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EasyHotel has announced that it has seen its pre-tax profits and revenues jump by over 50% for the six month period to 31 March 2018.
The budget hotel operator has reported that its pre-tax profits increased by 52% to £0.9m up from £0.6m the previous year.
Total group revenue also increased by 51% to £4.76m up from £3.14m the previous year. EasyHotel also saw its adjusted EBITDA increase by 51.0% to £0.98m up from £0.65m.
EasyHotel also announced that it new hotel openings will see its group’s room portfolio increase by 38% by the end of the calendar year.
This is made up of three new hotels totalling 269 rooms that were opened during the period with a further four new owned hotels (517 rooms) and five new franchised hotels (411 rooms) scheduled to open later this year.
Commenting, Guy Parsons CEO of EasyHotel, said: “EasyHotel delivered another strong performance in the first half of our financial year, growing market share in every market in which it operates.
“The group’s successful £50 million fundraising is already fuelling further expansion and since the placing completed in March 2018 we have been delighted to announce further additions to our development pipeline with new sites acquired in Cambridge and Chester.
“As has been widely reported, industry data points to more challenging trading conditions in the overall UK hotel market whilst the European market continues to perform well. Our growing portfolio of European hotels are trading strongly.
“Whilst we remain mindful of UK consumer sentiment we believe our super budget offer is appropriately aligned to the needs of discerning and value conscious customers. Group trading remains in line with our expectations and we expect the brand to continue to outperform the market.
“We will continue to seize opportunities in our UK, European and international markets, balancing our owned hotel development between UK and European assets to create value for our shareholders and underpin the long-term growth of the EasyHotel brand.”
