Elegant Hotels shares rise following interim results

Elegant Hotels

Elegant Hotels reported its interim results for the six months to March-end on Wednesday, sending shares up.

The luxury hotel operator said that revenue increased by 3% to $43.7 million, compared to $42.5 million the year before.

This was attributed to an ‘encouraging performance’ at Treasure Beach, which the group recently acquired.

Elegant Hotels said that average daily rates were down 1% to $532 from $539 the previous year. Meanwhile, occupancy increased 1% to 68%.

RevPAR, which stands for revenue per available room, rose 1% at $364.

Overall, group adjusted EBITDA increased 7% to $16.4 million.

Adjusted profit before tax jumped 5% to $12 million.

Commenting on the latest figures, Sunil Chatrani, Chief Executive of Elegant Hotels, said:

“Elegant Hotels continues to perform well in the context of a competitive market and against a backdrop of ongoing uncertainty in its core visitor market of the UK. We are particularly pleased with the contribution during the period of our most recently acquired property, Treasure Beach, and are constantly assessing a range of opportunities for further expansion, whilst ensuring our balance sheet remains robust.

We continue to execute our strategy in a measured and consistent manner, and we have good visibility of bookings for the remainder of the financial year. As a result, we remain comfortable with the FY19 outlook versus market expectations and confident in the Group’s longer-term prospects.”

Elegant Hotels operates seven luxury hotels in Barbados, as well as  a beachfront restaurant called Daphne’s.

Shares in the hotel group (LON:EHG) are currently trading +2.17% as of 13:58PM (GMT).

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Nicole covers emerging global economic and political events for The UK Investor Magazine. Her focus is particularly upon company news and political developments in Europe and the US.