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For the ended - 30th June 2007 I have pleasure in enclosing our financial results for the six months to June 30th 2007 together with a Balance Sheet as at that date. We had been hoping to present more encouraging figures, particularly as we have had a full six months contribution from Cornish Market World/Ben's Playworld - acquired last September - but overall trading has not been easy, compounded by the appalling weather which affected the summer markets and caused a number of outdoor market cancellations.
In addition management was disrupted by the unfortunate retirement, due to ill health, of our former Chief Executive Peter Linsley. Peter had been with us for many years, originally as the manager of our Morley Market. We thank him for his loyal service and wish him well in the future. The rise in "administration expenses" is primarily due to the cost of his "one off " termination package of *88,000. I am pleased to inform shareholders that Christopher Barber, a longstanding Wellington Director with over 25 years senior management experience, has been appointed by the board as acting Chief Executive. He and his team of regional directors, who have many years experience in the retail sector are stewarding your company pending the appointment of a new Chief Executive. I am very grateful to him for taking on this responsibility.
On a brighter note, our recent acquisition Cornish Market World/Ben's Playworld is trading well up to expectations. Also we continue our programme to improve the performance of all other markets - weeding out some of our smaller, less profitable operations and re-negotiating more beneficial contracts for others. Our asset base, particularly our investment properties, remains strong.
Looking to the remainder of the current financial year we are not anticipating any great change in our fortunes, although, hopefully the weather will not be so extreme. Thus I expect our trading performance - excluding last year's impairment charge and this year's termination payment to be broadly comparable with 2006. Your Board have declared a maintained interim dividend of 1.5p per ordinary share to be paid on October 26th 2007 to shareholders on the register on 12th October 2007. Lee of Trafford Chairman
Download full interim report.