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These news announcements were placed on Plus Markets during 2006 - older news is available from the Plus Markets website.
CHAIRMAN'S STATEMENT Your directors are pleased to present the results for the 12 months ended 31st December 2005, which are broadly in line with those envisaged at the time of my 2004 Statement.
In summary, turnover was slightly reduced by 2% to GBP6.3 million (GBP6.5 million, 2004) and profit before tax (excluding profit on sale of assets) reduced to GBP476,000 from GBP524,000 (2004). This reduction is primarily the consequence of the work at Luton, which will continue to affect our results for the first six months of 2006, and partly the result of the continuing programme of weeding out poorly performing markets. We expect this process to regularise itself during the last six months of 2006.
However, the slight decline in taxable annual income is more than compensated for by an increase in the valuation of our freehold and long leasehold properties independently valued at a current total of GBP14 million (GBP10.6 million, 2004) thus demonstrating the benefit of combining strong cash flow from market income with investment in well placed market property. We continue to seek such opportunities.
Luton should be fully operational (traders and shoppers reaction to the refurbishment has been encouraging with increased footfall) by July 2006 and our other major markets continue to trade solidly. The terms under which we occupy smaller markets are under regular renegotiation to maximise our returns.
As always, these results would not have been achieved without the efforts, sometimes in the early hours of the morning, sometimes late at night by our teams of managers and staff. These are their results and I pay tribute to them.
Your directors propose a modest increase in the final dividend to 2.5 pence per share (2004: 2.2p), which will be on the 5th May 2006 to shareholders on the register on 15th April 2006. GM SIMON CHAIRMAN Download full report here.