Ltd, established since 1875, made a gross profit of EC$21.5 million in 2005.

This has been disclosed by Deputy Prime Minister and Minister with responsibility for Social Security, Hon. Sam Condor, as he explained to Parliament, the decision of the Social Security Board not to proceed with the purchase of 46 percent of company's share at a cost of EC$29 million.

"Over the last three years there have been significant increases in both turnover and profit.  Turnover or total revenue has moved from $105 million in 2002 to $113 million in 2005. Gross Profit has moved from $18.2 million in 2003 to $21.5 million in 2005, while income before taxation has moved from $1.86 million to $9.5 million," said Deputy Prime Minister Condor.

He noted that when the opportunity came to acquire additional shares in S.L.

Horsford, the Social Security Board "undertook the same type of thorough and in-depth analysis of this option as it has in the case of share offerings from the several other private sector companies in which the Social Security Board in currently invested."

He said that the Fund has decided not to proceed with this investment as circumstances surrounding this investment changed.

"The nation can rest assured that the proposed acquisition fell clearly under the 5 percent limit established by the Board's financial guidelines,"

said the Deputy Prime Minister, who said the company has had over one hundred and thirty three years of successful trading.

~~Adz:Right~~The company was first a private limited liability company which went public in 1990 offering 5 million ordinary shares of $1 each.

The company is comprised of several profitable departments and subsidiary companies and trades in both St. Kitts and Nevis in building materials, hardware, furniture, appliances, petroleum products, food, cars, trucks, insurance, shipping, car rentals, hire purchase and consumer credit.

It is a well diversified company with key brands and representing principals such as IGA, Nissan, KIA, Daihatsu, Geest Line, Bernuth, Holland-America Line, Norwegian Cruise Line, Avis Rent a Car, NEMWILL, General Electric and a host of other brands.