Deep-Sea Leisure, operator of marine life aquariums Blue Planet (in Cheshire) and Deep Sea World (Edinburgh), improved margins and benefited from increased per capita spending in a tough year to October for the tourist industry. Compared with an unaudited 12 months to October 2002, pre-tax profits came in just over a million, up from £600,000, on turnover of £6.138m (£5.9m). Gross margins edged up from 85.5% to 87.7% as spending by customers rose 17% per head. This was a decent performance from a seasonal business that sees 88% of customers between February and October - last summer was one of the hottest in recent years and its aquariums are indoor attractions. The 17% per head spend lift looks quite an achievement. Stuart Earley, managing director, says dive package revenue rose and the introduction of revenue generators such as radio-controlled boats also proved successful. One of the biggest marketing successes was the Deep Sea World Double Decker bus that ran daily during three of the summer months, making pick-ups in the middle of Edinburgh. In his first statement since becoming chairman in December, the memorably-named Angel Barrachina says the business held up admirably and the current year started in line with budget. There are no forecasts from house broker Bell Lawrie White, and not much trading in the shares. The shares are a hold at best, despite good recent progress.

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