ao link

You are viewing 1 of your 2 articles

To continue reading register for free, or if you’re already a member login

 

Register  Login

Revenue dips but profit doubles to £26m at Millennium & Copthorne

Millennium & Copthorne Hotels saw a dip in revenue at the start of the year but profit soared by £13m.

 

Profit before tax for the first quarter of the year to 31 March 2018 increased by £13m to £26m compared to 2017, an increase of 100%, thanks to the disposal of two Australian hotels and higher contributions from CDLHT and First Sponsor Group.

 

However, hotel revenue dropped 2.1% to £187m due to an £11m exchange loss arising from the stronger pound, and total revenue fell by £6m to £217m. Group revenue per available room (revpar) for the period fell by 3.1% to £68.48.

 

Kwek Leng Beng, group chairman, said: "Performance over the first three months of the year was mixed. London declined and Europe is showing indications of weakness… We are on track to move forward on a number of significant capital investment projects this year, designed to improve returns on group assets. We also remain alert to acquisition opportunities."

 

Millennium & Copthorne's 21-strong UK portfolio includes Bailey’s and Chelsea Harbour hotels in London, the Millennium Hotel London Knightsbridge (pictured), and Hard Day’s Night hotel in Liverpool.

 

Jennifer Fox appointed group CEO of Millennium & Copthorne >>

 

Millennium and Copthorne hotels sees 8.1% increase in revenue from two openings >>

 

Millennium & Copthorne shareholders reject CDL bid >>

 

London growth for Millennium & Copthorne despite slower European performance >>

 

Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).

Plant-Based World Expo

Plant-Based World Expo

Social Media Summit 2024

Social Media Summit 2024

Hotel Cateys

Hotel Cateys

Best Places to Work in Hospitality 2025

Best Places to Work in Hospitality 2025

Queen's Awards for Enterprise

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

Jacobs Media

Jacobs Media is a company registered in England and Wales, company number 08713328. 3rd Floor, 52 Grosvenor Gardens, London SW1W 0AU.
© 2024 Jacobs Media