GHM plc registers 27 per cent growth

Grand Harbour Marina plc posted an operating profit of €93,241, comprising earnings before interest, tax, depreciation and amortisation.

At its annual general meeting on Friday, the company announced it had register 27.5 per cent growth in its operational income in 2008. At the end of the last financial year this stood at €1,478,512, compared to €1,159,493 the previous year.

The operating profit was significantly lower than in 2007, an exceptional year especially where berth sales were concerned; 2008 started strongly with two 30-metre berth sales.

Notwithstanding a continued high level of enquiries, owners proved more cautious in making commitments during the second half of the year in the light of the current international economic climate.

"The management role of Camper and Nicholsons, the leading international brand in the marina sector, has contributed greatly to establishing Grand Harbour Marina as one of the Mediterranean's leading yachting destinations," Grand Harbour Marina plc chairman Lawrence Zammit said.

"At the same time, this has also had a significant impact on Malta's target of becoming a centre of excellence in the yachting sector."

GHM general manager Ben Stuart said that the Camper and Nicholsons brand was key to maintaining the marina's attractiveness to yacht and superyacht owners.

He added that GHM also notes the forthcoming privatisation of the government marinas, and is positive about the possibility of future developments in this sector.

The marina continues to enjoy full occupancy on the pontoon berths, the ultimate aim being to maintain profitability and cash generation at the operational level, without taking into account berth sales.

To achieve that, during 2008 the company continued to expand its operations, including completion of the improvements to the mooring system at Xatt ir-Rizq. Four floating pontoons were completed and supplied with utilities, creating an additional 23 berths. These were offered on a seasonal basis and have been occupied since installation.

GHM is also focusing its efforts on landscaping the Xatt ir-Rizq area to ensure the location matches the standards expected of a world-class marina.

This is being done through close collaboration with government and local councils.

Over the past 12 months, GHM has continued to work closely with important stakeholders to contribute to the regeneration of the Three Cities area.

Camper and Nicholsons Marina Investments Ltd are 79 per cent shareholders in GHM plc.