On 27 January, Island Hotels Group Holdings plc announced that its Board of Directors is scheduled to meet on 23 February to consider and approve the Group’s financial statements for the financial year ended 31 October 2011.
In the announcement, Island Hotels provided a review of the trends experienced during their last financial year. The announcement reveals that the Group results for the financial year ended 31 October 2011 will be similar to those of the previous financial year when the group registered a loss of €649,693. The Group is expected to report an operating profit but will declare an overall net loss before tax after accounting for depreciation and finance costs.
The announcement indicated that the results were achieved on the back of an improved performance from the hotel side of the business and further strong results from the event catering side as it retained its market leadership. On the other hand, the vacation ownership business remains a challenge as it registered lower volumes than the previous year although this segment showed some encouraging signs of improvement during the last three months of the financial year ended 31 October 2011.
In conclusion the Directors stated that they remain confident that the IHI Group will successfully meet the significant external challenges, mainly brought about by the international economic uncertainty.