENT LIABILITIES
Trade and other payables (12,388) (7,248) (10,365)
Interest bearing loans and (10,845) (8,800) (10,230)
borrowings
TOTAL CURRENT LIABILITIES (23,233) (16,048)
(20,595)
NON-CURRENT LIABILITIES
Trade and other payables (315) (446) (468)
Interest bearing loans and (6,565) (12,325) (9,772)
borrowings
Deferred taxation (911) (1,254) (916)
Derivative financial (364) (133) (414)
instruments
TOTAL NON-CURRENT LIABILITIES (8,155) (14,158)
(11,570)
TOTAL LIABILITIES (31,388) (30,206) (32,165)
NET ASSETS 12,396 5,049 6,168
EQUITY
Share capital 5,384 4,554 4,554
Share premium account 4,839 173 173
Merger reserve (2,332) (2,332) (2,332)
Retained earnings 4,444 2,644 3,733
EQUITY ATTRIBUTABLE TO EQUITY 12,335 5,039
HOLDERS OF THE PARENT
6,128
MINORITY INTEREST 61 10 40
TOTAL EQUITY 12,396 5,049 6,168
*Results for the six months ended 31 October 2008 are restated from those previously published as disclosed in note 9.
Condensed Consolidated Statement of Cash Flows
Unaudited Unaudited
Restated
31 October 2009 31 October 2008* 30 April 2009
£000 £000 £000 £000 £000 £000
CASH FLOWS FROM OPERATING
ACTIVITIES
Profit before taxation 924 151 1,582
Adjustments for:
Depreciation 4,551 4,386 9,002
Amortisation 135 73 206
Equity-settled share options 115 - 97
Profit on disposal of (81) (2)
property, plant and equipment (154)
Finance (gain) / loss on (50) 140
derivative financial 421
instruments
Finance costs 680 752 1,486
CASH FLOWS FROM OPERATING 6,274 5,500
ACTIVITIES BEFORE CHANGES IN
WORKING CAPITAL
12,640
Changes in working capital:
(Increase)/decrease in (257) 13 (217)
inventories
Increase in trade and other (1,523) (722) (1,213)
receivables
Increase in trade and other 1,799 657 2,872
payables
CASH GENERATED FROM OPERATIONS 6,293 5,448 14,082
Finance costs (680) (752) (1,323)
Income tax (paid) / received (250) - 7
NET CASH GENERATED FROM 5,363 4,696
OPERATING ACTIVITIES 12,766
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of business net of - (652) (652)
cash acquired
Purchase of property, plant (7,365) (1,868) (6,915)
and equipment
Sale of property, plant and 673 1,436 1,907
equipment
NET CASH USED IN INVESTING (6,692) (1,084)
ACTIVITIES (5,660)
CASH FLOWS FROM FINANCING
ACTIVITIES
Movement in bank loans and (900) (1,325) (2,225)
loan notes
Finance lease rental payments (3,074) (2,965) (5,850)
Equity dividends paid (100) - -
New shares issued 5,496 - -
NET CASH GENERATED FROM / 1,422 (4,290)
(USED IN) FINANCING ACTIVITIES (8,075)
NET INCREASE / (DECREASE) IN 93 (678)
CASH AND CASH EQUIVALENTS (969)
Cash and cash equivalents at (1,637) (668) (668)
start of period
CASH AND CASH EQUIVALENTS AT (1,544) (1,346)
END OF PERIOD (1,637)
*Results for the six months ended 31 October 2008 are restated from those previously published as disclosed in note 9.
