De Vere Group results show softening in leisure demand

De Vere Group's interim results, which were announced yesterday, showed a softening in its leisure market countered by a solid corporate base.

Like-for-like results were up by 2% from £131.8m to £134.5m for the 26 weeks ending 27 March 2005, although for its hotel brands like for like results, excluding sold or new hotels rose by 3% in its De Vere division and 3.6% for its Village brand.

Peter Daresbury, De Vere's chairman said: "We are seeing some softening in leisure demand although this is being mitigated by a strong corporate sector demonstrating again the flexibility of our business model."

"Our strategy is gaining positive momentum across the business. The brands are being refined in line with customer needs to drive loyalty and our new reservations infrastructure is starting to open new distribution channels as well as achieve cost savings."

He added that the Village brand roll-out was on track. "Both brands [Village and De Vere] have expansion plans in place that will continue to drive shareholder value."

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