The aquarium operator has found itself in deep financial waters. Lower than expected revenues, particularly during the important summer season, and cost over-runs for its new aquarium halved full-year pre-tax profits to £557,000 on turnover ahead 15% to £5.5m. As a result, Deep-Sea found itself unable to generate the cash flow to meet its debt repayments. Although its former bankers, the Allied Irish Bank and Bank of Ireland, wrote off £2m of debt, Deep-Sea is hoping that the proposed rights issue will raise the necessary £2.5m to repay a bridging facility from the Bank of Scotland. Alluding to the strength of sterling and fewer tourists, the new chairman, Alastair Ritchie, warned that trading in the current year showed no improvement. Further board changes are also expected. Shares were unchanged at an all-time low of 42.5p.

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