9th Mar 2020 11:40
(Alliance News) - Dalata Hotel Group PLC on Monday said the spread of coronavirus in Europe has hurt business since the publication of annual results.
The Dublin-based hotel operator said following the spread of the virus to northern Italy and subsequently to the UK and Ireland it has recorded a "significant" reduction in bookings as well as an increase in cancellations.
Dalata warned it is unable to estimate the financial impact the spread of the virus will have on the group but said it has the ability to respond quickly as the situation evolves.
"Dalata's decentralised operating model means that we have responsibility at a local level, co-ordinated through group, enabling us to respond quickly and effectively as this situation evolves. Our lowly geared asset backed balance sheet together with our experience in reacting to crisis scenarios gives us the resilience to manage the impact of the unfortunate outbreak of the COVID-19 virus, said Chief Executive Pat McCann.
The stock was trading 4.8% lower at 302.12 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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