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Reactie Gerben Roetert op Lekker 2010

Horeca

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.

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