30th Jun 2015 08:14
LONDON (Alliance News) - Elegant Hotels Group PLC Tuesday reported a rise in profit in the first half of its financial year as sales were boosted by growth in revenue per available room, and it said that trading in the summer months is expected to be in line with its expectations.
Elegant, which operates five hotels and a restaurant in Barbados and was admitted to AIM in May, reported an increase in pretax profit in the six months ended March 31 to USD12.1 million from USD10.6 million the year before, as revenue rose 7.6% to USD36.4 million from USD33.9 million.
It said that revenue per available room grew 7.8% to USD319 from USD296 while occupancy increased to 71.0% from 68.7%, benefiting from refurbishments to its hotels.
Elegant said that it is proposing to effect a court-approved share capital reduction in order to create distributable reserves and therefore facilitate the payment of dividends.
"With a solid first half year performance that was ahead of last year we are anticipating the summer months to be in line with expectations. Looking forward we will focus on delivering sustainable returns and generating value for our shareholders as we pursue further growth from the existing portfolio as well as expansion in the Caribbean," Chief Executive Sunil Chatrani said in a statement.
Shares in Elegant were trading down 0.5% at 110.00 pence Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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