LONDON (AFX) - CH Bailey PLC reported a pretax loss of 1.4 mln stg for the year to March 31 20
06, widening from a loss of 867,279 stg the prior year on turnover from continuing operations for 11.3 mln stg, up from 6.6 mln.
Although disappointed with the financial results, chairman Charles H Bailey said he is encouraged by underlying trends and forecasts for 2006/7 show further improvements, which he believes can and will be achieved.
Bailey said he is continuing to focus on margins and overheads, following the diversification, repositioning and restructuring of the group with the aim of returning the group to profitability.
In the year under review, trading in the UK at Modular Automation International Ltd was profitable and Bailey said there are encouraging signs for the future. Bay Travel Ltd also increased its profits and both Midway Precision Ltd and Specialist Heavy Engineers Ltd turned losses into near breakeven positions.
However, P&D Electrical Services Ltd unfortunately had further losses, which have impacted on the performance of the UK trading position.
Overseas, although turnover has decreased at the hotel in Malta profits increased as a result of improved controls. And Bailey said that after The Maltese Government finally released the 'North Harbour Local Plan' (NHLP), which is the master development plan for the local area, discussions with planners have been progressing.
The group has also met with third parties, who have shown an interest in either financing any development or entering into a joint venture.
Bailey also said that in Tanzania, Beho Beho, the safari camp in the Selous Game Reserve has exceeded all forecasts in revenue and occupancy and this year looks to better last year.
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