Jurys sees turnover rise as profits drop

Irish hotel group Jurys Doyle increased turnover by 6% in the six months to 31 December 2001 but suffered a drop in profits, it announced last week.

Turnover during the period increased to €137.9m (£85.5m), compared with €130m (£80.6m) for the same period last year.

Despite the increase, pre-tax profit fell by just over 12% to €28.8m (£17.9m), compared with €32.8m (£20.3m) in 2000. Jurys Doyle said the drop in profits was because of recent investments made by the group.

Chairman Walter Beatty said he felt the group had fared much better than many others in the sector in a period that was "the most challenging our sector has faced for many years".

He added: "We are cautiously optimistic about the trading outlook for the remainder of the year."

Trading in November and December, he said, was in line with expectations, and the group continued to operate against a background of the events of recent months and the current economic environment.

This year Jurys Doyle will open a newly built 240-bedroom Jurys Inn in Croydon, south London, followed early next year by a 274-bedroom Jurys Inn in Newcastle upon Tyne.