Investment company Leni Gas Cuba (ISDX:CUBA) has hailed a strong trading performance by inCloud9/TravelWelcome Group (iC9), in which it has a 40% stake.
Unaudited consolidated revenues for iC9 in the four months to the end of January 2106 totalled $260,000, Leni Gas Cuba told investors, and that amount should more than double by the end of March. iC9 expects revenues to accelerate over the coming months, particularly with the increase in US tourism.
iC9 handled in excess of 250 bespoke itinerary visitors during this four month period, many of them high net worth clients who typically visit Cuba several times a year.
In addition to tourist groups, iC9 has a growing number of TV and film/documentary producers booking its services for 2016. iC9 has already taken firm bookings for three new TV/film groups over the next three months and expects to see significant growth in this market, with the recent positive changes in US government policy, specifically in respect to US artistic productions in Cuba.
Leni Gas Cuba, the only listed company in the world reporting to proper guidelines with regulated corporate governance that is focused entirely on Cuba, continues to support iC9 with strategy and the implementation of management systems to enable the growth of the business and to increase its handling capacity.
"Cuba is now rated as one of the top destinations in the world that people want to visit,” said David Lenigas, chairman of Len Gas Cuba.
“We are seeing a massive increase in business activity at iC9 at the moment and would expect this trend to continue for some years. The easing of a number of travel restrictions by the USA in recent months has seen a significant increase in tourism activity in the country. The company sees a bright future for this investment in the Cuban travel industry and look forward to participating in iC9's growth," he added.
Shares in ISDX-quoted Leni Gas were unchanged at 0.55p on the