Thu 22nd Aug 2013 - Breaking News – Walkabout operator reports Ebitda up Walkabout operator Intertain reports Ebitda of £5,264,000: Walkabout operator Intertain has reported Ebitda of £5,264,000 (2012: £4,880,000) in the year to 2 February. Sales were £57,580,000, which are £5,726,000 lower than the year before due to the surrender of three loss-making sites in Portsmouth, Edinburgh and West Hampstead – and the discontinuation of Highlight comedy clubs at Walkabouts in Glasgow and Leicester. Operating profit before exceptional items was £1,976,000, up from £1,237,000 the year before. The company made a loss of £4,880,000 (£2,366,000) after exceptional items of £5,408,000. Intertain reported that the company received a £1 million sales boost from the Euro 2012 tournament. It invested a total of £2,346,000 in refurbishing six sites, of which £250,000 was funded by landlords’ rent concessions. The company stated: “Overall returns from the investments are exceptional at 67% on a gross basis and 81% net of landlords’ contributions. Of the 11 investments (so far), all but three are currently delivering returns that will see the investment paid back in less than two and a half years. Business performance in the 26 weeks subsequent to the end of the reporting period has been heavily influenced by the sporting calendar. The additional sales from Euro 2012 of just over £1 million will not be replaced by any other event. Accordingly, sales from continuing venues in the first half of the period to January 2014 are 9.7% below last year, of which approximately 7% reduction is estimated to be due to differences in the sports calendar. Refurbished venues, as a group, achieved sales relative to last year 12% better than non-refurbished. Most of the refurbished sites have been trading for more than a year so it is extremely encouraging that they are able to sustain performance in this way and in dong so further improve the return on investment.” Intertain, which runs 36 sites, reported that trading is expected to start again at its fire-destroyed Blackpool site at the end of October this year. In May, Intertain returned to the acquisition trail after private equity specialist Barclays Ventures took a stake in the business. The change of ownership enables Intertain to complete the refurbishment programme of the existing estate, with the business also actively looking for new venues in a number of UK locations. Barclays Ventures already held some of Intertain’s debt, as did a vehicle controlled by TPG Opportunities Partners and Goldman Sachs, who also took an equity stake in Intertain. The remaining equity is held by management. Intertain chief executive John Leslie said at the time: “The business is now in a position whereby the refurbishment programme can continue at pace and site acquisitions are now back on the agenda for Walkabout. The Walkabout brand has tremendous pedigree, the ability to deliver excellent returns on investment and great potential for growth given that it is not represented in many of the key towns and cities in the UK. This is a very exciting time and we look forward to working closely with our new owners.”