Impairments hit Wellington Market Company
By BFN News | 12:11 PM | Friday 30 March, 2012
Wellington Market Company showed losses in the year ended 31st December 2011.
The company said it was a year of modest success and achievements against a difficult trading background.
Its pre-tax profit, before impairment of tangible and intangible assets, of £150,000 represents an improvement on last year's £110,000, but impairment of assets at Cleethorpes, Clydach and the revaluation of Luton totalling £593,000 converted this positive result to a significant loss.
Its "core" markets performed well with Old Spitalfields continuing to flourish; in December last year it began Saturday markets following a successful planning application, with a vintage fashion market and an antiques fayre on alternate weeks.
Events income has also been encouraging although Cornish Market World has had a somewhat disappointing year.
There was an overall reduction in shareholders' funds from £4.326m to £3.548m, primarily because of the impairment charge together with an additional devaluation of Luton. However bank borrowings fell by nearly £600,000.
A dividend will not be paid.
The company is hopeful that this year will show a further trading improvement.
Story provided by StockMarketWire.com