Friday 30th October 2020
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The 2020 financial year began well for GSH with a refreshed strategy, the new venues continuing to perform above expectation’s and the completion of the major development at Botany Commons.
The onset of the COVID-19 pandemic during the second half of the year was a difficult time for the Hospitality Industry in New Zealand. GSH swiftly adapted its business operations to deal with the immediate and ongoing implications of closure under alert level 3 and 4 restrictions. During this period the Board met with management on a weekly basis to help minimise the impact to the business and to ensure that the business was well positioned to operate once all restrictions were removed.
As such, the reported results (before non-cash write-down of goodwill, property plant and equipment and IFRS 16 changes) were in line with our expectations after confronting the impacts of COVID-19.
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