International Hotel Investments plc – Interim Directors’ Statement

International Hotel Investments plc announced that trading in the first three months of the year is reflective of the economic situation in the markets in which the company operates. Revenues in Malta and Lisbon were roughly at the same level as in 2012, a good performance considering the economic conditions in Portugal.

Trading in Budapest and London is up on last year, in particular in London with a €2 million improvement in operating profit against 2012. On the other hand the Company faces a delicate situation in Tripoli where costs are being incurred to increase manpower and service in anticipation of a full recovery of the economy.

An improved performance was registered at the commercial centre in St Petersburg where rental income increased by 70 per cent over 2012.

Following the completion of the luxury London Residences in Whitehall Place, IHI is currently focussing its marketing efforts with the aim of concluding their sale.

To view the official company announcement, click here.