Boats Ltd. Paul King was clearly pleased to report his company's profits surpassed the half million dollar mark this year.

In the preliminary financial report of the owners of the King Henry VIII restaurant released this month, Mr. King said the company recorded a profit of $529,009, an increase of $289,801 or more than double the previous year.

The healthy financial position will also result in shareholders receiving a 20 cent dividend per share. The dividend will be paid out on January 10, 2001.

Long Botham Boats operate the concession at Horseshoe Bay, and Henry VIII Restaurant & Pantry in Southampton.

In July Mr. King attributed the tremendous turnaround in business to Henry VIII manager John Ferris. Mr. King said that Mr. Ferris had managed to reduce costs while increasing sales.

The feat saw half year profits to December 1999 triple that of the same period the previous year.

Commenting on the $529,000 profit Mr. King said: "Obviously the board is pleased with this year's performance and earnings from both the Beach and Pantry have remained consistent.

"The restaurant in particular is experiencing a remarkable turnaround and special mention must be made of the sterling efforts of Mr. John Ferris and staff. The combination of good food, excellent service and lively entertainment to follow, continues to appeal to resident and visitors alike,'' he added.

Mr. King said that earnings for the first quarter of the year were comparable with earnings for the same period last year.

"It must be noted that our business is heavily dependent upon hotel guests and assuming Bermuda remains an attractive destination, we anticipate another profitable year.'' RESTAURANT EAT