Discovery parent seeks London listing

**Ally** · 06-05-2007, 02:57 PM

All Leisure Group – the operator of Voyages of Discovery, marketed as Discovery World Cruises in North America – is seeking to raise approximately £30m, including £10m of new capital, via an £80m listing on the AIM market of the London Stock Exchange.

Chairman Roger Allard said the listing would enable the company to more vigorously expand in a fast growing cruise market.

All Leisure earned pre-tax profits of £6.3m on 2006 turnover of £46.9m, up from pre-tax profit of £5.1m on turnover of £29.4m in 2005.

All Leisure cited the strong growth in the UK cruise sector and the global industry, high visibility of earnings due to significant repeat business, attractive cash flow, significant growth forecast following the leasing of a second ship and opportunities to use new capital to acquire further ships.

Voyages of Discovery, which operates the 704-berth Discovery, is All Leisure’s principle business. Last summer the company carried 9,700 passengers (around 110,000 cruise nights) and during winter 2006/07 it carried 3,900 passengers (around 79,000 cruise nights).

The company will add the 394-berth Explorer II in November when it leases the former Minerva/Saga Pearl from its German owners for 6.5 years. The winter 2007/08 programme is marketed by Noble Caledonian and Abercrombie & Kent, business that All Leisure expects to continue in the future, in addition to two Antartica charters by Regent Seven Seas Cruises.

After the winter season, Explorer II is leased until late May 2008 to Phoenix Reisen, the current charterer for summer 2007. All Leisure said charter income should cover the ship’s costs during this period and gives Voyages of Discovery time to prepare for its own programme, which begins with cruises to Scandinavia and the Baltic in summer 2008.