Jurys returns to profits growth
Hotels group Jurys Doyle returned to profits growth today as it said it remained on track to add 1,000 rooms to its UK portfolio by next year.
Despite challenging trading conditions, the Dublin-based operator said the popularity of its three-star Jurys Inn brand had helped pre-tax profits rise 6% to €30.6m in the six months to October 31.
It has also been encouraged by a trading recovery at its two properties in Washington DC and by a return to profits growth at its London hotels.
The company currently has 12 hotels in the UK but that figure is set to rise to 16 by mid 2004 as construction continues as planned on new sites providing Jurys Inns at Glasgow, Leeds, Chelsea and Newcastle.
The 274 room property in Newcastle will be the first of the four to open in February and is expected to be the largest hotel in the city.
Jurys added that it would continue to identify suitable four-star hotel and three-star Jurys Inn development opportunities and to build on the success of recent openings in Birmingham and Croydon.
Today’s results mark a revival for the company after pre-tax profits in the previous six month period to April 30 fell 8% year-on-year.
Jurys said its “balanced” portfolio of hotels and inns in major city centres had helped offset the impact of challenging trading conditions, although its larger Dublin hotels continued to be impacted by reduced corporate activity.
Among 32 properties, Jurys Doyle has locations in London, Belfast, Bristol, Edinburgh, Glasgow, Manchester and Cardiff. There is also a property planned for Boston in the United States early next year.
Turnover in the six months to October 31 was marginally ahead at €138.6m and pre-tax profits – prior to the proceeds from the sale of two properties – rose 2.5% to €29.5m.
Shareholders will receive an interim dividend of 8.14 cents (5.3p) per share, an increase of 5% on last time.