Condensed consolidated statement of changes in equity attributable to equity holders of the parent
Unaudited Share capital Share premium Merger reserve Retained earnings Equity attributable Minority interest Total equity
31 October 2009 account to equity holders of
the parent
£000 £000 £000 £000 £000 £000 £000
At 30 April 2009 4,554 173 (2,332) 3,733 6,128 40 6,168
Profit for the period - - - 596 596 21 617
Issue of shares in the period 830 4,666 - - 5,496 - 5,496
and net premium
Employee share-based payment - - - 115 115 - 115
At 31 October 2009 5,384 4,839 (2,332) 4,444 12,335 61 12,396
Unaudited Share capital Share premium Merger reserve Retained earnings Equity attributable Minority interest Total equity
Restated account to equity holders of
31 October 2008* the parent
£000 £000 £000 £000 £000 £000 £000
At 29 April 2008 3 38 104 2,536 2,681 7 2,688
Adjustments arising from 4,551 135 (2,436) - 2,250 - 2,250
reverse acquisition
Profit for the period - - - 108 108 3 111
At 31 October 2008 4,554 173 (2,332) 2,644 5,039 10 5,049
30 April 2009 Share capital Share premium Merger reserve Retained earnings Equity attributable Minority interest Total equity
account to equity holders of
the parent
£000 £000 £000 £000 £000 £000 £000
At 29 April 2008 3 38 104 2,536 2,681 7 2,688
Adjustments arising from 4,551 135 (2,436) - 2,250 - 2,250
reverse acquisition
Profit for the financial year
- - - 1,127 1,127 33 1,160
Employee share-based payments
- - - 97 97 - 97
Taxation effect of employee
share-based payment
- - - (27) (27) - (27)
At 30 April 2009 4,554 173 (2,332) 3,733 6,128 40 6,168
*Results for the six months ended 31 October 2008 are restated from those previously published as disclosed in note 9.
Notes
1 Reporting Entity
Sceptre Leisure plc is a company domiciled in the United Kingdom. The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 October 2009 are unaudited and comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interest in associates and jointly-controlled entities.
2 Statement of Compliance
These condensed consolidated interim financial statements have been prepared in accordance with IAS34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 30 April 2009.
These condensed consolidated interim financial statements were approved by the board of directors on 26 January 2010.
3 Basis of preparation and accounting policies
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 April 2009.
The comparative figures for the financial year ended 30 April 2009 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified and (ii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. However, it did include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report in relation to containing an emphasis of matter in relation to going concern.
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 April 2009.
4 Segmental information
The Board of Directors manages the Group in three business segments:
* machine sales and rental;
* the sale of lottery, indoor gaming and other products, and;
* the operation of lotteries on behalf of charities.
During the period under review, over 90% of the Groups activities related to machine sales and rental, and therefore the remaining segments have been consolidated due to materiality. All revenue reported in the period under review arose within the United Kingdom.
Segment performance is monitored monthly as part of the management reporting process. The financial performance for each segment is analysed and consolidation adjustments to reach the Group results are shown separately.
Segmental analysis Machine sales Other Central Corporate Costs Group
and rental £000
£000 £000 Six months to
Six months to Six months to 31 October £000
31 October 31 October Six months to
31 October
2009 2008 2009 2008 2009 2008 2009 2008
Revenue 19,337 17,448 1,892 424 - - 21,229 17,872
Profit/(loss) before income 1,288 297 (45) (83) (319) (63) 924 151
tax
Segment assets 38,176 30,239 5,608 5,016 - - 43,784 35,255
5 Taxation
The taxation charge on the profit before taxation for the six months ended 31 October 2009 is calculated by reference to the directors' best estimate of the effective annual tax rate for the full year of 33% (2008: 26%). The effective tax rate for the last financial year was lower due mainly to disallowable expenses and a prior year deferred tax credit.
6 Earnings per share
The calculations of earnings per share are based on the following profits and number of shares:
Restated
31 October 2009 31 October 2008 30 April 2009
£000 £000 £000
(a) Profit for the financial 596 108 1,127
period/year
Additional disclosures:
Exceptional administrative - 248 236
expenses
Taxation effect of exceptional - (69) (66)
administrative expenses
Profit for the financial 596 287 1,297
period/year before exceptional
expenses
Weighted average number of 31 October 31 October 2008Number of 30 April 2009Number of shares
shares 2009Number of shares shares
For basic earnings per share 49,407,533 34,014,273 36,354,494
Share options 3,757,116 - 1,793,980
For diluted earnings per share 53,164,669 34,014,273 38,148,474
The Group*s earnings per share are as 31 October 2009pence 31 October 2008pence 29 April 2008pence
follows:
- Basic 1.2 0.3 3.1
- Diluted 1.1 0.3 3.0
- Before exceptional expenses 1.2 0.8 3.6
7 Share capital and share premium
On 17 June 2009, the Company announced that it had conditionally placed with Hillroad Investments Limited 16,603,400 new ordinary shares of 5p each at a price of 33.1p per share, thereby raising gross proceeds of £5.5m. This placing was agreed with shareholders at the Company's general meeting held on 2 July 2009. Following the issue of the 16,603,400 placing shares, the Company now has 55,363,120 ordinary shares in issue.
