Apex reports 6% rise in turnover
Apex Hotels has reported another year of growth, with a 6% rise in turnover from £61.3 to £65m for the 12 months to 30 April 2017.
The group also recorded a 2.1% rise in underlying profits before tax, up from £10.3m last year to £10.5m, although slower than the previous year's 11.8% rise.
The company recently invested a further £20.7m in developing the new 177-bedroom, £48.5m Apex City of Bath hotel, which opened in August and was the company's first hotel outside of London. Apex now has a portfolio of 12 hotels.
Angela Vickers (pictured), chief executive of Apex Hotels, said: "We are proud to reflect on a financial year that shows considerable capital investment and consistently strong financial performance.
Following the opening of the 134-bedroom Apex City of Glasgow and a £1.5m investment in the Apex City of London, the company has seen a 7% growth in room sales and and a 2.6% increase in occupancy.
The company also restructured long leasehold arrangements in place for Apex City Quay Dundee, Apex Haymarket and Apex City of London. And in return for an annual rent increase the group received a premium of £7m which was utilised to reduce bank debt.
Apex City of London completes £1.5m refurbishment and opens new restaurant >>
Concerto to provide F&B at London Apex hotels >>
Apex reports 12% rise in pre-tax profit >>
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