29th Apr 2016 08:04
LONDON (Alliance News) - Peel Hotels PLC on Friday reported growth in profit in its recently-ended financial year on the back of increased revenue and lower administration expenses.
The British hotel company said pretax profit in the year ended January 31 grew to GBP993,607 from GBP959,403 the year before, as revenue edged up to GBP17.0 million from GBP16.5 million.
Revenue per available room increased by 5.6%, occupancy was up 0.8% and average room rate grew by 4.7%, Peel Hotels said. It didn't state what was the occupancy rate for the year. Administration expenses decreased by 6.9%, and depreciation and amortisation fell by 0.7%.
Peel Hotels said it will pay a total dividend of 2.0 pence per share.
"Our results continue to improve on the back of RevPAR growth and a lessening overall cost of finance due to sustained repayment of debt. Our cash resources allow continued investment in our product and this gives us confidence for future growth in the current year," Chairman Robert Peel said in a statement.
Shares in Peel Hotels were trading up 0.6% at 99.10 pence on Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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