Channel Islands-based consumer and leisure conglomerate CI announced improved trading figures but is set only to reach operating profits in line with last year. Group turnover for the 22 weeks to 3 January was 8.5% ahead of the previous year and like-for-like sales were 6.25% ahead. House broker Collins Stewart has forecast sales of £282m for the year to February but has dropped its forecast for profits before tax from £18.1m to £16.9m. Difficult trading conditions in the Channel Islands have been blamed, especially with its Guernsey hotels' sales falling 2.7%. Since receiving a casino license for its St. Pierre Park Hotel in September 2003, the company has pledged to spend £15m for the first two phases of a total redevelopment. The retail businesses maintained a strong performance with the Le Riche stores and the Marks & Spencer Jersey franchise producing like-for-like sales growth of 5.2% and 10% respectively. On the pub side, results were mixed, with like-for-likes in the Guernsey pubs increasing 5.6% but the Jersey pubs suffered a 2.9% reduction. The wholesale and production arms are in line or just ahead of expectation. While overall trading is mixed, the group claims to still have substantial headroom in its borrowing facilities for acquisitions but the news everyone is really waiting for are the results from a full property revaluation at the end of January, as a lot of unrealised gains are expected. Hold.