30th Jul 2014 09:30
LONDON (Alliance News) - CH Bailey PLC Wednesday said revenues were down and its pretax loss widened in the full-year as it continues to face a number of challenges.
Revenue fell 17.5% to GBP4.4 million, against GBP5.3 million a year ago, due to declines in its industrial arm and its Malta operation.
The company's pretax loss widened to GBP1.4 million from GBP197,000 a year ago. On the back of the weaker results, the company said it has scrapped its dividend.
In the Malta business, the company said it is set to sell the St Georges Bay Hotel for EUR13.7 million, and it set to sell the Mikumi Wildlife Camp in Tanzania.
"The group continues to face a number of challenges, however, continues to invest in its asset base," said CH Bailey Chief Executive Charles Bailey.
The group has focused those investments on its East African Oyster Bay Hotel development, set to be completed in September.
Shares in CH Bailey were untraded Wednesday morning, quoted at 142.50 pence per share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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