16 May 2018 07:00
C.H. Bailey Plc
16 May 2018
Revaluation of 30 St Barbara Bastion, Malta
C.H. Bailey Plc ("the Group") is pleased to announce the successful letting and revaluation of its 30 St Barbara Bastion property in Malta (the "Property").
The Property has been let for residential use on a 12-month contract. Previously, the Property was used as a base for the Group's Maltese operations. As a result of the letting, the Property has been reclassified as an investment asset rather than a fixed asset, and its revaluation to €3.50 million has resulted in an estimated uplift of €1.32 million (£1.16 million) which is expected to show as a non-cash revaluation in the Group's profit before tax in the year to 31 March 2018.
After making an estimated provision for tax, the net profit from the revaluation is estimated at €1.04 million (£0.92 million).
This is in addition to the previously announced sale of its 16 Charles Street property in Malta for €1.725 million which will result in a profit before tax of €0.95 million (£0.83 million), most of which was reflected in the interim accounts at 30 September 2017 as a revaluation uplift. After tax, the net profit from sale is €0.86 million (£0.76 million).
The estimated aggregate impact of these two transactions on the Group's profit for the year ended 31 March 2018 is £2.00 million before tax and £1.68 million after tax.
Further information:
Harry Sihra, Company Secretary
C H Bailey Plc
Tel: 01633 262961
Paul Shackleton, Ciaran Walsh
Arden Partners plc
Tel: 020 7614 5900