First Leisure profits blow

A DISAPPOINTING summer in Blackpool combined with consumer caution over leisure spending meant last year saw little profit growth for First Leisure, the discotheques, bowling and tourist attractions group.

Pre-tax profit increased by 2.3% to £31.8m from £31.1m in the same period to 31 October the previous year. Turnover was up 12.3% to £121.8m from £109.3m.

The only division of First Leisure to show a trading profit increase was the Dancing Division.

The group's discotheques, which are largely in the South-east, were the first of its businesses to be affected by the recession and were the first to see a recovery.

First Leisure last valued its property assets in 1990 when property values were near their peak. A revaluation in 1993 resulted in a reduction of £67.5m. Fixed assets now stand at £293m. Gearing after the revaluation remained low at 13%.