Millennium and Copthorne Hotels increases profit by 57%
Millennium & Copthorne Hotels has revealed that trading recovered dramatically in 2010, with pre-tax profit increasing by 57% to £128.6m, compared with £81.9m in 2009. Revenue increased by 10% to £743.7m.
In reporting the company's annual financial results, chairman Kwek Leng Beg said: "The economic outlook is more favourable than this time last year, although some uncertainty remains."
Average group revenue per available room (revpar) for the year was £61.06, an increase of 10.7% over 2009. The strongest revpar improvement was in Singapore (up 29.3%).
London continued to put in a strong performance with a 7.9% revpar growth across its five hotels to £90.04 (2009: £83.45) and average rate at £107.45, an increase of 8.4% from £99.11 in 2009. Occupancy fell by 0.4% to 83.8% from 84.2% the previous year.
Revpar for the capital in the final quarter of 2010 was £97.71, average rate was £116.04 and occupancy stood at 84.2%.
However, regional UK performance weakened over the year with revpar falling by 1.1% to £44.80 (2009: £45.28). The reduction was due to average room rate decreasing by 3.5% to £61.45 (2009: £63.69), but occupancy increased by 1.8% to 72.9% (2009: 71.1%).
Pressure on rate was most acute in hotels in Aberdeen, Newcastle, Manchester and Plymouth, due to a combination of increased room supply and government cutbacks in spending.
The fourth quarter saw a modest return to revpar growth in the regions with a 2% increase to £44.78 (2009: £43.92).
Millennium & Copthorne operates 103 hotels and 29,532 rooms worldwide, with 20 properties in the UK.
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By Janet Harmer
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