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AIM-listed Barbados hotel firm Elegant Hotels Group (LON:EHG) saw its share price rise by 6.41% to 64.27p after profits before tax in the year ended 30th September rose by 3.5% to $9.5 million. Revenues for the year also rose by 5% following the opening of the company’s latest hotel.
CEO Sunil Chatrani said: “We are pleased to have had a year of good financial and operational progress. The revenue increase reflects our strategy of delivering day-to-day excellence, developing our existing properties, and expanding our portfolio. The acquisition, refurbishment and subsequent relaunch of Treasure Beach in Barbados was a notable highlight, and since the year end Hodges Bay Resort & Spa in Antigua has opened under management contract.
“Barbados continues to be a hugely attractive destination for visitors and holidaymakers from all over the world, and visitor numbers from the key markets of the UK and the US have continued to increase. While the market remains competitive, we firmly believe that we are well positioned due to the quality of our properties, our relentless focus on providing our guests with outstanding service, and the viability of our strategy. Our trading since the start of the new financial year has remained in line with market expectations, and our bookings are currently tracking ahead of the same period last year. While we are confident in our prospects for FY19, the Board continues to monitor macroeconomic conditions closely, which have the potential to reduce UK consumer discretionary spend“.