2014 was the first year we became a hotel/leisure investment group and management services company after ceasing to be a hotel owning and operating business at the end of 2013 and we finished the year with a 25.3 per cent return on our investment portfolio with our management clients all having a successful year. Looking ahead into 2015, last year will be a challenge to beat, but our portfolio remains largely unchanged at this stage and we expect interesting developments with all our holdings. This week has seen another shareholding move at Intercontinental Hotels Group with a Dutch Travel Industry investor buying 3.2 per cent of the company which will help to counter the holdings of American Hedge Funds in their attempt to destroy the existing IHG business plan and we can expect more record figures from IHG when it reports its final figures in mid February. February will be interesting with final figures from Redrow, Persimmon and Galliford Try where large profit increases are expected to bring big increases in dividends. February 5th sees the Compass AGM and more good news from the world's top industrial and contract caterer, which will help to keep predators at bay and keep Compass as one of England's foremost companies. February should also see the resolution of the AVIVA takeover of Friends Life and see the new AVIVA GROUP rapidly expand both in profits and dividends.
Management Services continues to grow with our clients continuing to expand in the leisure industries.