On 9 August 2011 PAVI Shopping Complex plc announced its results for its full-year which ended 30 April 2011. During the year under review, PAVI’s financial performance significantly improved. In fact, the Company’s turnover grew by 4.2% to €28.8 million. Coupled with an 18% increase in other income following the opening of new outlets within the shopping complex during the year as well as a 3% decline in administrative, selling and distribution expenses, PAVI’s EBITDA climbed by 33.6% to €2.7 million. After deducting net finance costs of €850,000, pre-tax profits more than doubled to €1.2 million. The Company’s after-tax profitability rose to €786,259 from a net profit of €382,703 during the previous year to 30 April 2010.
The company’s financial ratios also continued to strengthen during the year under review. The interest cover for the year ended 30 April 2011 improved to 3.12 times with the gearing ratio declining to 1.30 times (1.37 times as at 30 April 2010) on the back of a further reduction in the company’s debt. During the year under review, the Company repurchased and subsequently cancelled a total of €1,327,791 worth of bonds on the secondary market. This is a clear sign that the Company is generating a good level of cash from its operations and highlights the Company’s healthy financial position.
Download PAVI’s full-year results to 30 April 2011 here.