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06/29/04

Parkdean Holidays winter losses widen
 
I'm no expert but I think Parkdean may not have this right, they close from November-March. From what we have seen on here over the last couple of years it seems that winter caravanning is growing.......I wonder if they are missing this trend.

QUOTE

Parkdean Holidays winter losses widen

LONDON (Reuters) - Holiday park owner Parkdean Holidays has posted a half-year loss for the low-season winter months but says advance bookings for the 2004 peak summer season are 5.2 percent ahead of 2003.

The operator of 15 caravan holiday sites across south-west England, Scotland and Wales added that it expects a satisfactory outcome for the year to end-October.

Pre-tax losses widened to 5.6 million pounds in the 26 weeks to April 30 from 3.8 million in the same period in 2003. This was largely due to first-time winter losses incurred by two new sites in Cornwall which the company bought last year, Chief Executive John Waterworth said on Tuesday.

At 8:57 a.m. the stock was down 4 percent at 220 pence.

"People don't go on caravan holidays in November, December and January," Waterworth told Reuters.

While double-glazed, centrally heated caravans extended the season from late March to early November, the parks close during the coldest winter months to prepare for the summer influx.

Parkdean PDH.L , which added Southerness Holiday Village in southern Scotland to its estate in March, said it had 25 million pounds of bank facilities available for further acquisitions.

"We're looking right around the whole of the UK," Waterworth said, "but I'm not going to overpay for anything."

Reuters Estimates show consensus market forecasts are for a pre-tax profit of 9.2 million pounds for the year to October 30.

Parkdean increased its interim dividend by 10 percent to 2.2 pence per share.


Source Reuters UK article By Lara Smith Tue 29 June, 2004 09:18


























Posted by: Tenaki at 20:55 | link | comments

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