Interim Directors’ Statement
The Board of Directors hereby announces that since the publication on 22 February 2010 of its preliminary statement of annual results for the financial period ended 31 October 2009, no material events and/or transactions have taken place that would have an impact on the financial position of the Company and its controlled undertakings, such that they would require specific mention, disclosure or announcement pursuant to the applicable Listing Rules.
The new financial year has started on the same challenging path on that which 2009 closed. The effects of the international economic downturn are expected to continue impacting the business in the first six months of the year. Increased costs, in particular electricity tariffs, could add further pressure on to the cost base of the company although management will continue to work hard on the cost containment strategy it adopted in the last financial period.
Indications for the second six months of the year are more positive with both volumes and room rates beginning to show signs of a modest recovery.