Chelsfield losses sharply widen

Property firm Chelsfield plc reported a sharp widening in pretax losses for 2003, hindered by the contribution from Global Switch which was hit by tough trading conditions, particularly overseas.

In what may be his last statement as chairman of a publicly listed Chelsfeld, Elliott Bernerd said the deficit for the second six months of 2003 was substantially higher than for the equivalent period last year.

Losses at June 30 ran to 2.4 mln stg, or the equivalent of 0.8p per share. The results for the second six months took losses for the full year to 44.6 mln, or 15.8p per share.

He said irrespective of the affect of Global Switch´s contribution, 'the figures can not be regarded as anything other than disappointing'.

With regards to the offer for the company headed by Bernerd, he said a document from takeover company Duelguide is expected to be posted today extending its offer to purchase the entire share capital of Chelsfield.

Pretax loss widened to 20.7 mln stg from 1.2 mln.

Global Switch attributable losses and provisions increased to 60.9 mln stg from 36.8 mln the year earlier.

Source: Freeman News

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