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Weak sterling boosts turnover at Rocco Forte Hotels

26 September 2017 by
Weak sterling boosts turnover at Rocco Forte Hotels

Currency fluctuations helped achieve a 12.2% increase in turnover to £193.7m at luxury group Rocco Forte Hotels, during the year to 30 April 2017.

The strength of the Euro, and to a lesser extent the Russian Rouble, against the weak pound had a positive impact on the group's results, according to the company's financial report lodged at Companies House.

Meanwhile, pre-tax profit at the group, which operates 12 hotels including two in the UK (Brown's hotel in London and the Balmoral hotel in Edinburgh), was down by 5.4% to £7.6m.

Revenue per available room (revpar) grew by 1.2% on a like-for-like basis, using constant exchange rates.

The parent company paid dividends of £2.5m, up from £2m the previous year.

A focus on maintaining the portfolio of Rocco Forte hotel as leaders within its competitive set was highlighted by the £9.9m invested in capital projects during the year. A large number of bedrooms at the five-red-AA-star, 188-bedroom Balmoral hotel and public areas benefited from a major refurbishment, with the five-red-AA-star, 117-bedroom Brown's hotel also continuing a bedroom refurbishment programme.

The 304-bedroom Assila hotel in Jeddah, Saudi Arabia, became Rocco Forte's 12th property when it opened during the 12-month period, and the first management contract for the group. The other 11 hotels are all owned or leased.

Trading during the first quarter of the new financial year has been strong, with group turnover up 9% on a like-for-like basis.

New hotels in the pipeline for Rocco Forte Hotels include the RF Hotel China, which will open next year in Shanghai, and the Hotel De La Ville in Rome, set to launch in 2019.

Sir Rocco Forte on how his daughters Lydia and Irene are making their mark on the family business >>

Rocco Forte Hotels: pre-tax profit halved >>

Rocco Forte Hotels gunning for growth after £60m cash injection >>

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