1st Sep 2020 14:01
Dalata Hotel Group PLC - Irish hotel operator - Sinks to pretax loss of EUR70.9 million in six months to June 30 from EUR37.8 million profit the year before. Revenue cratered to EUR80.8 million from EUR201.9 million. Revenue per available room dropped to EUR32.69 from EUR88.48. Occupancy fell to 34.3% from 80.2%. Dalata's average room rate in the first half was EUR95.28 versus EUR110.30 the year before.
Dalata noted it had a "positive" start to 2020 with trading in line with expectations in January and February. Post-period, occupancy in July was 30% with August expected at about 40%
"While bookings from domestic guests are encouraging, the outlook for the near term remains uncertain at present with short lead time on bookings and it is not yet known when international travel will return to more normal levels," the company added.
For July and August, adjusted Ebitda is expected to to be between EUR7.0 million and EUR7.5 million.
"There are many challenges ahead but the Dalata team has demonstrated that it is up for those challenges and determined to emerge stronger from the impacts of Covid-19," Chief Executive Pat McCann said.
Separately, Dalata said it is looking to place new shares representing about 19.9% of its issued share capital. The final number of shares and the placing price will be determined at the close of the bookbuild.
Current share price: 233.50 pence
Year-to-date change: down 48%
By Paul McGowan; [email protected]
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