Gresham's ‘difficult' six months
03 October 2002 by David Harris
Irish hotel group Gresham has reported another tough trading period.
Gresham said the six months to 1 August had been "an extremely difficult time" for it on a number of fronts, with operating profits falling by 55% to €1.8m (£1.1m), compared with €4m (£2.5m) for the same period a year earlier.
Newly appointed chairman Patrick Coyle cited the continued effect of 11 September together with the global and domestic economic slow-downs as reasons for the decline.
Turnover dipped by 2.2% to €26.8m (£16.9m) during the period, compared with €27.4m (£17.3m) in 2001.
Group occupancy was 73%, down by two percentage points on 2001. Average room rate was flat, at €87 (£54.80).