8 Dividends
The directors do not propose the payment of an interim dividend (2008 interim dividend: nil; 2009 full year dividend: nil).
9 Prior Year Adjustment
As disclosed in our 2009 Annual Report and accounts, during the 2009 financial year the Company identified that certain costs of sales were hitherto accounted for in the wrong period, and that an element of cost previously classified as a cost of sale should have been accounted for as a discount on sales. This has been corrected by restatement of the 2009 comparatives included in these financial statements, which differ from those previously published. The effect of this restatement is to decrease revenue by £650k, decrease cost of sales by £231k, reduce profit before tax by £419k and reduce the tax expense for the period by £101k.
Including earlier period adjustments, trade creditors increased by £755k and deferred tax liability reduced by £196k. The overall reduction to net assets as at 31 October 2008 is £559k.
10 Net financial assets/(liabilities)
31 October 2009 31 October 2008 30 April 2009
£000 £000 £000
Cash and cash equivalents 704 1,112 719
Bank overdrafts (2,248) (2,458) (2,356)
Current interest bearing loans (8,597) (6,342) (7,874)
and borrowings
Non-current interest bearing (6,565) (12,325) (9,772)
loans and borrowings
(16,706) (20,013) (19,283)
11 Exceptional administrative expenses
31 October 2009 31 October 2008 30 April 2009
£000 £000 £000
Restructuring and redundancy - 85 118
Provision for rentals and - 92 47
business rates on onerous
leases
Administrative expenses - 71 71
Exceptional administrative - 248 236
cost / (credit)
12 Events after the balance sheet date
On 1 December 2009, the Company agreed a £6m revolving credit facility and £0.5m overdraft with Lloyds Banking Group. These facilities replaced an existing £3m overdraft, which was due to expire on 31 December 2009.
On 15 December 2009, the Company announced the acquisition of Australian 8 Ball Company Limited, a single-site operator based in Dorset. The company operates 1150 machines in 410 sites, and had revenues of £2.0m in the 12 months to 31 August 2009. The total consideration for the entire issued share capital of Australian 8 Ball was £1.1m, which was satisfied by £990,000 in cash and the issue of 182,422 new ordinary shares at 60.3p to the vendors. These shares were admitted to AIM on 21 December 2009, and rank parri passu with existing ordinary Sceptre shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 27-01-10 | RNS |
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RNS Number : 1682G Sceptre Leisure PLC 27 January 2010 Sceptre Leisure plc ("Sceptre" or "the Company")
APPOINTMENT OF NEW FINANCE DIRECTOR Sceptre, a leading supplier of amusement machines in the UK, is pleased to announce that Adrian Gare has been appointed Group Financial Director and has joined the Board with immediate effect. Adrian has until recently been a Director of Corporate Finance at Baker Tilly in Manchester and worked closely with the team at Sceptre Leisure for the last 10 years. During that time he has advised on various Sceptre acquisitions including Crown Leisure Rentals, which propelled Sceptre Leisure from a regional machine operator to become a national supplier. Adrian is a qualified Chartered Accountant and also holds the Corporate Finance qualification issued by the Institute of Chartered Accountants of England and Wales. Sceptre is an acquisitive company that most recently acquired Australian 8 Ball, its first purchase since becoming a public company. Adrian will be instrumental in considering more options in the immediate future. As a result of Adrian's Group appointment, Lesley Humphrys will take on the operational role of Finance Director for Sceptre Leisure Solutions Ltd and Regal Amusements Ltd, the principal trading companies within the Group and step down from the Board. Lesley has considerable experience of the complexities and dynamics required to derive shareholder value from these organisations with Adrian's appointment further facilitating this. Ken Turner, Sceptre's Chief Executive Officer, commented: "We believe we have the best management team within our sector and as we seek to continue to develop the Company by both acquisition and organic growth we require a very strong finance team to ensure profitability, compliance and controls. Adrian will also add significant experience of corporate finance. I am both excited and proud to be leading such a dynamic team and business." The disclosures required to be made under Rule 17 of the AIM Rules in respect of the new directors are set out in the Appendix to this announcement. 27 January 2010
Enquiries:
Ken Turner
Sarah Jacobs / Christopher Wren
Matthew Smallwood / Justine Warren
APPENDIX Michael Adrian Gare, aged 39, holds, or has held within the past five years, the following directorships:
