Xftseallworld1c Regulatory News (ALLG)

All Leisure group PLC ("the Group")

Annual General Meeting update

At its Annual General Meeting held today in London at 09:30am, Roger Allard, Executive Chairman of destination-led niche cruise operator, All Leisure group PLC (AIM:ALLG), gave the following update:

 "In my outlook statement on 24' January, I highlighted a number of challenges the Group was facing in the current financial year. These included the continued weakness of sterling, the rising oil price, persistent low interest rates and UK weather-related disruptions to December cruises. Not only have these factors persisted, or worsened, but have now been joined by geopolitical factors in North Africa and the Middle East and natural disasters in the Pacific.

Trading has been understandably difficult within Discover Egypt. Following the outbreak of disruption in Egypt we repatriated all our passengers from Cairo and Luxor on 31 January, and curtailed further flying until 28 February. This resulted in a negative financial impact to the end of February of approximately £270,000. From the end of February we have been able to reduce our flying commitment for the rest of the financial year and have no forward ground commitments with local providers of Nile boats or hotel accommodation. We envisage the total Group impact for the year from disruptions at Discover Egypt to be in the region of £550,000.

Our hedging policies remain unchanged. Our fuel hedging for the second half of the current financial year covers approximately a quarter of forecast consumption for this calendar year. Currency hedges continue to mature at rates in line with or better than budget.

Upgrade work on the Alexander von Humboldt has proceeded satisfactorily over the winter and Discovery, Minerva and Princess have experienced no significant operational problems.

Since the beginning of February bookings have slowed as a direct result of increased global uncertainty and continued pressure on household income. Despite this, our forthcoming summer ocean cruise programme is 67% sold, the same level as this time last year.

Trading to date has been able to absorb the impact of both the snow disruption in December and increased fuel costs, however the expected full impact of disruption in Egypt, means that results for the year to October 2011 are currently expected to be below market expectations.