European Leisure back in the black
Tuesday 26 September 1995
"No increase in spend per head has yet been registered," said Ian Rock, chief executive, as he announced a turnaround from losses of pounds 500,000 to taxable profits of pounds 4.1m in the year to 30 June.
Investors, though, warmed to the results from European, owner of London's Hippodrome and Camden Palace discos, which was rescued by its banks in a big debt for equity swap last year. Shares yesterday rose 8p to 151p.
There is still no dividend, and no firm indication from the company of when payments will resume. Assuming full conversion of the preference shares, the company's bankers own 75 per cent of the equity.
All of the profits improvement came from the company's 43 discos and 19 bars, which collectively increased their contribution at the operating level by 47 per cent to pounds 4.8m. Disco attendances and turnover were up 5.5 per centat, aided by refurbishment of main outlets and introduction of pool tables to snooker clubs.
But operating profits from the Maygay amusement machine business fell 28 per cent to pounds 1.6m on further gaming deregulation and the impact from lottery scratch cards.
- 1 Toddler throws a tantrum at the White House – in front of Barack Obama
- 2 Irish people are travelling home from all over the world so they can vote to legalise gay marriage
- 3 Picture of couple posing with beached dolphin 'that later died' causes outrage
- 4 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
- 5 Witch doctor arrested after forcing newborn baby to walk in Indian village
Toddler throws a tantrum at the White House – in front of Barack Obama
Maryland mother found pushing her dead child on a swing in a playground
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
Picture of couple posing with beached dolphin 'that later died' causes outrage
Nicola Sturgeon did want David Cameron to win the general election, report concludes
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...