Island Hotels Group Holdings p.l.c has reported a turnover from continuing operations of €36,558,717 representing an increase of 19% over the previous year, and Earnings before Interest, Taxation, Depreciation and Amortisation (EBITDA) of €8,793,625.
The Board of Directors of Island Hotels Group Holdings p.l.c. today approved the audited financial statements for the financial year ended 31 October 2014. The Board resolved that these audited financial statements be submitted for the approval of the shareholders at the forthcoming Annual General Meeting which is scheduled to be held on 20 May 2015.
In an announcement to the Malta Stock Exchange, the group explained that its business in 2014 remained unchanged and comprised the ownership and operation of hotels in Malta and the provision of accommodation, catering and related services. The group is made up of a holding company that acts as an investment company, together with its subsidiaries and jointly controlled entities.
The group reported a profit before tax of €2,466,995 compared to €685,561 in 2013. A further net gain of €1,202,385 from discontinued operations was recorded, and after a provision for tax of €936,924, the profit for the year after tax was €2,732,456 (2013 - €554,719).
The group also reported exchange gains of €1,437,025, arising almost entirely from the year-end translation of a goodwill balance on foreign operations and a final total comprehensive income for the year attributable to the owners of the holding company of € 4,169,481. Total shareholders' funds at the year-end amounted to €40,372,697 (2013 - €36,203,216).
On 16 January 2015, the Directors issued a statement whereby the major shareholders of the group had reached an agreement in principle for the sale of the entire shareholding of the group to International Hotel Investors plc (IHI). "This transaction is subject to the satisfaction of various conditions, including but not limited to the usual due diligence processes, and is expected to be concluded during the course of the current financial year. The conclusion of this deal will lead to Island Hotels Group Holdings plc (IHGH) becoming a subsidiary of IHI and, in the process, will be placed in a position to leverage the strength of the IHGH operations with those of IHI. The directors believe that through this transaction the combined operations will be placed in a stronger position to achieve further growth in an important segment of the Maltese economy".