Investment summary

FY11 results were affected by market turmoil, but the outlook is improved by progress of advanced schemes and a simplified corporate structure, with a reduced stake in its Aristo subsidiary reducing annual running costs, improving the portfolio’s geographical balance and possibly easing the path to a more stable cost/income outlook. Construction of Dolphin Capital's first high-end resort, Amanzoe in Greece, progressed well in FY11. It is due to open this summer and is an important catalyst for formal sales activity. Work at the Venus Rock and Pearl Island schemes are both also well ahead, while FY11 saw significant planning and development milestones achieved within the remaining portfolio.

Last updated on 23/04/2012

Industry outlook

The portfolio is well placed to leverage appetite for luxury goods and holidays from wealthy emerging market buyers (China, Russia, India, Brazil). Purchaser appetites for leisure property should pick up with a more settled economic environment and benefit from increased project maturity in the next few months.

Last updated on 23/04/2012