Apex reports 12% rise in pre-tax profit
Apex Hotels has reported a 11.8% rise in underlying pre-tax profits from £9.2m last year to £10.3m.
The hotel firm said that turnover was up 7% to £61.3m, and that strong trading across its nine-hotel portfolio, which spans London, Edinburgh, Glasgow and Dundee, and new room openings were key contributors.
The opening of Apex City of Glasgow (pictured) in September 2015 and the 30-bedroom extension to Apex City of London saw room stock rise by 134 rooms. Meanwhile the company also reported a £10m increase in valuations (rising to £336m).
"It is important for us to continue investing in our existing portfolio and we are planning further bedroom expansion at Apex Temple Court in London as well as refurbishment totalling £6 million across our City of London, Grassmarket and Dundee hotels. In 2017 we will continue to look at other opportunities to extend and complement our existing portfolio," she added.
