Quintessentially reports losses and warns of future uncertainty
Updated
Updated · The Guardian · May 5
Quintessentially reports losses and warns of future uncertainty
2 articles · Updated · The Guardian · May 5
Annual accounts showed pre-tax losses widened to £3m from £2.1m as staff in the Middle East and Asia jumped from 22 to 84 before conflict hit the Gulf.
The company said wealthy clients fled the UAE after Iranian strikes on Gulf cities including Dubai, while directors warned external funding might be needed and may not be available.
Revenue rose to £33.8m from £29.3m, driven mainly by the US, but UK sales fell and debt to shareholder World Fuel Services Europe increased to £18.1m.
Is Quintessentially's risky Middle East expansion a bold strategy or a disastrous bet on a collapsing market?
With Dubai's elite evacuating, can the luxury concierge market survive the Middle East's escalating war?