Despite the challenges faced during the year in question, the Board were broadly happy with the company’s performance. Profits increased by 23.4% over the previous year and a dividend has been paid.
The company is now facing a 55% increase in energy costs and the wage bill has risen by over 9%. In spite of these pressures, they are viewing the future with confidence and fully expect results for the coming year to be better.
Although some of the properties are experiencing trading difficulties, they believe they have measures in place to try and turn these around and there are no current plans to reduce the size of the estate. Needless to say, they will keep this under review.
John Westlake – CMIC Committee Member