News

Financial Results 2007

Chairman's Statement

As I indicated in my Interim Statement our operating profit before impairment of tangible fixed assets for the year to 31st December 2007 has turned out to be broadly comparable to that of the previous year. Consequently we are maintaining our total dividend at 4p per ordinary share by declaring a final dividend of 2.5p to be paid on May 12th 2008 to shareholders on the register on April 25th 2008.

I had hoped to report better results this year not least because of the inclusion of a full year's contribution from Cornish Market World/Ben's Playworld which traded well up to expectations and is featured on the inside cover of this Annual Report. However a combination of difficult trading conditions for markets generally and some appalling weather, which caused the cancellation of a number of our outside markets, impacted negatively.

On the management front, Chris Barber, as Acting Chief Executive, has done sterling work in stewarding Wellington through this difficult period, tightening controls and improving line management, and I pay tribute to him and all his team. I am pleased to report that the process to recruit a new Chief Executive has been underway for some time and an announcement will be made in due course.

Meanwhile, our asset base remains strong, although a revaluation of our investment properties shows a reduction in value of 11% (£357,000) in line with the national deterioration in property values. Gearing, (borrowings excluding preference shares as a percentage of shareholder's funds) at 68% (2006:66%), remains at a comfortable level.

This year on Friday May 9th we are holding our Annual General Meeting at Morley near Leeds. This venue is designed to give shareholders an opportunity to visit our important Morley market, following last year's successful Wellington AGM visit. We hope that as many shareholders as possible will be able to join us. I would also like to draw your attention to our new website www.wellingtonmarkets.co.uk

At the AGM John Davies, a long serving director, is not standing for re-election. John is taking a well-earned retirement and on behalf of his colleagues and the Company I would like to thank him for his significant and well-appreciated contribution over many years. I wish him a long and happy retirement.

Looking to the future, the value and customer experience our markets offer, should ensure that the Company is well placed to weather the current difficult economic climate in the UK.

Download full report