All Leisure remains above waterline for 2015

All Leisure finished its financial year above the waterline, though tougher times in the tourism sector made for rocky sailing, it reported on Monday.

The cruise company ended the 12 months to 31 October with an overall profit after tax of £0.5m, which was significantly improved from the loss of £7.5m a year earlier.

Underlying operating profit was £1.1m, slightly down from 2014's £1.3m. Its underlying operating profit, before movement in the provision for derivative contracts, was a loss of £1.5m.

Total revenue was £127.3m, down from 2014's £138.9m. The company said the reduction came due to dry-dock periods for both the Voyager and Minerva vessels, together with lower passenger numbers in the Tours division.

All Leisure's total bank and cash declined to £10.2m during the period, from £15.1m, thanks to a period of higher capital expenditure as well as losses incurred on now-expired foreign currency hedge contracts.

"Trading conditions are expected to remain very challenging, especially in view of the escalating conflict in the Middle East and recent acts of terrorism, and the effect these events may have on consumers' propensity to travel," said chairman Roger Allard.

Average revenue per passenger also declined during the period to £2,360 from £2,410.

Post-period end, the group entered a sale-and-leaseback agreement in relation to the Hebridean Princess vessel, raising £3m cash in a bid to improve liquidity.

The company's board also confirmed it was actively considering a delisting from AIM.

"[The board] is mindful of the ongoing costs of remaining as a publicly quoted company, and the limited current and potential benefits available to the company," Allard said.

"A further announcement will be made in due course," he added.