Mediterranean Investments Holding plc - 2014 Performance Update

Wednesday, December 17th, 2014

On 16 December, Mediterranean Investments Holding plc issued an announcement updating the market on its performance in 2014.

The Directors explained that despite the challenges in Libya and that some residential leasing business has not been renewed at the Company’s only operation, the Palm City Residences, the budget for 2014 has been largely met by containing costs in line with the reduced level of revenue. In the Directors’ opinion, this highlights the robustness of the management team on the ground and also the medium to long term leasing model.

The Directors noted that the 2014 financial performance of MIH is expected to be slightly ahead of that during 2013 (when earnings before interest, tax, depreciation and amortisation amounted to €23.1 million) and in line with the forecast indicated in the Prospectus published in June this year with an EBITDA figure of €24.5 million.

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