All Leisure profits down

Fri 25 Jul 2008
LONDON (ShareCast) - Cruise holiday operator All Leisure (LSE: ALLG.L) saw interim profits halve as the group tussled with increased fuel and start up costs.

Pre-tax profit fell to £881,000 from £1.98m on revenue that increased to £32.9m from £23.0m. On a like for like basis, excluding Explorer II, revenue was £2.7m higher at £25.7m. The newly acquired Explorer II (now Minerva (BEEF3.SA) ) contributed £7.2m to winter revenues.

The group said to date it has achieved 95% of this year's forecasted revenues, though profits continue to be adversely impacted by continued cost increases namely fuel for the ocean cruising operation. Only a small proportion of increased fuel costs will be recovered through surcharges, it said.

"Bookings remain strong and, as flying has been contracted on a fixed fuel basis, it has not been exposed to additional costs. Sales for Winter (Xetra: 555560) 2008/09 are in line with expectations," said the group.

Interim dividend is 2.44p in line with IPO expectations.

Roger Allard, chairman of All Leisure Group, said: "With the Company (CPNY3.SA) 's robust business model, strong year-round cash position and unique destination led cruising model, the Board remain confident about the future."

Source:http://uk.biz.yahoo.com/080725/214/i3ry3.html