THE FUTURE'S BRIGHT FOR CLUBHAUS
AS IT ANNOUNCES RECORD INTERIM RESULTS

Clubhaus - the Leisure Group, with 19 properties in England, Germany, France and Spain is the leading quoted European golf course operator and manager of health and fitness facilities - today announced record interim results for the six months ending 30 June 1999 after a further strong period of progress.

Highlights for the Six Months to 30 June 1999

• Turnover up 35% to £14.4m (1998: £10.7m); like for like increase 24%
• Gross profit up 34% to £8.6m (1998: £6.4m) at a gross margin of 60%
• Operating profit increased by 45% to £4.1m (1998: £2.8m)
• Profit on ordinary activities before exceptional items and taxation up 58% to £3.4m (1998: £2.4m)
• Earnings per share (pre exceptional items) up 66.7% to 2.5p (1998: 1.5p)
• 334,000 rounds of golf played on the groups courses (1998: 250,000), like for like increase of 26%
• Total golf membership increased to 16,000 (1998: 13,000), like for like increase 17%
• Total health membership increased to 5,200 (1998: 2,400), like for like increase 117%
• Acquisition of Tutzing Golf Course, Munich announced January 1999
  
  

Commenting on the results and the outlook , Robert Bourne, Chairman of Clubhaus said:

"I am extremely pleased to report another successful six months in the growth and development of the group. The outlook for Clubhaus is very exciting, the development and acquisition opportunities are now being reinforced by the pleasing results for the past three years. The successful finance raising in May provides us with a platform to move the Group to the next stage of its development and we look forward to the future with confidence."