Holiday operator Center Parcs' maiden full year results were in line with market expectations. For the 53 weeks to April, turnover reached £227.7m while pre-tax profits before goodwill amortisation and exceptionals hit £24.4m, £10.9m lower than last year. During the year, the company achieved over 90% occupancy rates and repeat business at three of its four sites remained at 58%. On a like-for-like basis, spend and rent per villa improved 6.5% and 7.4% respectively. The Elveden Forest site reopened last July (it was damaged by a fire in 2002) and, in what could be a margin boosting move, 114 executive villas that command a 35% premium to standard villas were opened throughout the portfolio. Since year-end a further 65 have been completed. Center Parcs is currently seeking a fifth site and, following the success of its Aqua Sana health & beauty spas within the four parcs, it is looking into rolling out the concept. Currently, bookings representing 59% of the annual target have been confirmed and the summer outlook is in line with expectations. Consensus forecasts predict pre-tax profits of £ 27.26m for 2005. The prospective p/e of 12 is cheaper than a lot of its peers and the shares, at 90p, are trading below the issue price of 100p. If you can cope with the net debt of £68.3m, and the fact that it is seeking a listing on the main list (with all the tax disadvantages that this entails), this group is worth buying.