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Apex Hotels has reported a 9.5% increase in turnover, from £68.9m up to £75.4m, in the full year ended 30 April 2019.
The hotel group, which said it “reaped the rewards of significant investment across its portfolio”, also saw pre-tax profit increase 51% to £11.7m.
The number of rooms sold rose 5.5% compared with the previous financial year, while revenue per available room also increased year-on-year by 2.4%.
The Edinburgh-based group said that these results were due to its “comprehensive investment programme”. In the financial year, £9m was invested into Apex’s Temple Court, City of London and Waterloo Place sites. This brought cumulative investment on all three projects to £17.6m.
Later this year, Apex will unveil the results of a “significant refurbishment programme” at its City Quay Hotel and Spa in Dundee. The group “intends to continue evaluating further expansion plans as opportunities arise”.
Angela Vickers, CEO of Apex Hotels, said: “Over the past year, we have delivered on our capital investment programme to upgrade the portfolio.
“We are delighted to see this has resulted in a strong performance across the financial year and demonstrates our continued commitment to providing modern facilities and the best possible experience for our guests.”
She added: “We invested £3.7m in the Serjeants’ Inn property adjoining Apex Temple Court Hotel allowing us to create a 20-room extension, including five luxury suites, meeting rooms and new wine bar Lazy Ballerinas – the total investment on this project alone totalled £12.5m.
“Finishing touches to bedroom refurbishments also took place at Apex City of London and Apex Waterloo Place in Edinburgh. Meanwhile, we are pleased to report Apex City of Bath Hotel – the most recent addition to our portfolio – performed particularly well for conference and events during its first year of trading.”
