International Hotel Investments plc - Interim Results

On 25 June, Island Hotels Group Holdings plc published its half-year results covering the six months ended 30 April 2013.

Performance Overview

During the period under review, the Group registered a reduction in its net loss figure of 15.8% to just over €2 million. The 6-month period between 1 November and 30 April are the shoulder months for Island Hotels. The reduction in the loss was mainly due to a lower depreciation charge of €1.6 million compared to €1.7 million in the first half of the previous financial year and a higher tax credit of €0.78 million compared to the €0.64 million tax credit registered in the six months ended 30 April 2012.

Although revenue increased by 4.6% to €12.1 million, this was almost completely offset by a similar 4.2% increase in operating expenses to €12 million. As a result, earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €0.08 million compared to €0.04 million in the previous comparable period.

The balance sheet as at 30 April 2013 shows that total assets dropped by 0.7% compared to the position as at 31 October 2012 to €137.8 million while shareholders’ funds contracted by 7.5% to €33.7 million reflecting the loss registered during the period under review.

Outlook

In the announcement, the Directors commented that trading conditions were slightly better than those prevailing last year during the first six months of the year and this trend is expected to continue throughout the second half of the Group’s financial year ending 31 October 2013.

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Island Hotels Group Holdings plc – Interim Report for six months ended 30 April 2013.