TIDMBLEY
RNS Number : 9922J
Bailey(C.H.) PLC
24 July 2013
C. H. Bailey plc
Preliminary Results for the year ended 31 March 2013
C. H. Bailey plc ("C. H. Bailey", the "Company" or together with
its subsidiaries the "Group"), a diverse group of international
businesses, with investments and operations in leisure, property
and engineering with its current key markets being Tanzania, Malta
and the UK announces its audited preliminary results for the year
ended 31 March 2013
Group Financial Summary
Summary of group results 2013 2012 2011 2010
GBP'000s GBP'000s GBP'000s GBP'000s
Income from continuing operations 5,313 4,339 4,299 3,897
Gross profit from continuing
operations 1,410 1,196 1,063 781
Gross profit margin 26.5% 27.6% 24.7% 20.0%
Operating profit/(loss) from
continuing operations, before
exceptional items, investment
activities and depreciation 320 64 40 (238)
EBITDA 799 (292) (477) (41)
Profit/(loss) before tax
and minority interests (197) 8,907 (480) 1,369
Profit/(loss) from continuing
operations after tax (210) 7,700 (593) 1,104
Earnings/(loss) per share
from continuing operations (2.76p) 93.99p (7.12p) 13.25p
Earnings/(loss) per share
from total operations (2.76p) 93.99p (7.12p) 13.25p
CH Bailey plc
Bryan Warren, Company Secretary +44 (0) 1633 262 961
Arden Partners plc
Richard Day, Jamie Cameron
+44 (0) 207 614 5900
Chairman's statement
Your company in the year under review made a net loss after tax
of -GBP0.2m. Nonetheless, I am pleased to report further
improvements in the group's underlying performance. Total income
from continuing operations increased for a third consecutive year
to GBP5.3m (2012: GBP4.3m), as has our gross profit and operating
profit.
The group continues to benefit from increasing levels of
economic activity in Tanzania, part of which can be ascribed to
ongoing natural resources discoveries in the region. Our Tanzanian
business accounted for some GBP2.6m (2012: GBP1.8m) of gross group
income from continuing operations in the period under review.
Our single remaining UK non-services business, Bailey Industrial
Engineering, continues to benefit from the economic downturn in
Europe as our clients have sought to repair machinery and equipment
rather than invest in new capital equipment. While gross income
again has increased over the previous year's, we have seen pressure
on our margins but have remained profitable.
Results
The group's consolidated pre-tax loss before taxation for the
year was -GBP0.2m, compared to profit in 2012 of GBP8.9m, which was
due in large part to the profit on the part disposal of the group's
Maltese assets. In 2011, the loss was -GBP0.5m.
We are pleased that our operating profit from continuing
operations, which excludes exceptional items, investment activities
and depreciation, has improved for a third consecutive year (2013:
GBP320,000 2012: GBP64,000).
Our EBITDA has improved from a loss of -GBP0.3m in the previous
period to GBP0.8m in this period. In 2011, EBITDA was -GBP0.5m.
2013 2012 2011
Revenue from continuing operations GBP 5.3m GBP 4.3m GBP
4.3m
Gross profit from continuing operations GBP 1.4m GBP 1.2m GBP
1.1m
Operating profit from continuing operations GBP0.3m
GBP64,000
GBP40,000
EBITDA GBP0.8m (GBP 0.3m) (GBP 0.5m)
Pre-tax profit/(loss) before tax (GBP 0.2m) GBP 8.9m (GBP
0.5m)
The group's cash holdings have reduced to GBP4.6m (2012:
GBP6.8m) reflecting an active investment programme during the
period, which is largely reflected in the balance sheet (Note 13)
as an increase of GBP4.2m in freehold and leasehold land and
buildings during the period under review, including exchange
differences (2013: GBP13.6m 2012: GBP9.4m). These cash holdings of
GBP4.6m will continue to give us an ability to make strategic
longer term acquisitions as well as allow us to weather any
economic storms or downturns.
The net loss per share (based on the weighted average number of
shares) after tax was -2.76p (2012: 93.99p).
Tanzania
Total group income derived from our businesses in Tanzania
increased again during the period under review (2013: GBP2.6m 2012:
GBP1.8m), and represents 49% (2012: 41%) of total group income,
testifying again to the significance of our businesses there. Given
our additional investment in income producing assets here this past
year, we expect this percentage to increase further in the coming
period.
