Solid results for G1 in ‘tough’ market

G1 Group - Grassmarket 2012

TARGETED investment in its estate and the successful integration of the Edinburgh venues it acquired from Festival Group last year is credited with helping G1 Group deliver a “positive” set of results for its 2011/2012 financial year.

The Glasgow-based firm, which also acquired Cabaret Voltaire in Edinburgh and Sportsters in Perth during the period, posted a 20% increase in group turnover to £59.3 million, with operating profit up 39% to £8.7m and pre-tax profit soaring 38.9% to £6.5m.
Group net assets increased by £3.2m to £34.6m at March 31, 2012.
In a statement, G1 said it is confident the group can continue to grow, despite the tough economic conditions.
“Commitment to innovation and the highest standards of service have helped with another year of growth for G1,” it said.
“With a strong balance sheet and a benefit of a 99% freehold estate, G1 Group looks forward to 2013 with cautious optimism.
“Every opportunity will be scrutinised with only the very best opportunities for the group being considered.”

Image – G1 Group has revamped the Grassmarket Hotel, which it acquired last year.