Jarvis profits stand still for the half-year
Profits at Jarvis Hotels remained static during the six months to 9 October, the company said this week.
It made pre-tax profits of £19.4m, the same as during the equivalent period last year. But after applying a new accounting standard that includes additional depreciation on hotel buildings, pre-tax profits were down from £17.9m to £17.5m. Turnover rose from £77.6m to £81.1m.
Chairman and chief executive John Jarvis said: "Despite the widely reported slowdown in the hotel sector, the company has succeeded in matching last year's record interim results.
"With increased trading through October and November on a like-for-like basis, and the full benefit of over 1,300 bedrooms recently added to the circuit, I am confident about our company's prospects for the remainder of the year."
Hotel operating profits were up from £30.6m to £31.6m, a rise of 3.3%.
Although occupancy slipped from 73.9% to 72.5%, average room rate was up from £49.01 to £49.76. This resulted in a 0.3% drop in room yield to £36.10.