In the tourism sector, we continue to own and operate niche,
high-end properties at The Oyster Bay Hotel, our hotel in Dar es
Salaam, and Beho Beho, our safari camp in the Selous Game
Reserve.
Hospitality revenues in Tanzania continue to be lower than
expected, due to the recovery in the high end tourist market being
weaker than we had hoped, and because Mikumi Wildlife Camp was
closed for refurbishment for the second half of the year under
review. Having increased the rack rates for our other properties,
we were not surprised by the small overall reduction in revenue,
with gross income falling by 11% to US$0.8m (2012: US$0.9m).
Forward bookings for the current year suggest that we will
experience a stronger recovery this season, with higher levels of
income per person.
I noted in my statement last year that we had begun the
construction of the final building on our Oyster Bay Hotel site,
which we call Phase III - The Oyster Bay Hotel Club & Spa. The
development, I believe, will consolidate our reputation locally for
providing high end serviced accommodation and commercial offices
and retail space. The building will offer a mixed use of some
6,000m(2) , of serviced accommodation and commercial office space.
There will be some retail space, which will be an extension to the
services provided by the Oyster Bay Hotel facilities.
Our Oyster Bay Hotel shopping centre continues to be profitable.
With some 2,000m(2) of serviced retail space, we achieved an
average occupancy of 95% at the current market rates. This
occupancy level reflects the churn of some tenants during the year,
which has resulted in new retail businesses now operating in the
centre.
In June 2012, we announced the acquisition of approximately 24
acres of prime, undeveloped beach front property, 45 minutes south
of Dar es Salaam. I am pleased to confirm that during the year we
have been able to acquire an additional 4 acres adjoining our plot
on the beach, and some further land which provides a buffer and
better access from the nearest public road. This increased acreage
affords us a greater number of development options, which we will
begin to consider once Phase III at the Oyster Bay Hotel has been
completed and is open.
Malta
Gross income from hotel operations are reduced, due to the sale
of part of the property. In 2011, gross turnover was down some 9%
on the previous year to GBP517,000 (2012: GBP568,000). This
reduction, combined with a small increase in administrative
expenses, resulted in an operating loss of -GBP124,000 (2012:
-GBP34,000).
We did receive during the period a long outstanding compensation
payment of GBP116,000 from the Maltese Government. This payment was
the principal factor in turning the operating loss into a net
profit after tax of GBP27,000 (2012: GBP8.5m).
As announced previously, the purchaser of our Maltese property
has, as per the contract agreed in 2011, paid a deposit of
EUR400,000 for the sale of the balance of the property held by St.
George's Bay Hotel Limited, which is scheduled for completion on
the 30(th) March 2015.
The renovation of the heritage property overlooking the Grand
Harbour that we purchased last year is nearing completion. The work
and our presence in Valletta has led to further properties being
offered to the company. We are considering, therefore, investing in
additional properties of a similar high quality in Valletta, which
will be the European Capital of Culture in 2018. These properties
could provide serviced accommodation, office space and one
particular property is being considered as a boutique hotel.
The United Kingdom
Bailey Industrial Engineering ("BIE") has had another good year,
with gross income increasing by 14% to GBP2.0m (2012: GBP1.8m).
Although very difficult trading conditions for our clients in the
UK, and in South Wales especially, have put pressure on our
margins, the business remains profitable 2013: GBP37,000 (2012:
GBP47,000).
Given current market conditions, this is a very pleasing result
and it reflects the commitment of the BIE board and the whole team
in South Wales, which has now provided the group with a third
consecutive year of profits.
Board and senior management matters
Rod Reynolds joined your board in June 2012 as a non-executive
director and brings with him experience gained globally over many
years in financial services and investment. He chairs the
Remuneration Committee and will also serve on the Audit & Risk
Committee. He succeeds Sir William McAlpine as your senior
independent director.
There have been no others changes to the board for the period
under review, but, during the year, we have taken steps to
strengthen our subsidiaries' boards and senior management,
particularly in respect of those concerned with our Tanzanian
operations.
A new Chief Operating Officer has been appointed In Tanzania,
which will allow more time to look for further opportunities to
drive the business forward in both East Africa and elsewhere. We
will look for projects that are in in accordance with our strategy
of enhancing the underlying value of assets already held and
considering new opportunities that would strengthen the revenue
stream and bottom line.
Dividend
In light of both the group's cash reserves and operating
position, which we believe to be sustainable, we will be asking
shareholders at the Annual General Meeting for their approval to
pay a special dividend of 5p per share to Members on the share
register as at 25 October 2013. The shares will become ex-dividend
on 23 October 2013.
