Portland Hotels reports healthy rise in profit and turnover

06 July 2012 by
Portland Hotels reports healthy rise in profit and turnover

Portland Hotels, the owner and operator of five properties in Scotland, has reported am increase of 4.8% in turnover and 13% rise in profits.

Turnover for the company's last financial year, just reported, to 29 January 2012 was £14.3m, with profit before tax of £1.6m.

Colin Paton, chief executive of Portland Hotels, described the company's performance during 2011/12 as "impressive".

"Like-for-like sales have increased by almost 5% in an economy which is at best ‘bumping along the bottom'. This has enabled us to outperform the provincial UK hotel industry with a healthy increase in pre-tax profits.

"Sales performance across both business and leisure channels has been pleasing - with the ‘staycation' undoubtedly boosting the leisure market. Despite challenging market conditions, a softening of the European leisure market, some airlines removing capacity and the recent higher inflation, with a strong revenue management focus we have again succeeded in driving sales up."

Paton said that Portland had invested £700,000 in its portfolio of hotels - the Huntingtower, in Perth; Best Western Edinburgh City; Best Western Edinburgh Capital (pictured); Glasgow Pond; and the Speedbird Inn, Aberdeen - bringing its total investment in the estate, excluding acquisitions, to £7.5m over the past eight years.

Despite the company's eagerness to expand, Paton explained that the euro crisis, combined with a lack of quality investment opportunities, had resulted in the group remaining static in size.

By Janet Harmer

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