Performance and Results: Footprint Today
There is a view, broadly called the privatisation debate, that public bodies are inefficient as a structure in owning and operating businesses; and that private enterprise is the most efficient way to do so. Privatisation as a policy, while ‘widely unpopular’ because of real and perceived benefit distribution inequity (Birdsall and Nellis, 2002:13), has generally been successful, at least as an efficiency tool, in that in 66% - 80% of the circumstances (Megginson and Netter, 2001:355-56) where privatisation has occurred, improved economic performance has resulted. Thus the evidence suggests that, subject to a number of important qualifications, private enterprise is the most efficient business structure in most circumstances. But the literature also clearly supports the assertion that non private enterprise structures (such as community or social enterprises) can successfully operate a business so as to generate wealth to meet its prime objectives.
The evidence on the performance of Licensing Trusts again supports that assertion. The collective results of the Trusts were presented to the Law Commission in October 2009 as part of a submission. The Table below summarises the financial results for the year ended 31 March 2008:
| TOTAL RESULTS | LARGEST TRUST | SMALLEST TRUST | |
|---|---|---|---|
| Sales | $356.852million | $88.268m | $33,000 |
| Profits | $41.687m | $11.746m | $4,000 |
| Equity | $231.813m | $72.938m | $170,000 |
| Return on Equity | 17.98% | 68.82% | 1.01% |
| Total | $313.053m | $84.388m | $235,000 |
| Ownership Ratio | 74.05% | 99.58% | 29.80% |
| Community Support Donations | $33.444m | $10.196m | $45,000 |
Today Licensing Trusts operate 133 licensed premises which include hotels totalling 890 accommodation units, and such diverse activities as supermarkets, a housing estate, a hydro-electric power scheme, and property portfolios.
Read more about this topic: Licensing Trust
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