Bailey(C.H.) PLC Revaluation of 30 St Barbara Bastion, Malta (1996O)
16 Maggio 2018 - 8:00AM
UK Regulatory
TIDMBLEY
RNS Number : 1996O
Bailey(C.H.) PLC
16 May 2018
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 EUR3.50 million has resulted in
an estimated uplift of EUR1.32 million (GBP1.16 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 EUR1.04 million (GBP0.92
million).
This is in addition to the previously announced sale of its 16
Charles Street property in Malta for EUR1.725 million which will
result in a profit before tax of EUR0.95 million (GBP0.83 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 EUR0.86 million (GBP0.76 million).
The estimated aggregate impact of these two transactions on the
Group's profit for the year ended 31 March 2018 is GBP2.00 million
before tax and GBP1.68 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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