Outlook
We expect further growth with greater income and profits in
Tanzania in 2014, due principally to the opening of the Phase III
development at the Oyster Bay Hotel. There are signs which appear
to herald a more positive outlook for our hospitality division, but
I must remain cautiously optimistic given the past 2 years' results
and the continued fragility of the global economy.
The board continues to believe that the natural resources
discoveries in the region will continue to make prospects in
Tanzania exciting for the group as we continue to provide services
to many companies involved in the natural resources sector, and we
are evaluating a number of investment opportunities, including
those presented by our existing clients as they expand operations
in the region.
The on-going hospitality operations in Malta will continue
either at breakeven or show a small loss. This loss should be
considered in conjunction with the successful redevelopment of our
heritage property and sale of the St. George's Bay Hotel site,
which will impact on both the local and global business model for
new ventures both on Malta and elsewhere.
We believe that Bailey Industrial Engineering will continue to
grow both its turnover and profits, although the challenges facing
its customer base should not be ignored. Recent appointments
hopefully will impact positively on the company, through a wider
customer base with increased sales and productivity.
We continue to consider investment in high quality assets in
geographical areas in which we have long term experience or trusted
business partners. Our reputation as a niche, quality developer and
operator providing excellent service to guests and customers is
evidenced by strong interest in our new developments at the Oyster
Bay Hotel and in Malta.
I remain an eternal, passionate, yet cautious, optimist - and
believe that the group's prospects in the short and long term are
sustainable and exciting. We will continue to increase the focus of
our investment project evaluation process to ensure we continue to
enhance the existing value of the portfolio and the strength of its
income stream.
I take this opportunity to thank all our staff for their
continued hard work, commitment and enthusiasm.
Charles Bailey
24 July 2013
Consolidated Income Statement
for the year ended 31 March 2013
Notes 2013 2012
GBP GBP
Continuing operations
Revenue 4 5,312,962 4,339,390
Cost of sales (3,903,280) (3,143,612)
Gross profit 1,409,682 1,195,778
Profit on the sale of
property 8 - 9,625,213
Administrative expenses (1,812,457) (1,517,395)
Trading (loss) profit (402,775) 9,303,596
Investment activities
and other income 5 478,979 (355,379)
Operating profit 76,204 8,948,217
EBITDA* 798,514 (291,586)
Depreciation (726,610) (384,387)
Profit (loss) on sale of
plant and equipment 4,300 (1,023)
Normalised operating
profit (loss) 76,204 (676,996)
Profit on sale of property - 9,625,213
Operating profit 76,204 8,948,217
-------------------------------- ---------- ------------------------ -----------------------
Finance income 6 55,562 154,208
Finance costs 7 (329,136) (195,153)
(Loss) profit before
taxation 8 (197,370) 8,907,272
Taxation 11 (11,832) (1,113,748)
Minority interest (425) (93,939)
(Loss) profit for the
financial year (209,627) 7,699,585
(Loss) earnings per
share from continuing
and total operations 12 (2.76p) 93.99p
*Earnings before interest, taxation, depreciation, profit on
sale of plant and equipment and profit on sale of property.
