Elegant Hotels reports 'solid' winter peaks

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Caribbean group Elegant Hotels today reported a “solid performance” over the peak winter period with a 7.6% rise in revenues to $36.4 million.

Pre-tax profits increased by 14.5% to $12.1million.

The company, which runs five hotels and a restaurant, completed a £63 million share placing and admission to the AIM market in London last month.

Revenue per available room in the half year was up by 7.8% to $319 from $296 in the same period a year earlier, reflecting strong average room rate performance and a refurbishment programme.

Chief executive, Sunil Chatrani, said: "We are pleased with the continuing performance of Elegant Hotels in the past six months in what is our peak trading period.

“We benefitted from the refurbishment of Colony Club and the improvements we have made at our other hotels over the last few years, combined with efficient revenue management.

"With a solid first half year performance that was ahead of last year we are anticipating the summer months to be in line with expectations.

“Looking forward we will focus on delivering sustainable returns and generating value for our shareholders as we pursue further growth from the existing portfolio as well as expansion in the Caribbean."

The Colony Club in Barbados has traded well during the period with revenue and bookings showing the impact of recent refurbishment, the company said.

“All rooms will have been refurbished by the end of this fiscal year. Turtle Beach [Barbados] suffered some disruption from the refurbishment works at the hotel next door which affected bookings but the work is now complete,” Elegant Hotels said.

“Airlift to the island is increasing and there is good underlying growth in demand for Barbados.

“With the major part of this financial year behind us and current trading in line with expectations the Board views the outlook for the Group with