DISCOVER LEISURE – in breach but the share price shrugs it off!
The Company was recently declared in breach of its ‘adjusted’ EBITDA banking covenant – not good!
They are now in discussion with their lending banks in relation to refinancing options – which are bound to come at a steep price! On the operating front they have reported group sales in line with expectations (heaven knows what they are!) but at the expense of lower than budgeted margins. Statistics from the National Caravan Council have indicated that demand for new Tourers, Motor Homes and holiday homes in the UK has fallen much further behind last year and this has further impacted the Company’s results. – what about all the press reports of booming times for caravanners! In…