FairBriar profits slip to £3m

FairBriar PLC said today (Friday) that its profits narrowed during the year to 30 September 2002 to £3m, from £4.9m a year earlier, though it expects future growth based on its healthy forward sales position.

Group turnover for the property development and serviced apartment business fell during the period to £29.7m from £42.9m the previous year. But, net assets rose to £11.7m from £7.7m a year earlier.

It said the reduction in profits was due to timing issues and the decision not to proceed with the second limited partnership fund.

However, it added that its forward sales position is healthy, gearing is reducing and net asset position is improving, giving it "confidence" for the coming year.

It added Mark Balchin has been appointed finance director during the period.