The first year of Grand Harbour Marina’s (GHM) management takeover by Camper & Nicholsons reported record revenues with the approved financial statements for the period ending 31 December 2007 confirmed a turnover of Lm4,789,267 compared to Lm1,520,808 of the previous year.
GHM declared profits after tax of Lm1,675,032 compared to Lm318,552 for the period ending 31 December 2006.
The directors are proposing a net dividend of €2 million – equivalent to €0.20 per ordinary share. Earnings per share for 2007 was of Lm0.17c compared to Lm0.03 cents for the year ending 31 December 2006.
The improvement was primarily attributed to the sale of three super-yacht berths amounting to a total of €9,930,000 over 2007. Other berthing licenses, pontoon fees and revenue from ancillary services for the year ended 31 December 2007 grew from Lm357,418 to Lm497,770, an increase of 39 percent over the year ended 31 December 2006.
Also attributed to the sale of the same long-term berth licenses for superyachts was the increase of Lm870,961 in operating costs in 2007 compared to 2006, as well as the increase in total assets by a total of Lm2,194,289 over 2007, when compared to the total asset value of Lm4,672,813 in 2006.
In 2006, Grand Harbour Marina was floated on the stock exchange, a move that was followed by a management take-over and a significant share purchase by Camper & Nicholsons in 2007.
Camper & Nicholsons, with origins dating back to the 18th century, is a widely recognised name in the international yachting industry. Providing services related to yachting in over 25 countries around the world, Camper & Nicholsons runs a total of six yacht marinas – in Grenada, Italy, Turkey and Egypt among others.