Commenting on the results, Sunil Chatrani, CEO of Elegant Hotels Group PLC LON:EHG, said: “This has been a period of solid progress for Elegant Hotels and we were particularly pleased to complete our first acquisition since becoming a public company, in the form of Waves Hotel & Spa. The Group now owns around 29% of the quality leisure tourist room stock in Barbados and our objective remains to continue extending this position while also expanding further into the Caribbean region. Whilst there are currently a number of challenges that are impacting the trading performance of both Elegant Hotels and the wider luxury hotel market in Barbados, we continue to be confident in the Group’s long-term growth prospects.”
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 half year results for the six months ended 31 March 2016.
All currency amounts are in US$ unless otherwise stated.
Highlights
· Revenue up 0.1% to $36.5 million (H1 2015: $36.4 million)
· RevPAR (revenue per available room) up 0.3% to $320 (H1 2015: $319)
· ADR (average daily rate) up 3.1% to $464 from $450
· Adjusted EBITDA up 2.5% to $16.7 million (H1 2015: $16.3 million)
· Adjusted operating profit up 2.6% to $15.1 million (H1 2015: $14.7 million)
· Adjusted EPS of 12.9 cents per share
· Successful completion of the acquisition of Waves Hotel & Spa
· Interim dividend of 3.5 pence per share (interim 2015: 1.75 pence)
· Implied NAV (post Waves acquisition) of 161 pence per share*
* Based on: valuations of the Group’s properties, excluding Waves, as at 15 April 2015; the recent valuation of Waves; net debt as at 31 March 2016; and an exchange rate of £1.00:$1.42.
