3rd Aug 2015 09:26
LONDON (Alliance News) - CH Bailey PLC on Monday said it posted a pretax profit for the year to the end of March, driven by profits made on the sale of assets in Malta, as its revenue increased but its gross margin declined significantly.
The company, which has operations in the leisure, property and engineering sectors, said its pretax profit for the year was GBP5.8 million, up from GBP1.4 million a year earlier thanks to it completing the sale of the St George's Bay Hotel in Malta in the second half. Thanks to that boost, the company said it would pay a special dividend of 20 pence per share, though it it not paying an other dividends.
Revenue rose to GBP5 million in the year, up from GBP4.4 million, but the group's gross profit margin deteriorated heavily, down to 23.65 from 27.3%, thanks primarily to costs related to the redundancy programme and closing of its Malta operation, along with higher costs from its Tanzania business due to depreciation.
CH Bailey said it continues to face a number of challenges in its business and said it will seek to strengthen its management team as it considers investing in its existing asset base and making new investments.
Shares in CH Bailey were untraded on Monday, having last traded at 184.74 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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