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Cubus Lux upbeat as Olive Island deal boosts annual figures

Tuesday, June 24, 2008

Cubus Lux, the company that operates tourism and leisure facilities in Croatia, saw a jump in sales of 203pc to £3.1 million last year following its reverse takeover of the Olive Island Resort and Hotel.

Pre-tax profit reached £4.9 million up from £0.2 million, although negative goodwill arising from the Olive Island deal saw that figure drop to £0.4 million. It said advanced sales in Olive Island Resort were currently running at £12.0 million, net of VAT.

During the year Cubus raised a further £2.3 million of equity and secured an additional stock listing in Frankfurt.

Executive chairman Dr Gerhard Huber said: “After a period of reconstruction our operations are now starting to mature and reach targets on our investments.”






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