Budget hotel brand Easyhotel has reported a 33.7% increase in revenue to £11.3m in the group’s full financial year results, ending 30 September 2018.
Owned hotels RevPAR was up 11.4%, with the group’s owned hotels continuing to deliver “market outperformance” for a third consecutive year, and like-for-like revenue for franchised hotels increased by 12.1%, with adjusted EBITDA increasing by 28.6%.
However, profit before tax remained relatively unchanged at £0.87m, compared with £0.86m in 2017, impacted by “disruptions” at Easyhotel Old Street (loss of 70 rooms) and the closure of a franchise hotel at Earl’s Court (109 rooms).
The brand also opened nine new hotels, totalling 907 rooms, which it said were “trading well”, resulting in a combined occupancy of 82.4% for the year, compared with 79.8% in 2017.
CEO Guy Parsons said: “This has been a transformational year for the group. We have increased our portfolio of rooms by 42%, in 27 cities across the UK, continental Europe and the Middle East, making excellent progress towards our target of being the market leader in ‘super budget’ hotels.
“Despite the wider macro-economic uncertainty that continues to impact consumer confidence, particularly in the UK, we have grown market share for the third consecutive year. The continued outperformance of our hotels reflects the growing strength of the Easyhotel brand.”