Apex Hotels has announced “an extremely positive financial year”, with turnover up up 6% to £68.9m for the 12 months to 30 April 2018.
However, pre-tax profit for the group of 10 properties in London, Edinburgh, Glasgow, Dundee and Bath was down 25% to £7.8m due to pre-trading costs for the 177-bedroom Apex City of Bath hotel (pictured) which opened in August 2017. The Bath property – involving an investment of £9.2m to complete the hotel – increased the number of rooms available across the company by 10%.
During the accounting period, £18.8m was invested in “an extensive expansion and refurbishment programme”, which included a 20-bedroom extension with a new wine bar and private dining at the Apex Temple Court hotel in London.
Additional investment has gone into the Apex City of London, with the launch of the Lampery restaurant and spa facilities at a cost of £1.3m, alongside refurbishment works totalling £4.3m at Apex City Quay Dundee and Apex Grassmarket in Edinburgh.
Angela Vickers, chief executive of Apex Hotels, said: “We have ploughed significant investment into a range of new additions and improvements across the portfolio. Our customers are appreciative of this continued reinvestment, with guest satisfaction Global Review Index scores (compiled by ReviewPro) increasing across the group to 90%.
“Overall we are reflecting on an extremely positive financial year, and we look forward to everything 2019 will bring including unveiling our new rooms and suites at Apex Temple Court and further refurbishment programmes in London and Edinburgh.”