Thistle's interim profits slip

Thistle Hotels encountered difficult trading conditions in the first 12 weeks of the year and saw its interim pre-tax profits slide by almost £3m.

The four-star hotel group announced today it's pre-tax profits for the 28 weeks to 9 July 2000 fell to £29.4m, down 9% on last year's £32.3m.

Turnover climbed 4.3% to £161.1m.

Chairman David Newbigging said: "The results were encouraging, with strong performances in both London and the regions over the final 16 weeks of the period, more than offsetting the difficult start to the year."

He added: "The second half year has started well with turnover growth in retained hotels in the first eight weeks of the second half, more than 10% up on last year."

In London turnover in the group's retained hotels increased by 6.8% to £105m, compared to £98.3m last year.

Revenue per available room increased 8.1% to £60.72 (1999: £56.18) with occupancy up from 75.8% to 78.8% and average room rate up from £74.12 to £77.05.

The company spent £22.3m in the capital. Just under 1,100 bedrooms were refurbished, leaving about 900 to be refurbished over the next 12 months.

In the regions turnover remained unchanged from last year at £56.1m.

Revenue per available room was down 2.5% to £35.06 (1999: £35.95), with average room rate up 1.6% to £54.28. (1999: £53.42).

Thistle spent £15.5m in the provinces.

It is the largest hotel group in London with 6,336 bedrooms in 23 properties.

It also has 33 hotels in the provinces, with 4,382 bedrooms.

By Louise Bozec louise.bozec@rbi.co.uk