Fairbriar positive about future after debt slashed by £40m

Fairbriar has today (Thursday) posted a £2.6m fall in full-year profits as it admitted that net debt was reduced by £40.7m.

The company added that it was confident of higher profits this year.

Kevin McCabe chairman said: "This year's profitability was below expectations but nonetheless I am confident that the outcome of the strategic review will prove to be the best option for shareholders in terms of value.

"I am in no doubt that the release of completed developments during the coming year will provide a higher level of profit than that now reported."

Full-year profits were £400,000, against £3.0m, on sales of £4.8m against 29.7m.