Pre-tax profit at Rocco Forte Hotels fell by a half to £5m, while turnover was down 9.5% to £174m, according to the company's latest accounts, lodged at Companies House.
The luxury hotel company, which currently operates 11 hotels in Europe, including Brown's hotel in London, and the Balmoral hotel in Edinburgh, said business was adversely affected by the Crimean crisis, the devaluation of the Ruble and the weakness of the Euro against Sterling. There were also increased costs relating to payroll and on-going maintenance.
Revenue per available room grew by 3% on a like-for-like basis, using constant exchange rates and excluding the sale of the Lowry in Manchester in September 2014,
The strongest growth in business came from the independent leisure sector, up 6%, while the corporate segment remained flat.
Operating profit before depreciation and amortisation was down 25% to £25.6m.
The results include £8m of profit from the sale of the Lowry and a surplus London property.
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