Last checked at 7 May 2009 15:46
FOR IMMEDIATE RELEASE
7 May 2009
MWB GROUP HOLDINGS Plc:
INTERIM MANAGEMENT STATEMENT
MWB Group Holdings Plc ("the Group"), the serviced offices, boutique hotels owner and retailer, today reports that during the period from 1 January 2009 to 7 May 2009 its three operating businesses have continued to make progress despite the increasingly difficult market conditions.
Trading at the Group's boutique hotel businesses, Malmaison and Hotel du Vin, has been in line with market conditions and a number of new revenue streams have been developed to offset any fall off in sales from the hotels' traditional customer base. Short term forecasts suggest improving demand that will translate into higher room rates, while a combination of high quality promotional activity supporting the catering operation and tighter cost controls, is resulting in improved margins. The three newer HdV properties continue to consolidate their local market positions while the Aberdeen Malmaison has continued to outperform expectations.
AIM-quoted MWB Business Exchange Plc ("Business Exchange"), the UK's second largest provider of flexible office space, continues to deliver above its budgeted income and EBITDA as better than anticipated enquiry levels have been maintained over the first four months of the year. Business Exchange's increasingly successful meeting and conference room division has also grown over the same period.
At Liberty Plc, the iconic brand and Regent Street emporium, there has been an upsurge in business following its "Renaissance of Liberty" launch in February, resulting in a 12% uplift in both sales and margins over the past 10 weeks despite the adverse economic environment.
As outlined in the Group’s year end statement, issued on 28 April 2009, all three operating businesses successfully implemented a series of cost control measures as well as introducing new income streams during the course of 2008. The positive impact of these measures has been felt during the first four months of 2009 and is anticipated to continue over the remainder of the current financial year. Also it was announced that the Group had extended £348m of its banking facilities provided to Malmaison and Hotel du Vin, MWB Business Exchange and MWB itself to 31 December 2011.
Eric Sanderson, Group Chairman, commented: "The quality of both the management teams and their products and services continue to shine through even in these difficult market conditions. I believe that, subject to any further major deterioration in the UK markets, our businesses will continue to perform."
Ends.
Contact:
Richard Balfour-Lynn, Chief Executive, MWB. Tel: 020 7706 2121
Andrew Blurton, Joint Finance Director, MWB. Tel: 020 7706 2121
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161