16th Jul 2015 08:09
LONDON (Alliance News) - Action Hotels PLC Thursday said that trading in the first half of 2015 was in line with its expectations, as sales and adjusted gross profit grew in the period, and said that it is on track to meet full-year expectations.
Action Hotels, which owns branded three and four-star hotels in the Middle East and Australia, said that it delivered a strong operational performance across its eight operational hotels in the six months to June 30, with the mature hotel portfolio maintaining occupancy levels above 80%.
Adjusted gross operating profit rose 11% in the period to USD11.0 million from USD9.9 million in the first half of 2014, while earnings before, interest, tax, depreciation and amortisation grew 14% to USD8.7 million from USD7.6 million. Total revenue was up 11% to USD21.6 million from USD19.5 million.
"The development pipeline continues to progress and is on track to complete a further three hotels before the end of 2015. The group continues to make strong progress towards its strategic goals and is on track to meet management expectations for the full year ending December 31, 2015," Action Hotels said in a statement.
Shares in Action Hotels were trading up 4.1% at 58.80 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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