easyHotel grows annual revenue by 34%

easyHotel has reported revenue growth of 34% to £3.5m in its first year as a listed company.

The Sir Stelios Haji-Ioannou backed firm added that system sales were up 14% to £17.3m.

In its results to the year ended 30 September 2014, easyHotel revealed that its listing on the London Stock Exchange raised £24m, which it said has allowed it to grow its owned hotel portfolio.

The business currently owns three hotels (Old Street, Glasgow and Croydon) and has 13 franchise partners. In total there are 20 easyHotels in nine countries.

In its owned hotels occupancy stood at 72%, average daily rate was £35 and revpar averaged £28.

Chief executive Simon Champion said: "The Group has made good progress during the year with strong performance from our owned hotels and across our franchised hotels. Current trading is healthy and we remain confident on the outlook for 2015, particularly given our recent refurbishment investment at Old Street and other initiatives that are underway."

"easyHotel is a strong brand with international recognition. Our expansion plans are taking shape and we are confident that we can secure owned properties for conversion in key European gateway cities, as well as expand the franchised estate."

Chairman Jan Åstrand added that the group had identified a number of properties in cities across the UK which could be developed into hotels.

He said: "Our high room occupancy rates and low cost base result in a robust high margin business. The strength of the easyHotel brand means that all of our own hotel customers and many of our franchise hotel customers book direct through the easyHotel website, which results in low customer acquisition costs. The brand is recognised in many countries and the brand values are well understood by our customers."