Camper & Nicholsons Marinas (CNM) is looking to return to profit in 2018 after two delayed projects impacted upon its 2017 financial results.
CNM’s results to December 2017, as registered with the UK’s Companies House, show an operating loss of £129,823 for last year compared with a loss of £142,133 in 2016. After tax, the loss increased to £132,948 in 2017 against £143,033 in 2016.
The business review section of the director’s report states: “Two projects which generated combined revenues of £210k in 2016, and which were expected to continue in 2017, were impacted by delays outside the company’s control resulting in the reduced revenues in the year.”
The review continues: “Enquiry levels, however, remained good and relationships established in 2017 and prior years are expected to generate revenues in 2018 and future years. The company’s cost base was reduced during the last three months of 2017 and the directors expect the company to return to profitability in 2018.”
The directors recommended not to pay a dividend.
The results show that the company’s turnover in 2017 was £1,427,450 compared with £1,647,252 in the previous year. After taking account of sales costs, gross profit in 2017 was £1,193195 as against £1,335,074 in the previous year.
The last year has seen some significant changes in the corporate structure of CNM. Camper & Nicholsons Marina Investments Ltd’s listing on the AIM exchange in London was closed and all shareholders received pay out. This privatisation of CNM resulted in the shareholdings of the First Eastern Group in Hong Kong and that of its key executives, such as Victor Lap Lik Chu, rising from around 54% to over 90%.
On April 11, 2018, Companies House showed that Mr Chu was listed as a person holding a significant stake of more than 25% but less than 50% with the same parameters applying to voting rights.