Gooderson optimistic about growth strategy

GOODERSON Leisure Corporation’s headline earnings per share increased 21% to 3.81c in the year to February 2013 after a “noticeable increase in activity levels in the second six months”, in spite of reduced demand.

Revenue was marginally up at R110.6m from R108.3m. Earnings before interest, taxes, depreciation and amortisation were 5.8% lower at R13.6m, from R14.4m.

The results included a R15.8m profit on the sale of a business. The sale of the Beach Hotel on Durban’s beachfront was announced last May.

The financial performance was also helped by the acquisition of Monks Cowl Country Club and Lodge in the central Drakensberg in August, which formed part of the group’s growth strategy.

A final gross dividend of 1.76c was declared — the final dividend was passed the previous year.

Net asset value increased by 28% to 151.28c per share from 118.45c. The share was untraded at 74c per share early yesterday afternoon. The management said in a statement it was cautiously optimistic of an accelerated improvement in earnings.

Gooderson invested R9m on maintenance capital expenditure. At Monks Cowl Country Club and Lodge, in the Drakensberg, permission had been granted to develop 42 rooms. Eighteen rooms were being built and would be ready for occupation October or November.

The group has also invested in new mountain bike and BMX cycle tracks at the Natal Spa Hot Springs & Leisure Resort in Paulpietersburg, It installed a heated pool at Drakensberg Gardens Golf and Leisure Resort and built a large bird park and conference centre at Dumazulu Game Lodge & Traditional Village in Hluhluwe.

An outside marketer has been engaged to sell timeshare weeks at Kloppenheim Country Estate in the Highlands Meander, near Machadodorp and Dullstroom.

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