Since the demerger from Chorion the shares have not done well ..... despite a clutch of director buys last June the price has halved .... mostly on market worries and the idea that peeps wil stay away from the City centres as talk of a war and possible terrorist action grows ..... not so IMHO - my children are still out clubbing and soon forget about talk of war - after the first drink or so.

The format is for the 20/40 age group who like to spend and have a good time but the main bars and restaurants are open most of the day to catch lunch time trade etc.

last broker comment - about 5 weeks ago - Numis Securities sees no reason why Urbium should not trade at a similar multiple to rival Inventive Leisure. Accordingly it has set a 15p target price.


Trading

after an encouraging statement on Christmas and New Year trading. The group, which owns the 'Tiger Tiger' bars and the 'Sugar Reef' and 'Zoo' outlets in London's West End, said like-for-like sales over the four week period to Dec 31 rose by 3.4%. Total sales for the period were up by 37% to 9.8m. Within these figures, the flagship 'Tiger Tiger' brand increased its like-for-like sales by 11.7 pct, with the West End outlet recording a 7% increase on the same period last year.

"In 'Tiger Tiger' we've got a different product from the rest of the high street operators," group managing director Robert Cohen told AFX News. "We've never seen London and the West End as a weakness and 'Tiger Tiger' is a well-known brand that punches well above its weight," he added. Based on today's trading update, Cohen said the group had reversed a first half 1.1% decline in like-for-like sales with the second six months producing a gain of 1.0%.

Total bar nightclub sales were up by 32% to 34.8m in the second half of 2002. "There was a much stronger performance in the second half and this leaves the group well placed to meet current market forecasts for the year to Dec 2002," Cohen added. Analysts presently anticipate pretax profits of between 8.8m and 9.2m for 2002.

House broker Old Mutual Securities this morning reiterated its 'strong buy' for the shares. It reckons full year sales will be around 60m with profits of 9.15m. "This is a very commendable performance given the downgrades which have recently been required for other leading operators in the sector," the house said in an investment note this morning. Based on forecast earnings per share of 1.54 pence for the current year to Dec 2003, the stock currently trades on a "ridiculously low" multiple of 3.6 times, OMS says. "Based on this reassuring update, there must surely be some re-rating of the shares," it added.


ains


shares on 20/02 mid 5.12p - currently 6.25p mid 24/02

Urbium bright despite dark times
Jim Armitage, Evening Standard 27 February 2003

ARS group Urbium today reported a sharp jump in profits in its first set of results since being spun out of the Chorion group.






Despite what Urbium admitted were tough times for the London bar scene, pre-tax profits jumped in the year to 31 December to 4.2m against 1.8m a year earlier on sales of 59.9m against 43.4m last time.



The owner of Tiger Tiger and football stars' haunt Sugar Reef said trading had continued to be difficult during January and February, as the market generally failed to bounce back from the traditionally slow New Year. Like-forlike sales remained ahead of last year, but only just. Urbium won fans in the City after Christmas when it reported December like-for-like sales were 3.4% ahead of the year before.


A host of High Street rivals have reported dismal trading figures and profit warnings, citing cut-throat competition and a fall in the number of suburban barflies staying in town to do their drinking. But Urbium has won supporters for its strategy of focusing on the older, more affluent London market and its refusal to enter the price war currently being waged between the likes of JD Wetherspoon and Yates's.


Chairman John Conlan said the group still had 23m of its debt facility to spare and was ready to splash out on properties expected to be put on the market by his troubled peers.


'There is already a lot of stuff on the marketplace,' he said. 'More will come along soon at a better price and we're well placed for them.'



2003 Associated Newspapers Ltd.

up over 4% in a dull flattish market with a million and a half traded in just over an hour


ains


LONDON (AFX) - Urbium PLC, the former bar nightclub business of Chorion PLC, reported a 139 pct jump in pretax profits for 2002, in line with expectations, after a strong December and second-half performance.

The trading environment became substantially more difficult last year and remains challenging, the AIM-listed bar and nightclub group said.

"January and February are the lowest trading periods in our year and 2003 has been no exception. We expected that market conditions for 2003 would continue to be difficult and trading during January and February, the lowest trading period for the year, has confirmed our caution," it said.

Sales grew 38 pct to 59.9 mln stg and operating profit rose 32 pct to 10.3 mln stg.

Adjusted EPS on continuing businesses was up 21 pct to 1.21 pence.

No dividend was proposed but the company said it will consider a maiden dividend with the 2003 results.

Urbium said it continues to trade well within its banking covenants.

Chairman John Conlan said Urbium's banking facilities consist of a 50 mln stg medium-term facility and a 5 mln stg overdraft facility. At the end of 2002, 23 mln stg of these facilities were undrawn and uncommitted.

He said Urbium is in a strong financial position to take advantage of the many development and acquisition opportunities which are expected to be available in the future.

