On 28 December, PAVI Shopping Complex plc announced its interim results covering the six months ended 31 October 2009. The results show a 15.3% increase in turnover to €13.6 million which led to an increase of 12.5% in gross profit to €2.7 million. The gross profit margin eased marginally to 19.8% from 20.3% in the comparative period last year. The increase in turnover also resulted in an improved operating profit of €638,801 compared to €620,117 registered in the six months ended 30 October 2008. Net finance costs amounted to €433,095 resulting in a pre-tax profit of €205,706, representing a 2.1% increase over the comparative period.
In the interim report, the Directors stated that according to the provisions set in the prospectus, the Company started building the Bond Redemption Fund. Moreover the Directors’ expect the positive turnover trend experienced in the first half of this financial year to continue in the second half.