Elegant Hotels Group plc Announces Unaudited Consolidated Operating and Financial Results for the Six Months Ended 31 March 2018; Provides Earnings Guidance for the Year 2018
Elegant Hotels Group Plc announced unaudited consolidated operating and financial results for the six months ended 31 March 2018. For the six months the company reported revenue of $38,785,000 against $35,781,000 a year ago. Operating profit was $12,409,000 against $12,603,000 a year ago. Profit before taxation was $10,763,000 against $11,513,000 a year ago. Profit for the period attributable to equity holders of the Parent was $8,818,000 against $9,210,000 a year ago. Basic and diluted earnings per share were 9.9 cents against 10.3 cents a year ago. EBITDA was $14,678,000 against $14,550,000 a year ago. Adjusted EBITDA was 15,351,000 against $15,271,000 a year ago. Adjusted operating profit was $13,082,000 against $13,324,000 a year ago. Adjusted profit before tax was $11,436,000 against $12,234,000 a year ago. Adjusted profit after tax was $9,323,000 against $9,787,000 a year ago. Adjusted basis and diluted earnings per share was 10.5 cents against 11.0 cents a year ago. Net cash generated from operating activities was $8,649,000 against $7,980,000 a year ago. Purchase of property, plant and equipment was $3,880,000 against $2,812,000 a year ago. Purchase of intangible assets was $222,000.
For the six months, overall occupancy grew by one percentage point to 67% against 66% a year ago. This was driven by occupancy increases at Colony Club, The House and Turtle Beach. ADR increased 2% to $433 against $425 a year ago. This movement was largely driven by Waves, which was able to add over 20% to its rate as the property becomes increasingly well established.
As a result, the Group remains comfortable with the 2018 outlook versus market expectations and confident in the Group's longer term prospects.