Apex reports 12% rise in pre-tax profit

24 January 2017 by
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.

TagsFinance and Hotels
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