He said the leisure retail market generally appears to have been slower to recover from the traditional New Year lows than in previous years but said it is too early yet to gauge trends for the year as a whole.

"The board continues to be confident about the long term prospects for Urbium," said Conlan.

The board's strategic plan for growth has been tightly focused on developing its two prime assets, the Tiger Tiger brand and its unique position in London's West End. In 2002 significant value has been added to both of these assets.

At Tiger Tiger a good initial part year contribution was made to profits in the year under review. Conlan said Croydon, Glasgow and Newcastle are expected to make a significant contribution in 2003. Newcastle opened in mid November and has since traded ahead of expectations and is showing all the hallmarks of developing into another large and successful business.

Conlan said London is by far the largest leisure and hospitality market in the UK and has characteristics which are particularly attractive to Urbium.Urbium now trades from 16 individual venues with capacities ranging from 200 in some smaller bar concepts to 1,770 at Tiger Tiger. "It is estimated that we now control approximately 15 pct of the late night licensed capacity in our area of trade in the West End."

During the second half of the year under review Red Cube, the restaurant led bar acquired in June 2001, was successfully repositioned at low cost as a more conventional Urbium bar nightclub. The other restaurant led bar, the Sugar Reef unit also acquired in June 2001, made a very useful contribution to profits particularly in the second half.

However, the group said this business has yet to achieve the board's expected return on investment as its performance has been curtailed due to the downturn in restaurant demand from corporate and City clients. "We are evaluating a range of operating modifications to improve future performance similar to those successfully implemented at Red Cube."

The group also said it is pleased with the high level of sales achieved at the 750 capacity Digress that opened at the CityPoint development in Ropemaker Street in late November, up to the end of 2002 and since. "We believe that considerable further growth potential exists in this large market."

The board said the current well publicised downturn in the City provides Urbium with a window of opportunity to secure other suitable properties at rental levels appropriate for the business and in which it can achieve its target return rates in the short term and significant out-performance when City confidence is again restored.

Urbium said it will continue to build on its core strengths and prime assets with a strategy focused on three key objectives. Firstly, it will continue to develop its lead brand, the large capacity Tiger Tigers, in primary population centres in the UK where there is still considerable potential for development over the next three years.

For the foreseeable future the only Tiger Tiger development outside of the UK will be restricted to the Dublin market, Conlan said. "We expect to open in Dublin in early 2004."

Secondly, the group also plans to launch a smaller capacity adaptation of the Tiger Tiger format which will still retain the mix of bar, restaurant and nightclub which is the hallmark of the brand.

Finally, although the national roll out of the Tiger Tiger brand is rapidly reducing the group's historic reliance on London, the board said it will continue to expand its presence, both in the West End heartland and beyond.

"We will build on our West End strength, mainly through acquisition, as and when suitable opportunities at the right price are identified."

Additionally, building on the successful experience at Croydon in South London, the group plans to establish its contemporary operating formats in affluent London suburbs and in major markets around the M25.

newsdesk@afxnews.com

teddy has taken her profit at 6p, bought at 4.25p

very happy teddy

Nice one Teddy ..... staying with mine despite todays gyrations .... typical results day in this market.



ains

CEO being interviewed on cnbc now

What did he say?

curious teddy

He was very upbeat about performance to date and the ongoing situation. Made the point that the time and money invested over last year will reflect in next years figures.

Questioned on tourists - he made the point hat most customers are UK based

Questioned on conges. charge - he made the point it will have zero effect - customers are already in city or arrive after charge ends.

Overall he said it was down to them to continue taking customers away from their competition and this was not a prob


ains

interesting run of small sells plus a couple of small mmm sells which are pushing the bid down



ains

Thanks.

happy teddy

Looks like you got it right in the ST - buyers coming in at lower levels now and mm's turning blue ..... or green as it happens on moneyam


ains

I see the Sunday Times are running a Style Dining Offer with various Tiger Tiger Restaurants/clubs via the 'Style' Magazine ..... all helps




ains

Ainsoph - 09 Mar'03 - 20:41 - 136 of 137

Ok, I've had enough of shamelessly ramping my stocks, and deluding investors to bouy my gapping losses. I cant think of words that could redeem my actions, I can only say I am Sorry, and that I could of made alot of money if I'd have shorted the stocks I was long. shorters are not evil, quite the contrary. The reason I've been so stuborn and misleading in the past is because I was jealous, I have lost alot of my money and my familys, and it has taken its toll on my mental health, I have been bitter and lied in the past but again I am sorry for verbaly lashing out, please accept my apology anyone who feels its relevant/due. In fact I may short sell TAD, it is a dog after all.

































