easyHotel revenue growth lifts shares

Shares in AIM-listed easyHotel (LON:EZH) have risen by 11.11% to 110p (as of 9:00 BST) after revenues for the year ended 30th September rose by 56%. Regional UK trading and performance in Germany and the Netherlands has been week, although London has remained positive and other European markets have been strong.

Chief executive Guy Parsons said: “The hotel markets have remained challenging in the second half of the financial year, particularly in the UK where we are seeing dampened consumer confidence. Whilst our owned hotels have continued to outperform the market, we have not been immune to the weaker regional hotel market and trading across our franchised portfolio has continued to be subdued.

“Whilst we don’t foresee any improvement to the trading environment in the medium term, we are focused on our strategic priorities and believe the current economic uncertainties will present attractive investment opportunities to continue to expand our development pipeline in our target destinations, underpinning the long-term growth of the brand“.