Even for G.R. Holdings, a quiet property and leisure concern controlled by the Stalbow brothers, there has been a dearth of information and activity this year. Preliminary results for the year to the end of June reflect this. Pre-tax profits dived 57% on turnover down 7%. Grayshott health farm, which once energised the company's trading, seems to be sliding out of favour. Occupancy rates fell 14%, with resulting effects on profit. G.R.'s diverse portfolio includes loss-making Morlands, a producer and retailer of sheepskin goods. Such attachment to a business which saw losses increase a further 50% this year continues to be perplexing. Property transactions continue, and the group is currently looking at a development on the Glastonbury land. EPS dropped from 4.7p to losses of 0.03p, though a final dividend of 1p was declared. A profits warning sent shares down by 25%.