Cox & Kings Chairman's Speech > Engineering - Heavy > Chairman's Speech from Cox & Kings - BSE: 533144, NSE: COX&KINGS
Cox & Kings
BSE: 533144|NSE: COX&KINGS|ISIN: INE008I01026|SECTOR: Miscellaneous
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« Mar 14
Chairman's Speech (Cox & Kings) Year : Mar '15
Dear shareholders,
 The financial year 2014-15 can best be described as a year of
 rejuvenation. After the very significant developments within the
 company over the last few years, it was time to marshal our strength
 towards the organic growth opportunities available within our core
 Despite a rather tepid global economic environment, the company''s
 revenues and operating earnings grew at a robust pace in FY15. Our key
 domains - Leisure and Education - saw both growth and improved margins,
 and our management team were able to further strengthen our market
 dominance in each of our four major divisions.
 Cox & Kings derives most of its revenues from sectors which are in
 periods of sustainable growth.  Our Education business is remarkably
 suited to prosper in the 21st century as methods of education undergo a
 sea change. Our budget hotel brand - Meininger - is ideally positioned
 to grow rapidly in an environment where there is increasing demand for
 attractively priced clean, safe and comfortable accommodation at city
 centres, airports and tourist attractions.  Our Leisure brands - both
 in India and abroad - are very strong in their respective domains and
 are poised to exploit the new-age global consumer''s penchant to use
 travel as a driver of personal growth.
 During the financial year we took steps to reduce debt and hive off
 non-core businesses.  Among them was the sale of Holidaybreak''s Camping
 Division to Homair Vacances, a group that specialises in outdoor
 holidays and is a major player in France. The sale of camping is
 consistent with our strategy of becoming a Leisure and Education travel
 group and allows us to focus on those businesses that have a global
 footprint and market leadership position.
 We also completed a Qualified Institutional Placement (QIP), raising
 Rs.1000 crore, in the financial year, the proceeds for which was used
 to retire debt.
 In lndia, travel and tourism is one of the largest service industries
 and the country is at an exciting phase in its development with the
 government undertaking concrete steps to make India a safe and
 desirable destination for international travellers. Ease of entry for
 international tourists and renewed emphasis on ease of doing business
 are some of the steps. If the government keeps its commitment to
 implementing the Goods and Services Tax (GST), it will rationalise the
 tax structure and put the industry in a better position to compete with
 its peers.
 As we enter another exciting year, I would like to thank our employees,
 our business partners, our bankers, our millions of customers, and last
 but not least, our loyal shareholders, who have stood by us through
 thick and thin.
 Warm regards,
Source : Dion Global Solutions Limited
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