We have completed our fifth financial year since ceasing to manage hotels and
concentrate our activities on hotel developments and investment.
The past 12 months has produced a record level of profits and dividend income,
with the capital value of our holdings being maintained at its 2018 level.
In the past eight months since our last month review we have taken account of political
uncertainties and not increased the number of our holdings, but increased the
amounts invested in both Accor Hotels and Persimmon, which are both regarded
as long term investments.

REVIEW of MAJOR HOLDINGS
Hotels & Catering
Accor Hotels, based in Paris, continues to expand, and following the excellent
2018 results, produced an increase in revenue of 34% in the first 3 months of
2019,following the acquisition of Movenpick & Mantra, of which 8.8% was on a
like for like basis. It has just acquired 85% of Orbis Hotels in Europe which
will be reflected in the release of additional funds for expansion.
Visits to Accor operations in Vietnam and Cambodia, following The Fairmont
Barbados ,will be followed shortly to those in France, Morocco and Africa, where
major expansion is planned.

Intercontinental Hotels holdings are to be replaced in the future by new holdings
in the growth of the luxury hotel/resort market.

Building & Construction.
Both profits and dividends have continued to increase in the past 8 months in
our three main holdings,
TaylorWimpey
Persimmon
Redrow Homes
Demand for new homes continues to grow, and regardless of political policies
of any future government will we believe continue, albeit there may be a trend
to more social housing, but there is little reason not to see a steady rise in profits
and dividends, allied to improved production methods and product innovation.

Media Interests
Further expansion of these unquoted holdings continues, and we will continue
to finance their growth.
Meet the Leader Ltd has now reached the first stage of its expansion, reflected
In its update website meettheleader.com, with the provision of an extended range of services
and activities.

The future
We intend to maintain all our holdings as long term investments, and will
continue to finance our media interests, but restricting further activities until
the current political problems with Brexit are resolved.

At present, levels of revenue and profits in all our holdings continue to improve.
with resultant increases in dividends and management fees income anticipated.