Island Hotels Group Holdings plc – Board Meeting to approve the Group’s Financial Statements as at 31 October 2011

Island Hotels Group Holdings plc – Board Meeting to approve the Group’s Financial Statements as at 31 October 2011The directors of Island Hotels Group Holdings plc announced that the board meeting to approve the financial statements of the group for the year ended 31 October 2011 will be held on 23 February 2012.It is expected that the results of the group for the year will be similar to those of last year. The group will report an operating profit but an overall net loss before tax, after deductions for depreciation and finance costs.The hotel side of the business turned in better results than last year reflecting the improvement in the tourism sector generally as well the group’s drive towards efficiency. The event catering side of the business retains its market leadership position and turned in strong results. The main challenge of the group was the performance of the vacation ownership side of the business which performed at slightly lower volumes than the previous year, although showed encouraging signs of recovery in the last quarter of the financial year.The directors are cognisant of the significant external challenges brought about mainly as a result of international economic uncertainty, but remain confident that these challenges will be met successfully.To view the official announcement, Click Here.