Dalata losses narrow as revenues spike 40%

Dalata Hotel Group plc has reported a 40% year-on-year increase in revenues for the year ending 31 December 2021 (FY21), up from €136.8m (£114.03m) to €192m (£160.05m), which also represents 45% of pre-Covid levels. The group has also revealed a narrowing pre-tax loss of €11.4m (£9.5m), compared to a loss of €111.5m (£9.29m) in 2020. Additionally, adjusted EBITDA hit €63.2m (£52.68m) in FY21, up 238% year-on-year from €18.7m (£15.58m), although this is still down from pre-Covid levels of €162.2m (£135.21m). Following the reopening of hotels at the end of Q2 2021, like-for-like group RevPAR increased from 19% of 2019 levels for the first six months of 2021 to 58% in July and 78% in November as events and domestic corporate business returned. Overall, RevPAR hit €40.02m (£33.36m), up 45.8% year-on-year from €27.45m (£22.88m). Occupancy levels for the year were also 39.7%, up from 30.9% last year but still down from pre-Covid levels of 82.6%. Dalata said it currently has a pipeline of over 2,000 rooms which will see the UK footprint surpass Dublin by 2025. The group’s primary focus remains on the regional UK and London, but it is also looking at large European cities for growth opportunities. Meanwhile, trading at the start of FY22 was disrupted by restrictions following the emergence of the Omicron variant. However, Dalata remains “optimistic” about the ongoing recovery of the business amid pent-up demand for travel following the easing of restrictions and high levels of vaccination. Dermot Crowley, Dalata Hotel Group CEO, said: “Our hotels in Regional Ireland, Regional UK and Northern Ireland benefited from strong levels of staycation demand following the easing of restrictions in the summer, while the return of domestic corporates and project work later in the year commenced recovery in our Dublin and London markets. “In September 2021, despite room revenue for our Irish portfolio being 50% behind what we achieved in September 2019 on a ‘like for like’ basis, the number of hours worked reached 85% of the levels for September 2019.” He added: “We are looking forward to capitalising from a position of strength as we continue to rebuild our existing hotels and focus on growth opportunities. Our strong financial position and ambitious teams provides us with a platform for growth as we now look forward beyond the pandemic and towards long term recovery and sustainable growth.”

Dalata losses narrow as revenues spike 40%

The group has announced narrowed its pre-tax loss of €111.5m (£9.29m) in FY20 to €11.4m (£9.5m)

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