Carlsberg don't do cut n pastes, but if they did, they'd Probably be the best in the world!
;D

Ains
just give me the world old chap and i`ll have that paul creeps PC in pieces

hack, cockroach, spalt

heheheheheh


MADGER

several big delayed trades at the mid

are buyers returning at these much lower levels and when is the best time to buy..I am considering buying as I have heard there might be a management buy out at some stage..

I certainly wouldnt be surprised at a MBO at some point ..... share price is around the all time low beccause of the war /terrorist situation ..... personally think it's way overdone - the bars dont need tourists from abroad and rely on a fairly captive and affluent audience


ains

Market seems to like the update - up nearly 3%



LONDON (AFX) - Urbium PLC, which in February indicated that it expected market conditions for the year to be increasingly difficult, said it has seen a decline in bar and restaurant demand in London, according to the chairman's statement at the Annual General Meeting.
"London appears to have been worst affected by the general economic uncertainty and more specifically by the continued downturn in London's financial community, the extended closure of the Central Line and the impact on consumer sentiment of the war in Iraq," the company said.

"Events over the first three months, traditionally our quietest trading period, have confirmed our view (given at the end of February), it said.

The Tiger Tiger operations, mainly located outside of London, continued to trade strongly overall with sales ahead of the previous year, the company said.

"The Tiger Tigers at Croydon, Glasgow and Newcastle opened in 2003 are trading well and the original Tiger Tiger in London's Haymarket is delivering sales ahead of last year following its recent partial refurbishment."

The company also said that Digress at CityPoint, which opened last November, is trading ahead of expectations.

Urbium is confident about its long-term prospects despite the current economic and political uncertainties, it said.

It also added that debt levels in 2003 will be "significantly reduced".

This is good news for Urbium




Troubled bars and nightclubs operator Po Na Na looked terminally sick today as it revealed it was in talks with its banks over funding facilities.


The shares (POA) slumped 3.5p to 4.25p, a reminder to investors that the worst may not be over for others in the sector, although opportunities are knocking.

Po Na Na's core business is trading profitably but some peripheral clubs are having a tough time. Planned disposals have also been delayed due to further declines in the commercial property market (something the board of club-operator Urbium (URM)has also been expecting).

The delay in the disposal programme has put Po Na Na under financial pressure and hence the need for extended finance facilities and a restructuring of loan repayment commitments.

A further statement, including an update on trading, is expected at the end of the banking discussions but investors should expect disappointing numbers and another blow for the group which, quite frankly, has failed to regain confidence after hitting troubled times a few years ago.

Po Na Na is not alone in its struggles, with larger group's such as SFI, Wetherspoon, Luminar and Urbium, feeling the heat.

The recent full year figures from Urbium for example, were very good but there was a definite note of caution in the management's outlook statement with expansion plans going on hold for 4-6 months in order to pick up assets at a better rate.

Urbium told us only a few weeks ago that some businesses are struggling more than others, which will provide opportunities for those with the fire power and ability to capitalise on them. Its assets are some of the best but heavily exposed to the fortunes of the West End of London which has turned very quiet of late. Caution is still warranted but further weakness in share prices could lead to corporate activity and possible management buy outs at both Urbium and Luminar (LMR)).

The bars and clubs sector is attractive for its cash flows and simple financial model, but needs to be tracked in line with consumers (young and old) and their purse strings.

We have already seen increased corporate activity on the high street including some of the big retailers and supermarket chains. The bars and clubs sector is a different kettle of fish and investors should avoid 'themed' operators (including Po Na Na) but Urbium and Luminar are looking increasingly attractive, particularly on the back of one more profit warning. Keep a very close eye on things.

2003 Citywire

Clearly not a surprise and can see we may be interested in buying some cheaply ......


9:44am (UK)
Po Na Na Shares Suspended

By Ben Griffiths, City Staff, PA News


Investors were today braced for more bad news from late-night bars and clubs operator Po Na Na after the company suspended trading in its shares.

In a statement to the London Stock Exchange, Po Na Na said the move was pending clarification of its financial position.

Last Friday, the firm saw its shares plummet 40% after warning it may be forced to sell more under-performing sites as it entered talks with its bankers over a financial restructuring.

Shares were suspended at 3.75p, compared with 172p when the company floated in 2000.

The London-based company, which also has School Disco branded clubs, has earmarked some poorly-performing clubs for disposal and is planning to offload 15 by the end of this financial year. It has 44 bars and clubs in total.

The moves are designed to combat the effect of tougher market conditions but the depressed property market has delayed the process.

Directors are said to be considering all practical options for the refinancing and have been locked in discussions with bankers about trying to negotiate a temporary extension of financing and a restructuring of loan repayments.

Last week the company said it would release another statement once discussions with its bankers were completed.
s

currently 6.25p mid 24/02
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$



MID PRICE 5.25p, the war is over and still another KDC disaSter zone, she just cannot seem to get it right

DOWN -16%