EasyHotel plc, the owner, developer, operator and franchisor of 'super budget; branded hotels, has today announced its interim results for the six months ended 31 March 2017 with trading slightly ahead of the Board's expectations.
Total system sales were up by 24.7% to £12.05m (31 March 2016: £9.66m), and total revenue rose by 21.2% to £3.14m (31 March 2016: £2.59m).
The company saw adjusted EBITDA increase by 13.2% to £0.65m (31 March 2016: £0.58m).
Profit before tax was down to £0.06m (31 March 2016: £0.14m), reflecting increased costs associated with the expanding development pipeline.
Like-for-like revenue for owned hotels increased by 17.4% and for franchised hotels by 6.8% - with owned hotels significantly outperforming competitor set, according to STR.
Three hotels opened during the period with occupancy of 85%, and two new hotels opened in the last four weeks.
Guy Parsons, Chief Executive Officer, (pictured) said, 'These results re?ect the continued good progress the Group is making against our long-term growth strategy to develop the easyHotel brand as a market leader in 'super budget' hotels.
'The strong like-for-like performance from our owned and franchised hotels over the period is very encouraging. Our new hotels opened during the period, under our 'new-look' format, have traded strongly.'
Parsons continued, 'We have a number of exciting opportunities in our development pipeline and the Board believes that the strength of the brand and our leading position in the branded super budget market means we are well positioned to capitalise on consumer desire to seek out the best value.
'Whilst we are mindful of the broader political and economic uncertainty and the impact this is having on consumer confidence, full year trading is on track to meet the Board's expectations.'