Urbium reported pre-tax profit for year to 31 December of £4.3m, up from £1.8m a year earlier.
The group’s turnover was up 38% to £59.9m, against £43.4m in 2001. Operating profit rose 32% to £10.3m after reporting £7.8m in the previous year.
The company estimated that its 16 West End bar nightclubs in London hold 15% of total late night licensed market share.
The company remained confident about future profitability and reported that, at the end of 2002, it had £23m of its £55m banking facilities undrawn and uncommitted. This, plus the company’s strong cash flow, will allow it to reduce debt in the coming year, as well as finance its acquisition plans.
Further expansion is planned for London, focussing on the West End, the City and key London suburban markets. Further large capacity Tiger Tigers in major population centres together with smaller Tiger Tiger formats in secondary markets in the United Kingdom are also part of the company’s strategy for growth.
John Conlan, Urbium’s chairman, said: "As in the past, a significant element of Urbium's annual growth stems from the full year benefit of developments carried out in the previous year. Eight new businesses were added in 2002 including three large capacity Tiger Tigers.
"We expected that market conditions for 2003 would continue to be difficult and trading during January and February, the lowest trading period for the year, has confirmed our caution.
"We have taken advantage of this traditionally quieter period to carry out a number of reinvestment projects, such as the refurbishment of Tiger Tiger London, which inevitably results in some business disruption.
"We focus mainly on an older, more affluent and less crowded market where we can generally compete on service and quality rather than on price discounting."
The group’s turnover was up 38% to £59.9m, against £43.4m in 2001. Operating profit rose 32% to £10.3m after reporting £7.8m in the previous year.
The company estimated that its 16 West End bar nightclubs in London hold 15% of total late night licensed market share.
The company remained confident about future profitability and reported that, at the end of 2002, it had £23m of its £55m banking facilities undrawn and uncommitted. This, plus the company’s strong cash flow, will allow it to reduce debt in the coming year, as well as finance its acquisition plans.
Further expansion is planned for London, focussing on the West End, the City and key London suburban markets. Further large capacity Tiger Tigers in major population centres together with smaller Tiger Tiger formats in secondary markets in the United Kingdom are also part of the company’s strategy for growth.
John Conlan, Urbium’s chairman, said: "As in the past, a significant element of Urbium's annual growth stems from the full year benefit of developments carried out in the previous year. Eight new businesses were added in 2002 including three large capacity Tiger Tigers.
"We expected that market conditions for 2003 would continue to be difficult and trading during January and February, the lowest trading period for the year, has confirmed our caution.
"We have taken advantage of this traditionally quieter period to carry out a number of reinvestment projects, such as the refurbishment of Tiger Tiger London, which inevitably results in some business disruption.
"We focus mainly on an older, more affluent and less crowded market where we can generally compete on service and quality rather than on price discounting."
Urbium Leisure
Profit and loss account for the year ended 31 December 2002
£000 | % increase | |||
Turnover: | ||||
Continuing operations: | 59,925 | 38.1% | ||
Discontinued operations | 2,818 | |||
Total | 62,743 | 17.2% | ||
Cost of sales | 12,461 | 39.7% | ||
Gross profit | 50,282 | 12.7% | ||
Net operating expenses | 44,782 | 4.0% | ||
Group operating profit | 5,500 | 246.3% | ||
Profit before tax | 4,258 | 139.9% | ||
Profit after tax | 1,279 | -159.5% | ||
Earnings per share (p) | ||||
Basic | 0.23 | -141.1% | ||
Adjusted continuing operations | 1.21 | 21.0% | ||
