Peel Hotel group sees improvement in results
THE Peel Hotel group has today said it has seen “modest improvement” in its end of year results.
The company, which runs the Midland Hotel in Bradford and the Cosmopolitan Hotel in Leeds, reported an increase in revenues of 4% to £15,233,026 (2012: £14,647,126). Operating profit was up 53% to £560,979 compared to £365,630 in 2011.
The business spent £439,308 during the year, which it said was mainly on the continuing refurbishment of bedrooms at a number of venues, including the Midland Hotel in Bradford.
It said a further £557,048 (2012: £544,205) was spent on repairs and renewals.
Following the year end Peel agreed to an extension to its existing bank loan facility with the Royal Bank of Scotland (which was due to expire on 1 June 2014).
Chairman Robert Peel said: “This extension provides the group with greater certainty with regard to its financial structure going forward over the next four years.
“The group achieved a modest improvement in the financial year ended 3 February 2013.
“Sales growth has been flat in the first quarter of the new financial year and energy costs in particular have been substantially more than in the previous year. We have trimmed our overheads and hope to further improve our EBITDA in the current year.”
