Commenting on the trading results, Sunil Chatrani, CEO of Elegant Hotels LON:EHG, said: “Against a backdrop of challenging market conditions, the Group has delivered a solid performance and made good progress in key areas during the year. We have significantly expanded our business, both through the acquisition of Waves Hotel & Spa in Barbados and the management contract that we recently signed on a property in Antigua. Despite the current challenges that the Group and the wider Barbados luxury hotel market are facing, we continue to be confident in our long term growth prospects and remain committed to our expansion strategy in both Barbados and across other parts of the Caribbean.”
Elegant Hotels Group plc LON:EHG the owner and operator of six upscale freehold hotels and a beachfront restaurant on the island of Barbados, today gave DirectorsTalk its results for the year ended 30 September 2016.
Highlights
-- Revenue down 5.2% to $57.0 million (2015: $60.1 million) -- RevPAR down 6.7% to $238 (2015: $255) -- ADR (average daily rates) up 1.3% to $378 (2015: $373) -- Adjusted EBITDA: down 11.6% to $19.6 million (2015: $22.2 million) -- Adjusted operating profit: down 14.5% to $16.3 million (2015: $19.1 million) -- Adjusted EPS of 13.1 cents per share (2015: 14.7 cents per share) -- Successful acquisition, refurbishment and reopening of Waves Hotel & Spa in Barbados
— Signed management contract in November for Hodges Bay Resort & Spa in Antigua, the Group’s first property outside Barbados
-- Year-end net debt of $61.8 million (2015: $40.8 million)
— Proposed final dividend of 3.5 pence per share, resulting in a full year dividend of 7.0 pence per share
Analyst Conference call
A conference call for analysts with the Company’s management team will take place at 9.00am (GMT) today, the details of which are as follows:
+44 (0) 20 3003 International access 2666 UK Toll Free 0808 109 0700 Barbados Toll Free 1 877 562 2218 Password Elegant