Island Hotels Group Holdings plc – Board meeting to approve half yearly financial statements from 1 November 2009 to 30 April 2010

Island Hotels Group Holdings plc – Board meeting to approve half yearly financial statements from 1 November 2009 to 30 April 2010

Island Hotels Group Holdings plc announced that at a meeting held on June 22, 2010, the Board of Directors approved the Group’s unaudited financial statements and half yearly report for the six month period ending April 30, 2010.

The Group announced a Revenue amounting to EUR 10.49 million for the first six months of its financial year. Loss before tax amounted to 2.52 million. The Group stated that “the financial year commencing 1 November 2009, continued on the same challenging path on which the previous year closed. As expected, the lingering effects of the international economic downturn impacted the business during the first six months of the year. Price sensitivity, shorter lead times and exchange rate volatility, compounded by the effect of the volcanic ash cloud crises in April, left their effect on tourism generally and not less so, the Group’s performance, with turnover falling by EUR 1,134,325 (9.7%) over the previous year. On a positive note, despite the material increases in utility rates, management succeeded in reducing the overall cost base of the group by just under 5% resulting in cost reductions of just over EUR 600,000.” Loss per share amounted to EUR 0.06.

To view the official Interim Financial Statements, Click Here.