EasyHotel revenue up 21.2%
Budget brand EasyHotel has reported trading "slightly ahead" of expectations, with revenue up 21.2% to £3.1m for the six months to 31 March 2017.
The interim results also showed a 13.2% growth in adjusted EBITDA to £650,000, while total system sales were up 24.7% to £12m. However, profit before tax was down to £60,000 from £140,000, which the company said reflected "increased costs associated with the expanding development pipeline".
Like-for-like revenue for owned hotels increased by 17.4% and for franchised hotels by 6.8%. Three hotels opened during the period, with a reported occupancy of 85%.
Guy Parsons, chief executive officer, said: "The strong like-for-like performance from our owned and franchised hotels over the period is very encouraging. Our new hotels opened during the period, under our ‘new-look' format, have traded strongly.
"Whilst we are mindful of the broader political and economic uncertainty and the impact this is having on consumer confidence, full year trading is on track to meet the board's expectations."
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