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26 Feb 2019 | 10:10

Dalata Hotel Group profits bolstered by new room openings

Dalata Hotel Group said Tuesday profit before tax rose 13% as new room openings underpinned room revenues.

For the year ended 31 December 2018, profit before tax rose 13% to €87.3m and revenue rose 11.8% to €393.7m.

Revenue per available room (RevPAR) increased 4.7% to €94.13m. Like-for-like RevPAR grew 8.8% in Dublin outperforming the market growth of 7.2%.

The company's hotels in regional Ireland and the UK also performed strongly with like for like RevPAR growth of 5.2% and 3.1%,respectively. Over 1,150 new rooms were opened in Dublin, Belfast, Cork, Galway and Newcastle, taking the pipeline to well over 2,190 rooms expected to be delivered between now and 2021, the company said. The company proposed a final dividend of 7.0 cent per share. 'Trading across our three regions is in line with our expectations for the first quarter of 2019. We are confident in our outlook and we note the positive economic projections for Ireland and the increasingly strong tourist numbers,' said Pat McCann, Dalata Group CEO, said:. 'We are very happy with trading at the hotels opened in the second half of last year. We fully expect them to contribute positively to earnings in 2019.' 'We are very confident that we will meet our target of announcing 1,200 new rooms in 2019 through new build hotels, extensions of our existing hotels and opportunistic acquisitions which fit our strategic and operational criteria.'

At 10:10am: (LON:DAL) Dalata Hotel Group Plc share price was +8.25p at 509.5p

Story provided by StockMarketWire.com
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