Bass rides out the asian storm

Drinks and leisure group Bass has performed well in recent months despite the negative effects of the Asian financial crisis on hotels, says chairman Sir Ian Prosser.

In a statement to shareholders at the annual general meeting, he said increased investment in Bass hotels and pubs helped raise turnover in the 16 weeks to the end of January.

The European and US hotel businesses enjoyed growth in revenue per available room of 11% and 5% respectively, although the Asian hotel business experienced a 12% fall "as a result of both the weakening of the economies and devaluation of currencies".

Meanwhile, the Bass Taverns division continued the strong performance of last year, with food sales in its 2,500 managed pubs growing 22% in comparison with the same period last year, and drinks take per outlet increasing by 6.5%.