There is no further information to disclose in respect of Adrian Gare under paragraph (g) of schedule 2 of the AIM Rules. This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-12-09 | RNS |
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RNS Number : 1026E Sceptre Leisure PLC 15 December 2009 Sceptre Leisure Plc ("Sceptre" or the "Company") Acquisition of Australian 8 Ball Sceptre, one of the leading suppliers of amusement machines in the UK, is pleased to announce that it has acquired the entire issued share capital of Australian 8 Ball Company Limited, a southern UK based supplier of amusement machines. Australian 8 Ball is based in Wimborne, Dorset and operates 1150 machines in 410 sites predominately across the south and south-west of England. In the 12 months to August 2009 Australian 8 Ball had revenues of £2.0 million. The total consideration payable for the entire issued share capital of Australian 8 Ball is £1.1 million, to be satisfied by £990,000 in cash from the Company's existing resources and the issue of 182,422 new ordinary shares at 60.3p to the vendors. These ordinary shares will rank pari passu with existing Ordinary Sceptre shares. The acquisition of Australian 8 Ball strengthens Sceptre's position in the important southern marketplace and adds a strategically important depot in that area. Together Sceptre and Australian 8 Ball will operate in excess of 22,000 machines across the UK. The new ordinary shares represent approximately 0.3% of the total issued share capital of the Company and the vendors of Australian 8 Ball have undertaken not to dispose of their new ordinary shares for a minimum period of 6 months following Admission other than in limited circumstances. It is expected that Admission will occur and dealings will commence in those shares on 21 December 2009. Ken Turner, CEO of Sceptre Leisure said, "Australian 8 Ball is an excellent fit with our business and strengthens our presence in southern England. Sceptre will continue to grow both organically and by selected acquisition. As is the Sceptre way, integration of Australian 8 Ball into our business will be effected quickly and efficiently to derive the maximum benefit." 15 December 2009
Enquires
Ken Turner
Sarah Jacobs / Christopher Wren
Matthew Smallwood This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-12-09 | RNS |
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RNS Number : 4266D Sceptre Leisure PLC 02 December 2009 Sceptre Leisure plc ("Sceptre" or "the Group") New £6.5 million banking facility Sceptre Leisure plc is pleased to announce that it has agreed a £6 million revolving credit facility and £0.5m overdraft with Lloyds Banking Group. These facilities replace an existing £3m overdraft, which was due to expire on 31 December 2009. In the 6 months to 31 October, Sceptre significantly reduced its net debt from £19.3m to £16.7m with gearing falling to 135%, well below normal levels for this type of business. The new facilities will increase the Group's financial flexibility and allow it to further satisfy demand, take advantage of the continued opportunities in its market place and grow its estate of gaming machines. Ken Turner, CEO Sceptre Leisure said: "We are delighted to be working with Lloyds Banking Group and we are looking forward to the opportunities that this new facility will give us to expand and grow our business. This new facility demonstrates the strength of our business and will allow Sceptre further flexibility in the future." 2 December 2009 Enquiries:
Ken Turner, CEO Lesley Humphrys, FD Seymour Pierce (NOMAD) 020 7107 8000 Sarah Jacobs Christopher Wren
Justine Warren This information is provided by RNS The company news service from the London Stock Exchange END
MSCDFLFBKLBXFBL More |
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| 10-02-10 | ||||
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Add recommendation from Growth Company Investor
http://www.growthcompany.co.uk/recommendations/1128703/sceptre-leisure.thtml |
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| 08-10-09 |
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Growth at Sceptre Leisure
http://www.growthcompany.co.uk/news/1080382/growth-at-sceptre-leisure.thtml |
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looks like a barage of sells gone through today (although i supect 10 - 15k of them were buys), looking at the first sell, it seemed to drop the price quite a bit and more than likely had a knock on effect of triggering peoples stop losses if any were in place.
regards |
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why the drop?
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They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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