30th Jul 2015 07:25
LONDON (Alliance News) - Millennium & Copthorne Hotels PLC Thursday reported growth in profit in the first half of 2015 as it benefited from acquisitions it made in 2014, contributions from joint ventures, lower central costs and a rise in revenue per available room.
The FTSE 250-listed hotel operator reported a 6.9% rise in pretax profit in the first half of 2015 to GBP62 million from GBP58 million the year before, as revenue grew 6.3% to GBP404 million from GBP380 million, and group revenue per available room rose 4% to GBP68.28 from GBP65.67.
Millennium & Copthorne said that the increase in revenue was mainly as a result of acquisitions in 2014, as well as favourable foreign exchange movements, while profit also benefited from a higher contribution from joint ventures and lower central costs resulting from the reversal of surplus legal provisions following the settlement of certain claims.
Millennium & Copthorne will pay an interim dividend of 2.08 pence, which is flat year-on-year.
"The group continues to focus on its successful long-term strategy of owning and managing hotel assets. In the short term, we see continuing pressure in our key hospitality markets with uncertainty in Asian economies, in the Middle East and in the Eurozone affecting business and leisure travel plans," Chairman Kwek Leng Beng said in a statement.
Shares in Millennium & Copthorne were untraded early Thursday, last quoted at 563.50 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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