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Revenue dips but profit doubles to £26m at Millennium & Copthorne

04 May 2018 by
Revenue dips but profit doubles to £26m at Millennium & Copthorne

Millennium & Copthorne Hotels saw a dip in revenue at the start of the year but profit soared by £13m.

Profit before tax for the first quarter of the year to 31 March 2018 increased by £13m to £26m compared to 2017, an increase of 100%, thanks to the disposal of two Australian hotels and higher contributions from CDLHT and First Sponsor Group.

However, hotel revenue dropped 2.1% to £187m due to an £11m exchange loss arising from the stronger pound, and total revenue fell by £6m to £217m. Group revenue per available room (revpar) for the period fell by 3.1% to £68.48.

Kwek Leng Beng, group chairman, said: "Performance over the first three months of the year was mixed. London declined and Europe is showing indications of weakness… We are on track to move forward on a number of significant capital investment projects this year, designed to improve returns on group assets. We also remain alert to acquisition opportunities."

Millennium & Copthorne's 21-strong UK portfolio includes Bailey's and Chelsea Harbour hotels in London, the Millennium Hotel London Knightsbridge (pictured), and Hard Day's Night hotel in Liverpool.

Jennifer Fox appointed group CEO of Millennium & Copthorne >>

Millennium and Copthorne hotels sees 8.1% increase in revenue from two openings >>

Millennium & Copthorne shareholders reject CDL bid >>

London growth for Millennium & Copthorne despite slower European performance >>

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