Bailey(C.H.) PLC Revaluation of 30 St Barbara Bastion, Malta (1996O)

TIDMBLEY

RNS Number : 1996O

Bailey(C.H.) PLC

16 May 2018

C.H. Bailey Plc

16 May 2018

Revaluation of 30 St Barbara Bastion, Malta

C.H. Bailey Plc ("the Group") is pleased to announce the successful letting and revaluation of its 30 St Barbara Bastion property in Malta (the "Property").

The Property has been let for residential use on a 12-month contract. Previously, the Property was used as a base for the Group's Maltese operations. As a result of the letting, the Property has been reclassified as an investment asset rather than a fixed asset, and its revaluation to EUR3.50 million has resulted in an estimated uplift of EUR1.32 million (GBP1.16 million) which is expected to show as a non-cash revaluation in the Group's profit before tax in the year to 31 March 2018.

After making an estimated provision for tax, the net profit from the revaluation is estimated at EUR1.04 million (GBP0.92 million).

This is in addition to the previously announced sale of its 16 Charles Street property in Malta for EUR1.725 million which will result in a profit before tax of EUR0.95 million (GBP0.83 million), most of which was reflected in the interim accounts at 30 September 2017 as a revaluation uplift. After tax, the net profit from sale is EUR0.86 million (GBP0.76 million).

The estimated aggregate impact of these two transactions on the Group's profit for the year ended 31 March 2018 is GBP2.00 million before tax and GBP1.68 million after tax.

Further information:

Harry Sihra, Company Secretary

C H Bailey Plc

Tel: [phone]

Paul Shackleton, Ciaran Walsh

Arden Partners plc

Tel: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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May 16, 2018 02:00 ET (06:00 GMT)