Millennium & Copthorne first-half profit boosted by joint ventures
Millennium & Copthorne Hotels posted a rise in first-half pre-tax profit, mostly on the back of higher contributions from joint ventures.
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Profit increased 6.9% to £62m from £58m, on revenue of £404m, up 6.3% from £380m.
Revenue per available room was up 4% at £68.28 from £65.67, helped by contributions from recent acquisitions and an improved performance in New Zealand, Rest of Europe and regional US.
The company said trading conditions in key gateway cities were challenging during the first half of 2015, with London, New York and Singapore all registering lower RevPAR for the period, compared to the same time last year.
The interim dividend was unchanged from last year at 2.08p.
Chairman Kwek Leng Beng said: “The group continues to focus on its successful long-term strategy of owning and managing hotel assets. In the short term, we see continuing pressure in our key hospitality markets with uncertainty in Asian economies, in the Middle East and in the Eurozone affecting business and leisure travel plans."