Reactie Gerben Roetert op Lekker 2010
Ireland-based Gresham Hotel Group has reported a steady performance for the year to 31 December 2003.Pre-tax profit, excluding exceptional costs and profit on the sale of three of the group’s hotels, increased by 40% from 1.22m (£813,000) to 1.71m (£1.14m).
The figures for 2002, however, are only for the 11 months to 31 December. Turnover dropped from 50.7m (£33.8m) to 47.9m (31.9m) this year.Occupancy held firm at 76%, the same as last year, while average room rate dipped from 85 to 84 (£56).
Chairman Harvey Soning said the results ‘reflect a satisfactory performance, given the upheaval within our industry caused by the conflict in Iraq and the Sars epidemic.’Gresham adopted a strategy of concentrating on city-centre locations during the year and sold off the Killarney Ryan, Limerick Ryan and Galway Ryan hotels for 35.75m (£23.8m) in cash.
After costs, this produced an exceptional gain of 239,000 (£159,300).Gresham is currently subject to a takeover approach from a consortium of investors.That approach was recently cut from 1.45 a share to 1.35 (90p) after a valuation of the group’s hotels failed to show the increase in value the consortium was expecting.