C.H. Bailey Plc Share News (BLEY)

(ShareCast News) - CH Bailey announced its interim results for the half year to 30 September on Wednesday, with turnover up 22% to £2.9m over the same period last year.The company swung to an operating profit of £0.58m, from a loss of £0.49m, which it said was assisted by foreign exchange gains and the performance of current asset investments.EBITDA was £1.1m, compared to a loss of £0.07m, and overall profit for the period was £0.36m, swinging from a loss of £0.72m.Retail and offices in Tanzania were at 85% occupancy, and serviced accommodation was increasing in line with the company's two year plan.The board also said the development of its St Lucia Street property in Malta was nearing completion, and the refurbishment of the Galenia Estate hospitality unit was now complete."These improved results arise from a combination of increased sales from the serviced offices and accommodation in Tanzania, profits on our current asset investments and the positive effect of the slide in the value of the pound," said chairman David Wilkinson."Overhead costs have generally been kept in line with the prior period," he explained, adding: "the pre-revenue planning work in Malta coupled with additional overheads incurred in South Africa in connection with the renovation of the hospitality unit ready for occupancy have resulted in administrative expenses increasing from £761,000 in the same period last year to £944,000 this time."