Elegant Hotels unaffected by recent changes to Barbados tax laws

4th Oct 2018 10:48

(Sharecast News) - Elegant Hotels has seen trading remain in line with market expectations since the release of its interim results in May despite fears that recently enacted changes to taxation laws in Barbados could have an adverse impact on its performance.The AIM-listed firm, which owns and operates seven upscale freehold hotels and a beachfront restaurant on the island of Barbados, also told investors on Thursday that bookings for its next trading year were already tracking ahead of the same period twelve months earlier.Elsewhere, Elegant Hotels noted that recent changes to Barbadian tax laws implemented by the nation's newly elected government would not materially impact the group's results for the year ended 30 September and, moreover, while the firm said it would continue to monitor the matter closely, at this point it does not expect these changes affect expectations for the coming trading year.Elegant said it welcomes the government's plans to invest both in the Barbados tourism industry and in the wider infrastructure of the island.As of 1045 BST, Elegant shares had climbed 5.18% to 69p.