All Leisure group, the listed British boutique cruise shipping and tour operating company, has reported a deep loss for 2013, in line with a trading statement it had published earlier this month that included a write down of the 1972 built cruise ship Discovery.
Net loss amounted to £21.7 million on revenues of £142.1 million in 12 months to 31 October, compared to a profit of £0.8 million year-on, when revenues totalled at £127.4 million. Occupancy rate fell by one percentage point to 77%, while the number of passenger days contracted to 213,761 from 277,854. Technical problems affecting the 1990 built 15,300 gross ton Voyager hit the group's Voyages of Discovery brand, while Swan Hellenic and Hebridean Island Cruises performed according to plan.
"During the year we have established a new and very experienced management team to run the business. I believe that we are well positioned to address the challenges presented by the current economic climate and geo-political events," Roger Allard, chairman, said in a statement.
"The acquisition of the Page & Moy Travel Group has provided significant cross selling opportunities to the respective customer bases and will continue to do so. The successful integration of this business into the Group has enabled us to realise significant synergies and efficiencies enabling us to create a much stronger business capable of delivering sustained growth," Allard said.
"Given the Group’s current forward visibility of trading, combined with the benefits of capacity management and the cost reduction measures that have been implemented, the Directors have increased confidence for the future of the enlarged business," he concluded.
Ian Smith, group CEO said that he disappointing headline results of the group had largely resulted from a series of exceptional events, which should not detract from a year of great accomplishment for the group. "Underlying trade improved significantly in the year with the tour operation acquisition continuing to perform strongly and the benefits of capacity reduction in the cruise business having an immediate impact. In keeping with the strategy of cruise capacity reduction the Board has taken the decision that the loss-making mv Discovery will be disposed of at the end of this summer."
"2012/13 has also been a very successful year of integration and synergising delivery for the Group. Our plans to streamline operations and amalgamate our knowledge base led to the closure of our Burgess Hill office in May followed by the Southampton office in December – ahead of schedule. All expertise has now been centralised at our Head Office in Market Harborough. The integration exercise was exceedingly well planned and executed and has delivered even greater than expected synergies to the Group. I am delighted with the outcome," Smith said.
