FES Finance plc, a subsidiary of FES Projects Limited, has confirmed that the delay in publishing its 2024 financial statements is due solely to an operational matter. The company explained that personnel changes in the accounting department required adjustments to the audit schedule, which were coordinated with its auditors.
“The company emphasises that no information is being withheld, and the audit is progressing as planned, with completion expected in November 2025,” the statement read.
FES is active in property development, building materials, renewable energy, and sustainable hospitality. The company is owned by Christopher Vella and Reuben Debono.
In its previous statement, the company had said that it would be delaying the publication of its audited financial statements for the year ending 31st December 2024 by the end of November 2025 – several months later than the expected deadline.
This was not the first time the company had delayed the publication of its annual accounts, having first postponed the release of the 2023 statements to 7th May 2024, and later to 31st May 2024.
The company also said that the two adjoining sites to the existing Euro Guest House will be redeveloped into a new “upmarket hospitality property,” having been recently approved by the Building and Construction Authority.
“Other permits are underway,” the statement continued.
In FES Finance’s Annual Report for 2023, the group resolved to develop the guesthouse together with other adjoining properties to form an independent retirement living and hospitality accommodation, under planning number PA/09429/19.
In June 2024, FES Projects finalised its acquisition of a property in Gżira, with plans to develop new retirement and hospitality accommodation on the site of its Euro Guest House, a property the company had been trying to acquire for close to five years.
The development formed part of FES Projects’ plans to further develop the capacity of its Euro Guest House property by 32 more rooms to have a total room stock of 93. It would have a new gym, swimming pool, meeting facilities, as well as three new food and beverage venues.
The company had stated that should the property be acquired, the guesthouse’s site footprint would increase by 35 per cent.
In 2019, FES Finance plc issued a €5 million bond on the local capital market, carrying a 5 per cent coupon rate and maturing in 2029.