Consolidated Statement of Comprehensive Total Income
for the year ended 31 March 2013
Notes 2013 2012
GBP GBP
(Loss) profit for the financial
year (209,627) 7,699,585
Investment in own shares 27 - (960,509)
Exchange differences 348,929 (374,867)
Total comprehensive income
for the year 139,302 6,364,209
------------------------- ---------------------
Balance Sheets
as at 31 March 2013
Group Company
Notes 2013 2012 2013 2012
GBP GBP GBP GBP
Non-current
assets
Property,
plant and
equipment 13 12,824,636 8,821,655 1,171 1,928
Operating 138,053 - - -
leases
Investments
in
subsidiary
undertakings 14 - - 2,539,366 2,736,111
Deferred tax
asset 15 133,927 139,447 133,927 139,447
------------------------ ------------------------ ------------------------ ------------------------
13,096,616 8,961,102 2,674,464 2,877,486
------------------------ ------------------------ ------------------------ ------------------------
Current
assets
Inventory 16 18,741 23,731 - -
Trade and
other
receivables 17 2,016,257 1,892,898 3,424,572 1,626,413
Current asset
investments 18 2,764,463 3,010,643 443,494 1,117,168
Cash and cash
equivalents 19 4,637,088 6,795,648 1,270,493 2,954,356
------------------------ ------------------------ ------------------------ ------------------------
9,436,549 11,722,920 5,138,559 5,697,937
------------------------ ------------------------ ------------------------ ------------------------
Current
liabilities
Trade and
other
payables 20 (2,535,566) (2,617,354) (808,994) (893,717)
Bank loans
and
overdrafts 21 (957,017) (711,349) (308,039) (297,021)
Other loans 21 (723,343) (697,285) - -
Obligations
under
finance
leases 23 (29,149) (23,661) - -
Provisions 24 (250,000) (225,000) (250,000) (225,000)
------------------------ ------------------------ ------------------------ ------------------------
(4,495,075) (4,274,649) (1,367,033) (1,415,738)
------------------------ ------------------------ ------------------------ ------------------------
Net current
assets 4,941,474 7,448,271 3,771,526 4,282,199
------------------------ ------------------------ ------------------------ ------------------------
Total assets
less current
liabilities 18,038,090 16,409,373 6,445,990 7,159,685
Non-current
liabilities
Trade and
other
payables 22 (343,984) - - -
Bank loans 21 (4,135,011) (2,619,374) - -
Obligations
under
finance
leases 23 (61,822) (62,872) - -
Deferred tax
liabilities 25 (280,215) (271,723) - -
------------------------ ------------------------ ------------------------ ------------------------
Net assets 13,217,058 13,455,404 6,445,990 7,159,685
------------------------ ------------------------ ------------------------ ------------------------
Equity
Called-up
share
capital 26 833,541 833,541 833,541 833,541
Share premium
account 27 609,690 609,690 609,690 609,690
Capital
redemption
reserve 27 5,163,332 5,163,332 5,163,332 5,163,332
Investment in
own shares 27 (960,509) (960,509) (960,509) (960,509)
Translation
reserve 27 800,063 695,086 - -
Retained
earnings 27 6,694,099 7,040,162 799,936 1,513,631
------------------------ ------------------------ ------------------------ ------------------------
Surplus attributable to
the
parent's shareholders 13,140,216 13,381,302 6,445,990 7,159,685
Minority
interest 27 76,842 74,102 - -
------------------------ ------------------------ ------------------------ ------------------------
Total equity 13,217,058 13,455,404 6,445,990 7,159,685
------------------------ ------------------------ ------------------------ ------------------------
Consolidated Cash Flow Statement
for the year ended 31 March 2013
Notes 2013 2012
GBP GBP
Cash flows from operating
activities
Cash generated from operations 28 347,141 (19,952)
Interest paid (329,136) (195,153)
Overseas tax paid (6,312) (1,521,006)
Net cash flow from operating
activities 11,693 (1,736,111)
------------------------ ------------------------
Investing activities
Sale of property, plant
and equipment 4,309 12,415,560
Deposit on sale of property 22 343,984 -
Purchase of property,
plant and equipment (4,382,442) (2,348,529)
Sale of investments 1,433,609 29,194
Purchase of investments (863,714) (1,479,261)
Interest received 55,562 154,208
Net cash flow from investing
activities (3,408,692) 8,771,172
------------------------ ------------------------
Financing activities
Dividend to minority interest - (81,479)
Equity dividends paid (380,388) -
Investment in own shares - (960,509)
Movement in bank loans 1,369,378 (280,928)
Movement in directors'
loans (141,548) 223,436
Movement in other loans 26,058 20,754
Movement in capital element
of finance leases 4,438 69,183
Net cash flow from financing
activities 877,938 (1,009,543)
------------------------ ------------------------
Net (decrease) increase in
cash and cash equivalents (2,519,061) 6,025,518
Cash and cash equivalents
at beginning of year 29 6,084,299 122,875
Exchange differences 114,833 (64,094)
Cash and cash equivalents
at end of year 29 3,680,071 6,084,299
------------------------ ------------------------
Reconciliation of net cash flow to movement
in net (debt) funds in the year
Net (decrease) increase in
cash and cash equivalents (2,519,061) 6,025,518
Net cashflow from the
movement in debt (1,399,874) 190,991
------------------------ ------------------------
Movement in net funds (debt)
