Jury’s Doyle Hotel Group has announced pre-tax profits of 11.3 per cent for the 12 months ended April 30th, 2001, despite the drop in tourism revenues due to foot-and-mouth.
Turnover for the year, according to figures releasedtoday, was euro 252.15 million, an increase of 15 per cent from the previous year. Pre-tax profits rose to euro 55.71 million, and earnings per share went up by 13.8 per cent to euro 77.7 million.
In a statement, the group attributed the turnover to strong growth rates in the domestic and international economies in which they operate and said they were less exposed to problems with foot-and-mouth as a result of acorporate strategy that ensures the group is not dependent on a single, geographic or segmental market.
As a result of several acquisitions across the US and UK, the group said its bedroom stock now stands at 6,389, with 3,000 in their target base, the UK.
Strategic developments include a continued expansion programme in the UK, underlined by the purchase of the Chamberlain Hotels Group in Birminghamand the announcement of a new 274-bedroom hotel for Newcastle.
The total cost of the development including site costs, is £17.9 million sterling, and work is due to be completed by spring 2003.
The board also proposed a dividend of £10.00 (euro 12.7) per share that will give a total dividend for the year of £15.65 (euro 19.87) per share, a rise of 15.9 per cent on the previous year.
The annual general meeting will take place on August 27th at the Burlington Hotel in Dublin.