LONDON (Alliance News) - AIM-listed CH Bailey PLC on Monday said losses widened in the first half of its financial year, as revenue fell due to tough hospitality trading conditions in Africa and the disposal of its hotel in Malta.
C H Bailey's pretax loss widened to GBP718,432 in the six months ended September 30, from GBP29,884 for the corresponding half the prior year, as revenue fell 13% to GBP2.4 million. Losses included a foreign currency swing of GBP471,271, as a forex loss of GBP248,755 compared against a gain of GBP222,516 the prior year period.
"We continue to put in place measures to control costs whilst being vigilant about maintaining high levels of client service. We are conscious that there are difficult market conditions associated with the countries and sectors in which the group operates in and so sales are always difficult to increase in the short term and require a team effort to achieve increases in a sustainable way," Non-Executive Chairman David Wilkinson said.
"Your group is a diverse group of international businesses, with investments and operations in leisure, property and engineering with its current key markets being Tanzania, Malta, the UK and, now, South Africa," Wilkinson added.
"I am confident that the group is well placed in these countries and the sectors in which we operate to offer a platform for growth. We also believe that the strategies that have been put in place to diversify our revenue streams will start to bear fruit," Wilkinson said.
Shares in CH Bailey were down 14% at 153.50 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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