Commenting on the results, Sunil Chatrani, CEO of Elegant Hotels, said: “We are pleased to have delivered a solid financial and operational performance in the first half of the financial year. The high end hotel market in Barbados appears to be stabilising after several challenging years, and we have a strong pipeline of bookings for the remainder of the financial year. As a result, we remain comfortable with the FY18 outlook versus market expectations and confident in the Group’s longer term prospects.”
Elegant Hotels Group plc, the owner and operator of seven upscale freehold hotels and a beachfront restaurant on the island of Barbados, today announced its unaudited results for the six months ended 31 March 2018.
-- Revenue up 8% to $38.8m (H1 2017: $35.8m) -- RevPAR (revenue per available room) up 5% to $292 (H1 2017: $279) -- ADR (average daily rates) up 2% to $433 (H1 2017: $425) -- Adjusted EBITDA* up 1% to $15.4m (H1 2017: $15.3m) -- Adjusted profit before tax down 7% to $11.4m (H1 2017: $12.2m) -- Adjusted EPS (cents per share) of 10.5c (H1 2017: 11.0c) -- Implied Net Asset Value (NAV) of 199 cents per share (143 pence per share **) -- Interim dividend declared at 1.33 pence per share (H1 2017: 3.5 pence per share)
Operational Highlights
— Opened Treasure Beach hotel, a 35 suite hotel, in December 2017 resulting in a 6% increase in room count to 588 (H1 2017: 553)
— Established a centralised warehouse in order to increase operational efficiencies and take advantage of direct importation of food and beverage
— Construction of Hodges Bay Resort in Antigua, the Group’s first management contract and its first hotel outside Barbados, nearing completion
-- Occupancy increased to 67% (H1 2017: 66%)
* The Group uses adjusted EBITDA as a measure of performance as it better represents underlying performance. Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and one-off items that are outside the ordinary course of business. Adjusted profit and adjusted EPS reflect the adjusted EBITDA figure.
Please note that due to rounding, numbers presented throughout this document may not add up precisely to the totals provided. Percentage changes are calculated on unrounded figures.
** based on an exchange rate of GBP1 : $1.40
Analyst Presentation
A presentation of the results for analysts and institutional investors will take place at 9.00am today at etc. venues, 51-53 Hatton Garden, Clerkenwell, London, EC1N 8HN.
