Over the past year there has been little change in the operating environment which remains subdued, with minimal improvement expected in the medium-term.
Despite the poor economic conditions, the second half of the financial year has reflected an encouraging improvement in both revenue and EBITDA as a result of the revenue enhancing and cost-cutting initiatives implemented during the year and the significantly improved trading of Monticello.
The benefit of these initiatives should continue to have a positive effect in the new financial year, in particular with the conclusion of the restructure in South Africa. As detailed above, these initiatives have brought about significant change in the Group and a key focus of management in the year ahead will be ensuring that the benefits achieved are sustainable.
On balance, the Group is confident that it will achieve growth in both EBITDA and adjusted headline earnings in the 2015 financial year.
We are excited by the prospects for our projects coming on stream in higher-growth economies, which we expect to build up in the year ahead. We expect to see the impact from 2016 onwards.
My thanks to the board for their support and advice during a year of change, and to the management team and the people of Sun International for their commitment and focus in the face of uncertainty. We can be proud of what we have achieved to date and I look forward to building a sustainable and truly international company with you.
GE (GRAEME) STEPHENS