Summary
Holiday village operator Center Parcs found its shares under a cloud yesterday despite higher annual profits and a strong start to its new financial year.
Figures from the group, which has four sites, including Oasis Whinfell Forest in Cumbria and plans for a fifth, were in line with expectations, but again overshadowed by a warning about the impact of rising energy costs and business rates. Shares closed more than 3% lower at 60p ( well below the 104.5p at its flotation last year. While Center Parcs has bought much of its electricity and gas in advance, it is still braced for a 25% hike in energy costs in this financial year. That will offset a 5.9% rise in turnover in the first 11 weeks of the period, which Center Parcs said showed weaker consumer confidence had not yet affected its business.See the full content of this document
Extract
Gloom at Center Parcs Despite Higher Profits
Chief executive Martin Dalby...
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