Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Malmaison owner MWB reports more interim losses

28 August 2009 by
Malmaison owner MWB reports more interim losses

The chairman of Malmaison and Hotel du Vin chains remains cautious about the short-term future after its group revenue remained unchanged and pre-tax losses continue for the first six months of the year.

Group revenue for the Marylebone Warwick Balfour (MWB) group was up slightly to £135.7m from £134.1m last year, while pre-tax losses were at £5.1m, down from £5.4m for the same period last year.

Malmaison and Hotel du Vin's combined revenue was £52.4m in the six months to June 30 this year, up from £52.02m in the same period last year. Average room rates declined by 12% to £102.

Earnings before tax were down from £12.2m in the same period last year to £10.4m this year.

At the end of June 2009, the group's properties were valued at £552.3m compared to their book value at that date of £562.6m. In the previous six months, its property values had declined by £40.2m and £37m in the first half of 2008.

Chairman Eric Sanderson said: "In the circumstances, the MWB Group companies have produced extremely creditable results in a difficult business environment. We believe we have the people, the products and services to ride out the current adverse climate and we are well placed to take full advantage of the upturn when it finally appears.

"To that end I have total confidence in the underlying strength of our business but remain cautious in my short term outlook."

Economy in ‘uncharted territory', warns Malmaison owner >>

Mal and HdV puts expansion plans on hold >>

Interview: Richard Balfour-Lynn on De Vere, Malmaison and Searcys >>

By Gemma Sharkey

E-mail your comments to Gemma Sharkey here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk

Caterersearch.com jobs
Looking for a new job? Find your next hotel job here with Caterersearch.com jobs

Blogs on Caterersearch.com](http://www.caterersearch.com/blogs) Catch up with more news and gossip on all Caterer's blogs
[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
TagsFinance and Hotels
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking