Issue link: https://maltatoday.uberflip.com/i/1512356
3 NEWS 30.11.2023 Moneybase payment services are brought to you by Moneybase Ltd C87193, which is licensed by the MFSA to transact the business of a Financial Institution in terms of the Financial Institutions Act, Cap 376. All investment services are brought to you by Calamatta Cuschieri Investment Services Ltd C13729 which is licensed by the MFSA to undertake investment services business under the Investment Services Act, Cap 370. Let's talk business. Supercharged global payments from a trusted local business account. Open an account within 48 hours Get started on moneybase.com Part of the Calamatta Cuschieri Group FROM PAGE 1 e leisure arm of the group contin- ued expanding with four new outlets opening during the first six months of the year ending 30 September 2023. Turnover for SRGN for the period end- ing 30 September 2023 stood at €14.5 million, compared with €9.1 million during the same period in the previous year. Seaport Franchising Limited is still operating with two outlets and turno- ver for the period to September 2023 stands at €3.2 million compared with €2.8million in the previous year. Starbucks outlets, now 13 in total, continue to grow with turnover for the first six months of the current financial year increasing by 51% when compared to the previous year at €3.3 million. e report says that the group's health care arm also continues improv- ing its results on a year-on-year basis. An upswing in demand for the services offered by the group within this sector was experienced with the opening of the 504-bed wing at the Saint Vincent de Paul Residence which is run and managed by one of the Group's associ- ated companies. 12-month forecast Based on the results for the six months ended 30 September 2023, db Group is forecasting revenue to increase to €80 million (2022: €71 million) for the fi- nancial year ending 31 March 2024. ese projections are based primarily on account of an almost complete re- covery in the hospitality industry and a positive performance from the oper- ations of Lifestyle Group. e group is not expecting material changes to depreciation, amortisation and net finance costs. As for share of results of associates, the group is projecting similar re- sults primarily because of the expect- ed earnings to be generated by Malta Healthcare Caterers Limited. e group's cash balances increased to €54 million as at 31 March 2023. Db Group believes the Ukraine-Rus- sia conflict will not affect the results as its exposure of business from these two countries is minimal. However, whilst the group has no di- rect business linkages with these two countries, it is monitoring the effect that this conflict may have. e increase in the price of goods and services is another challenge the group is facing, but notwithstanding this the projections show further strengthen- ing of its cash balances to around €58 million by March 2024. In view of the measures undertaken by the group, the projections outlined above and the cash reserves accumu- lated by the group in the past years, the directors are of the opinion that the issuer will have the necessary funds to finance the interest falling due in April 2024 and going forward. Starbucks turnover up by 51% There are now 13 Starbucks outlets in total