18th Dec 2020 06:53
Dalata Hotel Group PLC - Irish hotel operator - Forecasts earnings before interest, taxes, depreciation, and amortization for 2020 marginally ahead of expectations due to cost control measures implemented as well as the usage of government support schemes. Occupancy in the third quarter amounted to 26% in Dublin, 60% in regional Ireland and 36% in the UK. Expects occupancy for the fourth quarter to be 17% in Dublin, 28% in regional Ireland and 21% in the UK.
Looking ahead, notes that while the outlook for 2021 remains uncertain due to no visibility on when international travel will return to normal, it remains optimistic on positive news regarding Covid-19 vaccines.
"The strength of our balance sheet, the retention of our teams and the quality of our hotel portfolio will give us a significant advantage as international travel recommences in 2021," said Dermot Crowley, deputy chief executive of business development & finance.
Dalata says it currently has cash and undrawn debt facilities of EUR293 million.
Current stock price: 348.25 pence
Year-to-date change: down 23%
By Ife Taiwo; [email protected]
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