Conservative approach the way for Geneva and St Laurence

The companies' annual reports echoed sentiments about the tough economic climate blurring their outlook for the next 12 months. Still, both envisaged a conservative approach to be prudent, with tighter controls on costs and the divestment of assets deemed unnecessary a common theme.

Geneva said it was confident its restructuring left it well-placed to survive the recession, although it is unsure as to how the downturn will impact on collecting receivables, especially from the "old ledger". It will continue to strengthen its balance sheet, which it sees as being "in the interest of all shareholders."

St Laurence's first priority is to reduce debt, it said in its report. It will also look to maximise the value of its existing assets and build the worth of its property portfolio.

Along with exiting from property financing, the company said it will change its approach to investing in property backed securities to increase its control over these funds, and it will either increase or decrease its holdings appropriately.