EasyHotel has released its final results for the year ended 30 September 2015 showing a revenues rise of 15% to £19.95m (2014: £17.33m), and profit before tax uplift of 38% to £0.79m (2014: £0.57m).
The Easy subsidiary said that cash from operations totalled £2.29m (2014: £1.11m), resulting in a cash position of £22.64m.
There are 21 easyHotels now operating in 14 cities in eight countries with 1,880 rooms (2014: 1,606). Owned hotel rooms increased by 103 in the year to 390 following the opening of Croydon.
The firm has seen acquisitions of sites in Manchester and Liverpool, with both hotels set to open in 2016/2017 financial year.
Newly-appointed CEO, Guy Parsons said, “easyHotel continued to perform in line with Board expectations in 2015, demonstrating the strength of the business model, the brand and demand for simple comfort at super budget prices in great locations.
“Since my appointment in August, essential and important operational improvements have been introduced to enhance the efficiency and scalability of our business, and to enable us to identify and develop new sites more quickly, as well as improve our RevPAR performance.
“The scale of opportunity we have in the UK and Europe is larger than was previously thought. Through a mix of owned and franchised hotels and an accelerated pace of openings, I believe that we have the opportunity to establish ourselves as the leading branded super budget hotel chain and create significant value for shareholders and stakeholders.”