Island Hotels Group Holdings plc - Interim Results

Tuesday, June 23rd, 2015

On 23 June, Island Hotels Group Holdings plc published its half-year financial statements for the six months ended 30 April 2015.

Performance Overview

The financial performance during the period under review was significantly affected by the planned closure of the Radisson BLU St. Julian’s for refurbishment. This hotel reopened for business as scheduled on 30 March 2015 with trading results since re-opening reportedly ahead of budgets. Most of the Group’s other operations have shown improvements over the same period last year and in the absence of any unforeseen circumstances, the Directors believe that these results, which are ahead of forecasts, should be sustained through the remainder of the current financial year ending 31 October 2015.

Against this backdrop, the Group registered a negative earnings before, interest, tax, depreciation and amortisation (EBITDA) figure of €0.93 million compared to the negative €0.27 million registered in the previous comparable period. After accounting for a higher charge related to finance costs, in view of the interest accrued on the bonds issued in May 2014, the Group’s pre-tax loss widened to €2.9 million from €1.58 million in the previous comparable period.

The comparative figures for the six months ended 30 April 2014 also comprise the €0.6 million loss from the discontinued operations of MKIC Limited (ceased operations on 31 October 2014) and Coastline Hotel Limited (disposed with effect from 19 February 2014).

Events after the reporting period 

The announcement also reiterated that on 10 June 2015, the Group acquired the remaining 50% shareholding of Buttigieg Holdings Limited, the parent company of a Group of companies involved in the retail and contract catering sector as well as the operator of the Costa Coffee franchise in Malta, the Eastern coast of Spain and the Balearic Islands. The objective of the acquisition was to become a 100% shareholder as part of a group reorganisation.

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Island Hotels Group Holdings plc – Interim Report for the six months ended 30 April 2015

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