Apex Hotels returns to profit in FY22
Occupancy for the year averaged 51.4%, rising to 64.3% in the final quarter ended April 2022
Apex Hotels has returned to profitability in FY22 following the Covid-19 pandemic.
For the 12 months ending 30 April 2022, it reported an increase in turnover from £8.0m FY21 to £47.3m in FY22, while operating profit hit £2.9m, up from a loss of £11.2m the previous year.
It comes as the family-owned four-star hotel group re-opened all nine of its hotels in London, Bath, Edinburgh, Glasgow, and Dundee as travel restrictions were lifted and tourism increased.
According to the group, domestic demand was driven by growth from both business and leisure guests, boosted later in the year by the return of international travellers.
Despite a short drop in demand during the Omicron lockdown in December 2021, it said the latest set of accounts “demonstrate a positive period of growth for Apex Hotels”.
Occupancy for the year averaged 51.4%, rising to 64.3% in the final quarter ended April 2022.
Apex Hotels CEO Angela Vickers said: “The results reflect that after a difficult period for the sector, we are emerging as a more resilient company and can look to the future with renewed positivity and optimism.
“We are seeing particularly strong growth across our London and Edinburgh hotels, two of the most popular destinations for international visitors, with occupancy already ahead of levels seen in 2019.”
She added: “Against the backdrop of an uncertain economic outlook, rising inflation and the cost-of-living crisis, we are working hard to keep our costs down and to offer value to our guests.
“Apex continues to evolve, developing our brand around high-quality service and sustainability. Apex City of Bath Hotel and Apex City Quay Hotel and Spa were recently granted Silver Green Tourism Awards. The remainder of the group are on track to achieve this accreditation in early 2023.”
