Ultimate Leisure has reported a 6% fall in pre-tax profit for the year to 30 June to £8.4m. Turnover was up by 2% to £36.4m, with operating profit down to £8.9m from £9.7m last year. Mark Jones, the company’s chairman of six weeks, said: "This was a challenging year for the group which has been reflected in these results. "The second half of the year was particularly weak and this performance has continued into the current year. As a consequence we expect profit for the current financial year to be lower than previously anticipated although the board will take all measures to protect margin and control costs in this tough sales environment." Jones added that the group had begun a strategic review and had identified the Chase, Blubambu and Coyote Wild brands as core to the business and ripe for expansion. A fourth Blubambu is planned for Derby in the New Year. Jones said that, in the current year, the company expected to invest a total of £5m, £2m ahead of previous expectations. The group has also identified a small number of underperforming sites which will be sold over the coming months. During the year, the City Vaults was re-opened in the Bigg Market, Newcastle following a £1.5m refurbishment. This was followed by a £1.3m refurbishment of the Jimmyz unit on the Quayside, Newcastle. Both units were said to be trading "well" with sales at Jimmyz "considerably ahead" of last year. In addition to these refurbishments, the group continued its roll-out of the Chase brand with a bar in South Shields and opened its third Blubambu nightclub, in Cork, Ireland. Ultimate also opened Halo and Quilted Llama, a 1,600 capacity nightclub and bar, in Leeds in September 2004.