Hotel opening pipeline delivers 21% sales boost for easyHotel
- Total system sales1 up 24.7% to £12.05m (31 March 2016: £9.66m)
- Total revenue up 21.2% to £3.14m (31 March 2016: £2.59m)
- Adjusted EBITDA2 up 13.2% to £0.65m (31 March 2016: £0.58m)
- Profit before tax down to £0.06m (31 March 2016: £0.14m), reflecting increased costs associated with the expanding development pipeline
- Interim dividend of 0.11p per share (31 March 2016: 0.11p) on the enlarged share base
- Like-for-like revenue for owned hotels increased by 17.4% and for franchised hotels by 6.8%
- Owned hotels significantly outperforming competitor set (source: STR Global)
- Three hotels opened during the period with occupancy of 85%. Two new hotels opened in the last four weeks
- Further expansion of the development pipeline in line with the Group’s strategy
- Investment in new hotel management system on track and due to complete by the end of current financial year
- Strategic decision regarding easyHotel Old Street due by the end of the financial year
The UK’s leading super-budget hotel chain today revealed a large increase in half year revenues to end-March. easyHotel‘s official LSE release is below.
Interim results for the six months ended 31 March 2017
Revenue up 21.2%, 13.2% growth in Adjusted EBITDA
and strong development pipeline in place
easyHotel plc (“easyHotel” or the “Company”) (AIM:EZH), the owner, developer, operator and franchisor of “super budget” branded hotels, today announces its interim results for the six months ended 31 March 2017 with trading slightly ahead of the Board’s expectations.
Commenting on the results, Guy Parsons, Chief Executive Officer said:
“These results reflect the continued good progress the Group is making against our long-term growth strategy to develop the easyHotel brand as a market leader in “super budget” hotels.
The strong like-for-like performance from our owned and franchised hotels over the period is very encouraging. Our new hotels opened during the period, under our ‘new-look’ format, have traded strongly.
We have a number of exciting opportunities in our development pipeline and the Board believes that the strength of the brand and our leading position in the branded super budget market means we are well positioned to capitalise on consumer desire to seek out the best value.
Whilst we are mindful of the broader political and economic uncertainty and the impact this is having on consumer confidence, full year trading is on track to meet the Board’s expectations.”
Please click here to view the easyHotel Interim results