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Perthshire Leisure (REDT)

  Print      Mail a friend       Annual reports

Wednesday 20 October, 1999

Perthshire Leisure

'Abigail's Party' Late Night Members Bar Opened

19 October 1999

        Interim Report for the six  months to 30th June 1999

It is a pleasure to present this first interim report to shareholders following
your Company's admission to the Alternative Investment Market on 13th May 1999.

The Placing raised some £929,000 net of expenses for the Company and some of
this money has been used to open our first late night members bar, Abigail's
Party, in Brewer St., Soho. This exciting new venue opened on time and on budget
and has attraced highly favourable reviews.

Trading and Results

Late night bars, offering near nightclub hours and some entertainment - but
without the admission charge, are proving a significant competitive threat to
the traditional nightclub. This change in the market place had been anticipated,
but it took place more quickly than had been expected. As a result, the Board
decided to bring forward the planned refurbishment of Legends, utilising the
same team that designed the interior of Abigail's Party. This work was carried
out in the second half of August and your Board believe that launching this
redesigned space as 'Lounge-jing at Legends' will lead to a significant
improvement in trading performance and ensure Legends remains an exciting venue.

Despite an increase in lunchtime trading and steady function revenue, turnover
at Legends fell 16% to £716,000 (1998 £858,000) in the six months to 30th June
1999. As a result of this fall in sales and the increase in central costs
resulting from your Company's admission to the Alternative Investment Market,
profit after tax has fallen to £25,000 (1998 £80,000). This figure is arrived at
after taking account of the disposal of the Roman Camp Hotel, which took effect
from 31st March 1999.

As Abigail's Party did not open until the end of July,it made no contribution to
the half year results. However, sales are currently running ahead of target and
your Board are confident that this venture will prove successful and that they
have found a formula, which can be successfully developed in other locations.

Earnings per share fell fromm 0.4p per share to 0.1p per share, and as
anticipated, no interim dividend is recommended (1998 nil).


Your board believes the successful establishment of our new format of late night
bars will ensure the longer term success of the company. The very positive
reception given to the launching of Abigail's Party suggests that your Company
is well placed to succeed in this market.

Your Board are also pleased to announce that negotiations relating to the
acquisition of the leases of three additional sites are at an advanced stage.
All of the sites are in London and are currently trading as bars. It is
anticipated that the total consideration, will not exceed £600,000 and that it
will be satisfied by a mixture of cash and shares.

Your Board are confident that these sites can be developed successfully using
the Lounge-jing and Abigail's formulae and, whilst they would only make a
limited contribution to the results of the second half of this year, they should
lead to significant growth in the Company's business next year. The operation of
five units will give a larger base on which to absorb central overheads and
should materially enhance your Company's profitability in the future.


Perthshire Leisure Plc                            
Simon Richards, Chairman                          01189 776703

Dominic Taplin, Managing Director                 0831 498 050

John Mocatto, Non Executive Director              0860 536 157

Stephen Dean, Non Executive Director              0385 938 782

Seymour Pierce Ltd.                               0171 648 8700

Boswell City Financial PR                         0171 583 2001
Glenda Boswell                                    0468 235 735


                              (Unaudited)      (Unaudited)     (Audited)
                              30 June 1999     30 June 1998  31 December 1998
                            £'000   £'000    £'000   £'000   £'000   £'000

Fixed Assets
Tangible assets                     1048             1714             1732

Current Assets
Stocks                        15              34              36
Debtors                      200             176             161
Cash at bank and in hand     827              50              81

                            1042             260             278

Creditors: Amounts falling    
      due within one year    131             334             338

Net Current Assets (Liabilities)     911              -74            -60

Total Assets less
Current Liabilities                 1959             1640           1672

Creditors: Amounts falling
due after more than one year           0              600            600

                                    1959             1040           1072

Capital and Reserves
Called up share capital             1720             1000           1000
Share premium account                209                0              0
Revaluation reserve                    0               67             67
Profit and loss account               30              -27              5

Shareholders' Funds-Equity          1959             1040           1072

RNS No 3050j
19 October 1999

                              INTERIM REPORT 1999
                             PROFIT & LOSS ACCOUNT

                             (Unaudited)      (Unaudited)       (Audited)
                            6 Months Ended   6 Months Ended     Year ended
                            30 June 1999      30 June 1998     31 December 1998
                            £'000  £'000      £'000   £'000     £'000    £'000

Continuing operations         716               858             1855
Discontinued operations        92               250              574
                              ---               ---             ----
                                     808              1108               2429 
                                     ---              ----               ----
Operating profit (loss)
Continuing operations          -1                97              258
Discontinued operations       -44               -17               13 
                              ---               ----             ---
                                     -45                80                271

Net interest receivable                4                 1                  1

Profit on disposal of 
  discontinued operations             66                 0                  0
Profit on Ordinary Activities        ---              -----               ---
  before Taxation                     25                81                272

Taxation on Profit on ordinary
  activities                           0                 0                 30

                                     ---               ----               ---

Profit for the period                 25                81                242

Dividends                              0                 0                100

                                     ---               ----               ---
Retained profit for the period        25                81                142
                                     ---               ----               ---

Earnings per share                   0.1p              0.4p               1.21p
                                     ---               ----               ---


1. Earnings per share have been calculated on the weighted average number of 
   shares in issue during the periods.  In order that the earnings per share is
   presented on a comparable basis throughout, it has been calculated as if the
   subdivision of the company's ordinary shares of £1 each into 20 ordinary
   shares of 5p each, which took place on 27 April 1999, had taken place on
   1 January 1998.

2. The figures for the year ended 31 December 1998 are extracted from the
   company's statutory accounts for that yeear, which have been filed with
   the registrar of companies and contain an unqualified report from the

3. The abridged results shown above do not constituted the company's statutory
   accounts as referred to in Section 240 of the Companies Act 1985.

4. Copies of the interim report will be despatched to shareholders currently
   on the register in the near future.