during the year (3,918,935) 6,216,509
Net funds (debt) at the
beginning of the year 2,681,107 (3,464,415)
Exchange differences (31,426) (70,987)
Net (debt) funds at the
end of the year 29 (1,269,254) 2,681,107
------------------------ ------------------------
Consolidated Statement of Changes in Equity
for the year ended 31 March 2013
Called-up Share Capital Investment Translation Retained Minority Total
share premium redemption in own reserve earnings interest
capital account reserve shares
GBP GBP GBP GBP GBP GBP GBP GBP
Group
At 31st
March
2011 833,541 609,690 5,163,332 - 874,630 (464,100) 76,809 7,093,902
Investment
in
own shares - - - (960,509) - - - (960,509)
Dividend to
minority
interest - - - - - - (81,479) (81,479)
Profit for
the
financial
year - - - - - 7,699,585 93,939 7,793,524
Exchange
differences - - - - (179,544) (195,323) (15,167) (390,034)
---------------- --------------- ----------------- ---------------- ---------------- ----------------- --------------- -----------------
At 31st
March
2012 833,541 609,690 5,163,332 (960,509) 695,086 7,040,162 74,102 13,455,404
Equity
dividends
paid - - - - - (380,388) - (380,388)
(Loss) for
the
financial
year - - - - - (209,627) 425 (209,202)
Exchange
differences - - - - 104,977 243,952 2,315 351,244
---------------- --------------- ----------------- ---------------- ---------------- ----------------- --------------- -----------------
At 31st
March
2013 833,541 609,690 5,163,332 (960,509) 800,063 6,694,099 76,842 13,217,058
---------------- --------------- ----------------- ---------------- ---------------- ----------------- --------------- -----------------
Company
At 31st
March
2011 833,541 609,690 5,163,332 - - (3,418,106) - 3,188,457
Investment
in
own shares - - - (960,509) - - (960,509)
Profit for
the
financial
year - - - - - 4,931,737 - 4,931,737
-------------- --------------- ---------------- ----------------- ------ ------------------ ------ -----------------
At 31st
March
2012 833,541 609,690 5,163,332 (960,509) - 1,513,631 - 7,159,685
Equity
dividends
paid - - - - - (380,388) - (380,388)
(Loss) for
the
financial
year - - - - - (333,307) - (333,307)
At 31st
March
2013 833,541 609,690 5,163,332 (960,509) - 799,936 - 6,445,990
-------------- --------------- ---------------- ----------------- ------ ------------------ ------ -----------------
There were no transactions with owners recorded directly in
equity during the year ended 31 March 2013.
Notes to the Accounts
1. General information
Basis of preparation
These financial statements have been prepared in accordance with
International Accounting Standards (IAS) and International
Financial Reporting Standards (IFRS) as adopted by the European
Union and with the Companies Act 2006. These financial statements,
therefore, comply with the rules of the Alternative Investment
Market of the London Stock Exchange (the "AIM").
The financial statements are prepared using the historical cost
basis of accounting except for:
-- Properties held at the date of transition to IFRS which are stated at deemed cost; and
-- Assets held for sales which are stated at the lower of fair
value less anticipated disposal costs and carrying value.
Going concern
The directors have prepared these financial statements on the
fundamental assumption that the group is a going concern and will
continue to trade for at least 12 months following the date of
approval of the financial statements.
Further information explaining why the directors believe the
group is a going concern is given in the financial review section
of the Directors' Report contained in the 2013 Annual Report.
2. Segmental information
Revenue Operating Net assets
continuing profit
operations (loss)
continuing
operations
GBP GBP GBP
Classes of business:
Industrial: 2013 2,037,309 37,313 436,802
2012 1,784,430 46,008 420,791
Leisure: 2013 3,275,653 376,498 9,254,922
2012 2,554,960 9,848,049 6,757,502
Management: 2012 - (337,607) 3,525,334
2013 - (945,840) 6,277,111
Total: 2013 5,312,962 76,204 13,217,058
2012 4,339,390 8,948,217 13,455,404
Revenue Operating Net assets
continuing profit
operations (loss)
continuing
operations
GBP GBP GBP
Geographical segments
United Kingdom: 2013 2,175,481 (95,916) 1,465,972
2012 1,988,465 (396,559) 3,713,612
Rest of World: 2013 3,137,481 172,120 11,751,086
2012 2,350,925 9,344,776 9,741,792
Total: 2013 5,312,962 76,204 13,217,058
2012 4,339,390 8,948,217 13,455,404
3. Investment activities and other income
2013 2012
GBP GBP
Income from current asset investments 137,126 93,467
Profit (loss) on sale of current
asset investments 405,143 (51)
Decrease (increase) in provision
on current asset investments 50,154 (92,996)
Net foreign exchange gain (loss) 18,138 (277,700)
Fair value movement on investments (131,582) (78,099)
478,979 (355,379)
--------------- ---------------
4. (Loss) profit before taxation
The following have been charged (credited) in arriving at the
(loss) profit before taxation:
2013 2012
GBP GBP
Depreciation - owned assets 714,948 355,734
Depreciation - finance leased
assets 11,662 28,653
(Profit) on sale of property (note
22) - ( 9,625,213)
(Profit) loss on sale of plant
and equipment ( 4,300) 1,023
Operating lease rental payments 20,320 15,323
The profit on the sale of property arises on the sale of part of
the hotel complex in Malta.
