On 14 March, Island Hotels Group Holdings plc (IHG) published its Interim Directors’ Statement updating the market on its performance since the start of the current financial year on 1 November 2011.
The announcement confirmed the Directors’ expectations (expressed earlier this year in connection with the 2010/11 full-year results publication) that the current financial year started on a similar challenging path to that experienced during the end of the last financial year. All this reflects the difficult economic climate in the Group’s core markets as well as increasing competition.
In response, the management of Island Hotels will continue with its efforts to develop and improve turnover whilst also focusing on improving the efficiency of the business.
On 23 February 2012, when IHG published its preliminary results for the financial year ended 31 October 2011, the Directors had indicated two particular growth areas: (i) the event catering business following new exclusive venues and (ii) for the longer-term, the development of the Hal Ferh site.