Revenue dips but profit doubles to £26m at Millennium & Copthorne
Millennium & Copthorne Hotels saw a dip in revenue at the start of the year but profit soared by £13m.
Profit before tax for the first quarter of the year to 31 March 2018 increased by £13m to £26m compared to 2017, an increase of 100%, thanks to the disposal of two Australian hotels and higher contributions from CDLHT and First Sponsor Group.
However, hotel revenue dropped 2.1% to £187m due to an £11m exchange loss arising from the stronger pound, and total revenue fell by £6m to £217m. Group revenue per available room (revpar) for the period fell by 3.1% to £68.48.
Kwek Leng Beng, group chairman, said: "Performance over the first three months of the year was mixed. London declined and Europe is showing indications of weakness… We are on track to move forward on a number of significant capital investment projects this year, designed to improve returns on group assets. We also remain alert to acquisition opportunities."
Millennium & Copthorne's 21-strong UK portfolio includes Bailey's and Chelsea Harbour hotels in London, the Millennium Hotel London Knightsbridge (pictured), and Hard Day's Night hotel in Liverpool.
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