LONDON (ShareCast) - Property firm MWB Holdings said its year performance to date has exceeded last year’s EBITDA but added market conditions are preventing it from selling its operating businesses.
It said during 1 January to 10 April, its three operating businesses have maintained the “exceptional performances” achieved in the year to December 2007 and "to date have exceeded last year's EBITDAs, despite market conditions."
The group said the current economic climate and “credit crunch” makes the sale of its operating businesses by the end of 2008 less likely at prices reflecting their current value.
“As a result, the board firmly believes that it is in the best interests of all shareholders that the cash distribution programme is extended until December 2010 in line with the approval granted by shareholders at its implementation,” it said.
“However, it remains the clear intention of the whole board to sell these businesses as soon as market conditions recover sufficiently to realise full shareholder value,” it added.
The group also said flexible office space group MWB Business Exchange continued to deliver occupancy and licence fee growth.
Hotel business Malmaison is seeing income mature income and profit streams from the five new hotels opened last year, while at Liberty, sales and margins at the Regent Street emporium have been on budget.
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