Discover Leisure shrinks losses

CARAVAN retailer Discover Leisure said today it had slashed its losses by more than 90 per cent.

The East Yorkshire-based firm went 1.8m into the red for the 12 months to August 31, compared to a 16m shortfall the previous year.

Revenue fell to 52.25m, 84.44m after closing and selling surplus sites.

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Discover last year narrowly avoided administration by restructuring its debts via a company voluntary arrangement.

Today it said it seen a strong performance in the eight months to August.

David Morrow, chairman, said: "Discover Leisure has made significant improvements in its first full reporting year following the restructuring in 2009.

"Our supplier relationships are strong and the group has reduced operational losses. Net debt is also down significantly following the successful completion of the sales of six of our seven surplus properties.

"An improved industry outlook, with the rate of decline in UK market for leisure vehicles slowing and turning positive in some sectors, for example the tourer market, bodes well for the Group's continued recovery."