Apex Hotels returns to profitability

27 January 2023 by
Apex Hotels returns to profitability

Apex Hotels has reported a post-pandemic return to profitability, with an operating profit of £2.9m, following a loss of £11.2m the previous year.

The group's accounts for the year ending 30 April 2022 reported an increase in turnover from £8m last year to £47.3m for the 2022 financial year.

The family-owned hotel group reopened all nine of its hotels in London, Bath, Edinburgh, Glasgow, and Dundee as travel restrictions were lifted, with domestic demand driven by growth from both business and leisure guests, boosted later in the year by the return of international travellers.

Despite a short drop in demand during the Omicron lockdown in December 2021, occupancy for the year averaged 51.4%, rising to 64.3% in the final quarter to 30 April 2022.

The group said it was focussed on strategic priorities, including investment in technology to optimise back-office infrastructure. The business also sold its three-star Haymarket property in September to focus on the four-star segment.

Apex Hotels chief executive Angela Vickers (pictured) said: "The results reflect that after a difficult period for the sector, we are emerging as a more resilient company and can look to the future with renewed positivity and optimism.

"We are seeing particularly strong growth across our London and Edinburgh hotels, two of the most popular destinations for international visitors, with occupancy already ahead of levels seen in 2019.

"Against the backdrop of an uncertain economic outlook, rising inflation and the cost-of-living crisis, we are working hard to keep our costs down and to offer value to our guests."

Founded by Scottish entrepreneur Norman Springford and still operated by the same family, Apex Hotels opened its first property in Edinburgh's Old Town, the Apex Grassmarket hotel, in 1996.

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