EasyHotel confirms rise in sales
EasyHotel reported a 6.8% increase in sales and a 38.4% rise in pre-tax profits for the year to the end of September.
Total system sales reached £21.32 million and its adjusted pre-tax earnings were up 6.5% to £1.55 million.
The chain has 1,527 rooms in development, 576 of which will be in its own hotels, to be completed by early 2018. The remainder will be franchise properties, which the group said expanded its brand presence without the need for capital investment.
Since the end of its financial year, easyHotel has raised £38 million through the placing of 38 million new ordinary shares and secured a new five-year bank facility of £12 million.
CEO Guy Parsons said: "We are on track to deliver the development plans we announced in September 2016.
"2015/2016 was a transformational year for easyHotel, with excellent operational progress made across the business and a significant acceleration of both our owned and franchise hotel development pipelines.
"The Board remains confident that by exploiting the strength of the brand, easyHotel will continue to outperform the budget hotel sector as consumers seek out the best value for money.
"With the experienced team we now have in place and the proceeds of our recent fundraising, we are in an excellent position to expand the easyHotel brand and deliver improving returns for our shareholders."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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