The Eden Leisure Group has reported turnover of €22.6 million in the year ending on December 31, 2008, a decrease of 4.9 percent over the previous year.

It said in a statement to the Stock Exchange that turnover from the entertainment arm remained strong, with an 8.3 percent increase, while the hospitality business decreased by 9.9 percent as a result of the downturn in the international economy, the significant weakening of Sterling and the UK tourist market, and an increase of 21 percent in 5-star rooms.

The Bay Arena, Bay Radio and Eden Car Park showed double-digit growth in revenue and earnings while the Eden Superbowl and Eden Cinemas remained on par with 2007.

The group also recognised the goodwill and brand equity held in the Bay brand and in 2008 revised and relaunched the Bay Brand as an umbrella brand.

"Overall, the Group performance is solid in light of the general downturn in the international economy. In the beginning of 2009 the (InterContinental) hotel underwent an extensive €1 million investment programme, completely refurbishing the top three floors as well as other areas. This was funded through existing flows," the group said.

It said a revaluation by an independent architect of its portfolio of properties has seen an increase in asset value of €14.4 million.

This year the group is planning the financial restructuring of its long-term debt, predominantly relating to the redemption of the 2010 €23.3 million bond issue.

The group's report showed that operating profit last year reached €3.2 million from €3.7 million the year before.