5. Taxation
2013 2012
GBP GBP
Current tax - overseas tax based
on taxable profit for the year 6,312 1,521,006
Deferred tax charge (credit) on
the origination and reversal of
temporary differences 5,520 (407,258)
----------- --------------
Total tax charge for the financial
year attributable to total operations 11,832 1,113,748
----------- --------------
The tax charge for the financial year can be reconciled to the
profit before tax per the income statement multiplied by the
standard applicable corporation tax rate in the UK of 24% as
follows:
2013 2012
GBP GBP
(Loss) profit before taxation (197,370) 8,907,272
-------------- ----------------
Tax at the UK effective corporation
tax rate of 24% (2012: 26%) (47,369) 2,315,891
Effects of:
Non-deductable expenses 7,026 2,854
Movement in overseas trading
losses and effect of different
overseas tax rates 17,434 (1,343,343)
Differences arising on capital
sales and investment income (17,329) 22,148
Deferred tax on losses not recoverable 51,825 82,261
Effect of change in tax rate 245 33,937
Total tax charge for the financial
year 11,832 1,113,748
-------------- ----------------
6. Earnings (loss) per share
The earnings per share has been calculated by reference to the
weighted average number of ordinary shares of 10p each in issue of
7,607,755 (2012: 8,192,267) which excludes own shares held. There
are no share options, convertible equity or debt instruments in
issue.
Continuing Number
earnings of shares
2013
Basic (loss) / weighted average
number shares (209,627) 7,607,755
Basic (loss) per share (pence) (2.76p)
2012
Basic earnings / weighted average
number shares 7,699,585 8,192,267
Basic earnings per share (pence) 93.99p
7. Cash generated from operations
2013 2012
GBP GBP
Operating profit continuing operations 76,204 8,948,217
Depreciation 726,610 384,387
(Profit) on the sale of property,
plant and equipment (4,300) (9,624,190)
(Profit) loss on sale of current
asset investments (405,143) 51
Fair value movement of investments 131,582 78,099
Provision on current asset investments (50,154) 92,996
Exchange differences 44,004 (2,421)
-------------------- ---------------------
Cash generated from operations
before movements in working capital 518,803 (122,861)
Operating leases (138,053) -
Decrease in inventories 4,990 5,767
(Increase) in trade and other receivables (123,359) (540,945)
Increase in trade and other payables 84,760 638,087
Cash generated from operations 347,141 (19,952)
-------------------- ---------------------
8. Preliminary Statement
This preliminary statement will not be posted to shareholders;
however, a copy will be available on the Company's website,
www.chbaileyplc.co.uk. This preliminary announcement does not
constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006. The annual report and accounts for the year
ended 31 March 2013 and the comparatives under IFRS have not yet
been filed with the Registrar of Companies.
The full Annual Report & Financial Statements, together with
the notice convening the company's the annual general meeting to be
held at the Hilton London Heathrow Airport, Terminal 4, Heathrow
Airport, Hounslow, Middlesex, on 10(th) September at 2pm , is being
posted to shareholders and can be expected to be received by 10
August 2013. However, it will be available for viewing and download
on the Group's website from today.
The statutory financial statements for the year ended 31 March
2012, prepared under adopted IFRS, have been reported on by the
group's auditors and delivered to the registrar of companies. The
auditors' report was unqualified and did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
This announcement contains forward looking statements which are
made in good faith based on the information available at the time
of its approval. It is believed that the expectations reflected in
these statements are reasonable but they may be affected by a
number of risks and uncertainties that are inherent in any forward
looking statement which could cause actual results to differ
materially from those currently anticipated.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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C.H. Bailey (LSE:BLEY)
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From Oct 2024 to Nov 2024
C.H. Bailey (LSE:BLEY)
Historical Stock Chart
From Nov 2023 to Nov 2024
