Jurys Doyle group ‘optimistic' about return to profit growth
Irish hotel group Jurys Doyle said it was "cautiously optimistic" of a return to profit growth this year, despite continued declines in 2003.
In the 12 months to 31 December 2003, pre-tax profit fell by 13.4% to g45.8m (£30.6m), compared with g52.9m (£35.3m) for the same period a year earlier. Turnover was down by 5.4% to g253.7m (£169.4m).
Chief executive Pat McCann said the group had delivered a satisfactory performance.
He said: "This outcome was achieved against a trading environment characterised by continued weakness in global economies and geopolitical uncertainty in the early months of 2003.
"However, as the year progressed we did see an improvement in trading conditions, albeit this was confined to the UK market and within our US hotel operations."
The group said it would continue with the expansion of its "three-star budget-plus" brand, Jurys Inn, and announced plans for a new 250-bedroom Jurys Inn in Nottingham. The hotel, which will be part of a mixed-use development, is scheduled to open late next year.
By the end of 2005 Jurys Doyle intends to have added almost 2,400 new bedrooms to its estate, mostly through the expansion of its Jurys Inn hotels.
