EasyHotel profits flat
Budget chain EasyHotel reported flat profits this year, its first as an AIM-listed company, but it said it is continuing to look for expansion opportunities in the UK and abroad.
The group, which owns three hotels in the UK and has 17 franchise hotels, reported overall profits from operations of £1.3 million to the end of September, which was in line with last year.
CEO Simon Champion said the group had made ‘good progress’.
"Current trading is healthy and we remain confident on the outlook for 2015, particularly given our recent refurbishment investment at Old Street and other initiatives that are underway."
"easyHotel is a strong brand with international recognition. Our expansion plans are taking shape and we are confident that we can secure owned properties for conversion in key European gateway cities, as well as expand the franchised estate.
"Our focus remains on delivering a high return on capital for shareholders, as well as providing excellent value for our customers".
Its AIM listing in June raised £24 million capital, allowing the group to look for further properties to convert to budget hotels, both in the UK and abroad, said Champion.
He admitted growth in the London might be slowed by the legislation that favours converting buildings to residential use, but he said there were other cities in the UK and Europe where there was strong corporate demand.
The group is also looking to expand its franchise operation, especially outside Europe.
It expects to pay its maiden dividend in April 2016.
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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