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03 Sep 2019 | 07:53

Dalata Hotel Group profits grow as revenues rises 12%

Irish Hotel operator Dalata Hotel Group reported a rise in profits as revenue jumped 12% in the first half of the year as the company expanded its portfolio of hotels. The company also said it had secured a site with planning permission for a new Maldron hotel in Shoreditch, London. For the six month period ended 30 June 2019, pretax profit rose 6.6% to €37.8m and revenues grew 12.2% to €201.9m.

Like-for-like revenue per available room (RevPAR) increased 0.7% to €87.62 and occupancy increased 0.3% to 81.3%. Over 1,400 new rooms were opened in the last 18 months which continued to 'perform very well and have been a significant driver of growth for H1 2019 and would be for the second half,' the company said. The company said it aimed to deliver circa 2,400 rooms in excellent locations between 2020 and 2022. The company proposed an interim dividend of 3.5 cents per share. 'We continue to be very happy with the performance of the hotels opened and extensions completed in 2018 and early 2019. They will continue to make a very significant contribution to earnings growth in the second half of the year,' the company said.

Story provided by StockMarketWire.com
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