All Leisure Group plc (ALG), a leading UK-based specialist destination-led cruise company, says result for the financial year ended 31 October 2008 will be better than forecast and that the company intends to disclose its figures by end of this month.
"It is anticipated that underlying pretax profits for fiscal year 2007/2008 will be broadly in line with market expectations (excluding GBP 1.4 million of fuel hedging losses which have been crystalised in FY 2007/2008)," ALG said in a statement.
"However, following the adoption of IFRS, and as the company does not apply hedge accounting, the fair value treatment of outstanding currency hedging contracts at 31st October 2008 will cause an uplift in pre-tax profits in the order of GBP 4 million. As a result the Group's reported pre-tax profits will be significantly higher than current estimates," the company said.
ALG operates cruises under the Voyages of Discovery and Swan Hellenic brands.