Marylebone Warwick Balfour Group, which owns majority stakes in luxury retailer Liberty and office space provider MWB Business Exchange, slipped to a first-half pretax loss. However, company chairman Eric Sanderson said the indications were extremely promising for the second half of 2007. MWB's pretax loss for the six months to 30 June 2007 came to £3.8 mln (EUR 5.2 mln), while revenues fell to £1.1 bn. Its net loss was £4 mln, versus a profit of just over £1 mln in the same period last year.
Marylebone Warwick Balfour Group, which owns majority stakes in luxury retailer Liberty and office space provider MWB Business Exchange, slipped to a first-half pretax loss. However, company chairman Eric Sanderson said the indications were extremely promising for the second half of 2007. MWB's pretax loss for the six months to 30 June 2007 came to £3.8 mln (EUR 5.2 mln), while revenues fell to £1.1 bn. Its net loss was £4 mln, versus a profit of just over £1 mln in the same period last year.
Interim results for MWB Business Exchange show revenues grew by 22% to £48 mln over the comparable six month period to 30 June 2006 and pre-tax profits increased by 2% to £ 3.5 mln compared to six months to 30 June 2006.
Liberty reported pre-tax losses of £ 2.3 mln (€ 3.28 mln), against £ 1.9 mln, reflecting increased brand investment of £1.6 mln. It also reported total group revenue of £ 20.8 mln, up from £ 20.3 mln in comparable period.
Last week, MWB said it has delayed the sale of its Malmaison and Hotel du Vin property portfolio and business due to the current uncertainties in the markets. The company had planned to sell the 17 Malmaison and Hotel du Vin sites then in operation to Vector Hospitality, which was to be the UK's first hotel real estate investment trust (REIT), for £495 mln. This was to be followed by a sale of a further seven hotels, valued at £113 mln.