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Budget hotel brand easyHotel has reported an increase in its revenue of 34% to £3.5m in its first year as a listed company.
In its results for the year ending 30 September 2014, announced that its listing on the London Stock Exchange in June 2014 raised £24m, which it said has allowed the company to invest in the development and operation of owned hotels.
The company also revealed that system sales were up 14% to £17.3m, compared £15.2m in 2013.
The company currently owns three hotels, in Old Street, Glasgow and Croydon, and has 20 hotels operating in 13 cities in nine countries.
Simon Champion, chief executive officer said: “The group has made good progress during the year with strong performance from our owned hotels and across our franchised hotels.
“Current trading is healthy and we remain confident on the outlook for 2015, particularly given our recent refurbishment investment at Old Street and other initiatives that are underway.”
“easyHotel is a strong brand with international recognition. Our expansion plans are taking shape and we are confident that we can secure owned properties for conversion in key European gateway cities, as well as expand the franchised estate. Our focus remains on delivering a high return on capital for shareholders, as well as providing excellent value for our customers”.
