Business
Interim Results 2010
Interim Results 2010.
About this update from Mindflair Plc
[{"type":"text","content":"\n RNS Number : 1858Q Oak Holdings PLC 30 July 2010 \n \n\nInterim Results 2010\n \nOak Holdings plc (\"Oak\", the \"Company\" or the \"Group\") the leisure business operator and YES! Project developer, announces its interim results for the six months ended 30 April 2010.\n \nChairman's Statement\n \nThis is my first statement to shareholders, since being appointed as the Group's new Chairman earlier this month. I am pleased to report that the successful fundraising in March 2010 has enabled Oak to re-position as a leisure business operator with significant property development potential. Economic trading conditions remain extremely challenging and a great deal of work still lies ahead. \n \nThe first half of the Group's financial year comprises the quieter winter trading period. This year's unusually extreme weather conditions affected both Rother Valley Country Park and Ringwood Town and Country Experience. During this period, there were 16 days in January when Rother Valley Country Park was completely inaccessible. Tight fiscal policies and a rapid management response to the challenges ensured that the results for the half year were in line with the Board's expectations. \n \nThe revised and updated planning permission for the YES! Project was approved by Rotherham Metropolitan Borough Council at its submission in May 2010. This now resides with the Local Government Office awaiting ratification, which is expected shortly. Revenue from the Group's leisure activities has continued to grow since the half year end, fuelled by larger numbers of people holidaying at home rather than abroad.\n \nIn July 2010, the Board was strengthened significantly to facilitate greater returns from the Group's existing operating activities, as well as those being planned, and to release the inherent value of the YES! Project. The new Board will be examining all the opportunities available to the Group over the next few months and I look forward to reporting the outcome of those strategic discussions in due course.\n \nResults\n \nThe Company's results for the 6 months ended 30 April 2010 were a loss on ordinary activities before taxation of £(131,140) (2009: a profit of £186,791 including an exceptional credit of £410,086 for the release of li...