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Peel Hotels sees drop in six-month turnover

12 October 2011 by
Peel Hotels sees drop in six-month turnover

Peel Hotels, which operates nine four-star hotels across the UK, has seen turnover fall 5.2% to £7.8m (2010: £8.2m) for the 28 weeks to 21 August 2011.

Operating profit for the same period decreased 3.5% to £615,000 and EBITDA (earnings before interest, tax and depreciation) fell 5.9% to £1.25m.

Chairman Robert Peel said: ‘We have been unable to recoup the additional 2.5% VAT from our customers; revpar decreased 1.8% with occupancy down 0.7% and average room rate down 1.2%."

However the company was able to reduce its net to £12.7m, partly funded by the sale of the staff house for its Wallingford property the George Hotel.

Peel explained: "The positive news is that we reduced our overall borrowings by £726,386 through a combination of positive cashflow and the sale of an asset no longer required.

"We are prepared for a continuing tough trading environment in the short term but are determined to return to growth in revpar by the end of the financial year."

Peel Hotels reports 7.6% increase in turnover >>

Peel Hotels sees signs of provincial recovery and uncertainty >>

Peel Hotels sees half year profits drop by 12% >>

By Janie Stamford

E-mail your comments to Janie Stamford here.

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