Macdonald Hotels increases turnover by £10m

04 December 2015 by
Macdonald Hotels increases turnover by £10m

Macdonald Hotels increased its turnover by £10.2m to £155.7m for the 12 months to 2 April 2015.

The group said it reduced its bank debt by more than £96m, as of this month, as a result of increased profits and turnover in the last financial year.

Total operating profit rose 11% to £16.9m, while profit after tax increased by £2.5m to £6.1m, partly due to a deferred tax credit of £3.3m. However, pre-tax profit was £928,000 below last year at £2.7m.

Ruaridh Macdonald (pictured), deputy chief executive, said: "We have enjoyed significant benefit from major events including the Ryder Cup, the Commonwealth Games, the Open Golf Championship and the Farnborough Air show."

The group said it invested a further £16m in capital projects, including refurbishing 261 bedrooms at the Macdonald Aviemore Resort and a new £1.8m leisure club and spa at the Macdonald Craxton Wood Hotel, Chester. It has also carried out bedroom refurbishment programmes at its hotels in Edinburgh, Oxford and Bath.

Gordon Fraser, deputy chairman and group finance director, added: "On the 24 July 2015 we completed the sale of land at the Macdonald Botley Park hotel, Southampton to a consortium of developers for £58m. The first payment has been received, to be followed by further payments over the next four years in full settlement of our C Facility with Lloyds Banking Group."

Macdonald Hotels, which has 55 hotels and resorts in the UK, Ireland, Spain and Portugal, said it has substantially reduced its debt from March this year, when its total bank borrowings were £301m.

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TagsFinance and Hotels
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