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Interim Results 2008 May 2008. Agenda. Bob Ayling (Chairman) - Overview Bob Baddeley (Group Finance Director) - Finance Review Carl Michel (Group Chief Executive) - Strategy - Trading Outlook. Highlights. Interim results - Revenue growth of 55% - Solid performance

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Presentation Transcript
agenda
Agenda

Bob Ayling (Chairman)

- Overview

Bob Baddeley (Group Finance Director)

- Finance Review

Carl Michel (Group Chief Executive)

- Strategy

- Trading Outlook

highlights
Highlights
  • Interim results

- Revenue growth of 55%

- Solid performance

- DPS + 5%

  • Current trading broadly in line with expectations
  • Great potential for future growth
slide6

FINANCIAL HIGHLIGHTS

  • Revenues +55% to £156.0m (2007 : £100.6m)
  • EBITA loss (£10.0m) (2007 : (£5.7m))
  • Net debt £165.7m (2007 : £29.6m)
  • Dividend up 5%
slide7

INCOME STATEMENT

* Before amortisation of acquired intangible assets

slide11

BANKING FACILITIES

  • Refinancing of £275m 5 year committed facility completed May

- replaces previous £255m facility

- £50m Term Loan

- £225m RCF, Bonding and Ancillary Facility

- still require £30m in CAA & ABTA bonds

  • Initial margin 130 bps + LIBOR (previously 85bps)

- attractive terms in current conditions

  • Costs c.£3m

- plus £0.5m unamortised from 2005

  • Minimum headroom c.£50m in current year
slide12

CURRENCY

  • 23% of Group EBITA in € zone
  • Other net exposure

- c. €53m

- c. $26m

  • Forward contracts in place for 2008 but not for 2009
slide13
CEO REVIEW

CARL MICHEL

slide14

BUSINESS RESILIENCE

DIVISION

STRENGTHS/POSITIVES

slide15

PROGRESS AGAINST STRATEGIC THEMES

  • Building on core competencies
  • Develop a multipath approach
  • Pursue sustainable faster growth
  • Diversify sales mix
slide16

1. BUILDING ON CORE COMPETENCIES

Selling London theatre

visits to schools

Packaging hotel stays

with premium tickets

WETB

NST

Focus on respective sales

expertise in tours and centres.

SUPERBREAK

Web expertise

London theatre

for the Dutch

Selling last minute

Camping stock

KEYCAMP/

EUROCAMP

BOOKIT

Action stations

on campsites

Exchange customer lists

PGL

Schools

Adventures*

Work assignments at

PGL centres

Summer language schools*

EXPLORE

DJOSER

Cycling

product

Work-travel and

Volunteer products

TRAVELPLUS

* Activity planned for 2009

slide17

2. DEVELOP A MULTIPATH APPROACH

  • Organic developments
    • Launch of Explore Tailor-made in late June
    • Launch of Travelworks in UK
    • Introduction of tree-houses and Florida into Camping programme
  • Channel developments
    • Explore products to be sold via Thomas Cook
    • New ticket booth at Leicester Square
  • Bolt-on acquisitions
    • Acquisition of Divantoura (Ghent)
  • Healthy pipeline of deal opportunities
slide18

3. PURSUE SUSTAINABLE FASTER GROWTH

  • Windmill Hill in Hailsham, Sussex – a new centre with the potential for 400+ beds. £300k of bookings for 2009
  • Other opportunities to grow UK bedstock on existing sites – potential to add further 480 beds (on base of 6,800) in 2008/09
  • Drive to value added packaging in London
    • Up year to date from 36% to 49% - average spend 2¼ times that of room-only sales
    • Larger presence allow more substantial ticket commitments for shows
  • Continued systems investment
  • Cost synergies next year between NST and PGL
slide19

4. DIVERSIFY SALES MIX

  • 2007/08 proforma sales: Education 22%, Hotels Breaks 33%, Adventure Travel 21%, Camping 24%
  • Adventure Travel Division already half non-UK revenue
  • Looking at several European acquisitions
  • Portfolio now spanning all customer age bands:
slide20

TRADING UPDATE

  • Education
    • Up 9%. £19m of turnover already booked with UK adventure centres for 2009
  • Hotel Breaks
    • Sales intake up 7%. Activity in London will tail off with August ending of Tutankhamum/China Warriors but new shows (Oliver!) and exhibitions (Hadrian’s Britain) to follow
    • Margins continue at around 12% to reflect investment in IT systems and web affiliate costs
  • Adventure Travel
    • Current summer sales up 5%. Impact of Antarctic, Kenya and Tibet worth about £2m in sales with margin adversely affected by around £0.8m.
  • Camping
    • Up 2% on capacity down 5%. Now 90% booked, but depends on late UK market (last year assisted by bad weather)
    • Margins assumed to be stable
slide21

OUTLOOK

  • The group enjoys
    • A sound financial position
    • Industry-leading margins
    • Good operating cashflow
  • Current performance is good
  • Our operations are resilient
  • We have confidence in the longer term growth prospects for the group