News

MWB 'extremely positive' about 2008

10 January 2008 09:30:00

Marylebone Warwick Balfour rallied today after the property firm said the outlook for 2008 is "extremely positive" despite the current credit crunch and uncertainty over consumer spending.

It said trading in the Malmaison group, which includes Hotel du Vin, has been excellent over the 12 months to 31 December 2007, meeting all internal EBITDA and cashflow targets.

Occupancy for the year was maintained at 79% and average room rate for the year was up 8% at £115, leaving bosses confident that trading in 2008 will be strong.

The firm's Business Exchange unit is forecast to exceed market expectations for the period, while trading at its AIM-listed serviced office subsidiary MWB Business Exchange continues to be "very strong".

It finished the year with continuingly high occupancy levels of 90%, up from 78% at December 2006 and 88% at June 2007 and is also seen topping forecasts.

Meanwhile, the company's AIM -quoted Liberty business, which owns the iconic Regent Street store, said sales over the period have been good.

Sales for the four weeks to 24 December were more than 5% higher than the same time last year, while revenue during the post Christmas sales has been similar to the year before.

Results for the 12 months ended 31 December 2007 are to be announced in early March.

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