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Apex Hotels has announced that its profit-before-tax was £28.4m for the year ended 30 April 2024.
The company stated that this was boosted by a gain on disposal of £18.9m following the sale of Apex London Wall Hotel in July 2023.
Alongside this, its operating profit was up 9% year-on-year to £13m, after adjusting for a Covid-19 insurance in the previous year.
Furthermore, the company saw its revenues rise 6.2% compared with the previous year up to £79.4m.
In the year Apex acquired two rural properties; Pine Trees Hotel in Pitlochry and Meldrum House Country Hotel and Golf Course.
After the year end Apex continued the expansion with the acquisition of The Vineyard Hotel, followed by the DoubleTree by Hilton Dunblane Hydro.
The hotel will continue to trade as a Hilton Doubletree brand under a hotel management agreement.
In addition, the group continued to invest in its existing portfolio, completing the refurbishment of Apex City of Edinburgh Hotel in early 2024.
Angela Vicker, Apex Hotels CEO, said: “Following strong trading last year, we have set out a path for continued growth of the portfolio through strategic acquisitions and refurbishment of existing properties. The acquisition of Pine Trees, Meldrum House, The Vineyard and the DoubleTree by Hilton Dunblane Hydro marks a new chapter in the Group’s history as we venture into rural resorts and hotels.
“Offering greater choice will help maintain customer loyalty and enhance the guest experience. Maintaining a healthy profit margin has allowed us to continue to sustainably re-invest in our hotels, our people and our continued commitment to our ESG strategies.”
She added: “I am delighted to see the impact of investment in plant and infrastructure delivering reductions in scope 1 and scope 2 carbon footprint during the year, despite the 3% increase in total rooms sold. We look forward to another strong year in 2025 as we continue to grow our market position and establish ourselves as one of the top independent hotel groups in the UK.”
