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In a ‘particularly difficult’ period, Newcastle-headquartered Parkdean Holidays turned out results for the year to end-October that met some, and fell short of other, much-reduced forecasts. A long-running bid situation provides the short-term interest.
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Holiday park operator Parkdean announced its annual results to October in line with expectation. Turnover was up 16.3% to £60.4m and like-for-like operating profits rose a lesser 10.2%, absorbing some of the cost of its new head office.
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By adding a portfolio of five parks to its 15 existing parks, Parkdean is now the second largest holiday park operator in the UK. The company acquired the freehold parks from Bourne Leisure for £41.75m.
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Holiday park operator Parkdean has bitten into its £32.9 million revolving acquisition facility by snapping up Galloway-based Border Travel Services for £5.3 million.
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Cautious optimism remains the order of the day in the markets, with an improvement in company earnings and an increase in corporate activity combining to entice investors big and small back to the market.
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Graham Wilson is looking forward to this summer. The chairman of holiday parks operator Parkdean Holidays, says bookings for the 2003 holiday season are running ten per cent ahead of last year's levels. 'The UK holiday market is as buoyant as I can remember,' he enthuses. With a £10 million war chest for acquisitions, Parkdean looks a solid lockaway at under nine times likely coming-year earnings.
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Sector Articles
As KBC analyst Paul Hickman highlighted a few weeks back, the main excitement in the leisure sector this year has been all the merger and acquistion
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Spring and summer loom, and pubs chain group JD Wetherspoon has delayed plans to bring in a complete smoking ban at its pubs in England.
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Companies whose earnings easily cover their dividend payments might offer strong future growth opportunities
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June's litter of Aim newcomers was headed by a brace of firms spun out of fully-listed ventures. The first was International Brand Licensing, the former brands division of sportswear group Hay & Robertson that holds the rights to retro-football kit manufacturer Admiral and performance outdoor brand Mountain Equipment. It was joined by Cobra Bio-Manufacturing – the DNA contract-manufacturing arm of techMARK-listed ML Laboratories. Prior to admission, the duo raised £1.9 million and £6.6 million respectively.
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