Thistle Hotels PLC - Trading Update
January 24 2000 - 2:01AM
UK Regulatory
RNS Number:2434E
Thistle Hotels PLC
24 January 2000
FULL YEAR TRADING UPDATE
Unaudited Trading Result for the financial year end 26 December, 1999.
Total revenues in Thistle's retained* hotels increased by 1.7% to
#300.2 million in 1999. Occupancy increased by 4.0% to 74.9% but the
average room rate declined by 2.7% to #67.33, resulting in revenue per
available room (Revpar) increasing by 1.2% to #50.43.
In London, Revpar for the year in the retained hotels increased by
0.5% to #59.51. Difficult trading conditions in the third quarter
were compensated by an improved fourth quarter when Revpar increased
by 8.2% over the previous year.
Outside London, Revpar for the year in the retained hotels increased
by 1.5% to #36.73. As with London, a weak third quarter was
compensated by a stronger fourth quarter, notwithstanding the five
hotels in Aberdeen continuing to be affected by the slowdown in North
Sea oil activity during the period. Excluding Aberdeen, Revpar in the
fourth quarter increased by 4.4% over the previous year.
Ian Burke, Thistle's Chief Executive Officer said "Thistle continued
to improve its revenue per available room in 1999, despite difficult
trading conditions during most of the year. It is too early to judge
whether the improvement seen in the fourth quarter will continue
through 2000."
*Retained hotels excludes 36 hotels sold during 1998 or 1999 as well
as the Black Bull, Wellesley and Dee Motel, which are in the process
of being sold and Middlesbrough which is currently closed.
For further information, please contact
Ian Burke 020 7723 0101
Thistle Hotels Plc
Nick Denton 020 7357 9477
Hogarth Partnership Limited
KEY OPERATING STATISTICS
Retained portfolio
52 weeks 52 weeks
ended ended %
26/12/99 27/12/1998 change
London
Occupancy 79.3% 76.2% 4.1%
Average Room Rate (#) 75.04 77.40 -3.0%
Revenue per available room (#) 59.51 59.22 0.5%
Turnover (#m) 192.5 188.9 1.9%
Regions
Average Room Rate (#) 53.85 55.01 -2.1%
Revenue per available room (#) 36.73 36.20 1.5%
Turnover (#m) 107.7 106.3 1.3%
Group
Occupancy 74.9% 72.0% 4.0%
Average Room Rate (#) 67.33 69.21 -2.7%
Revenue per available room (#) 50.43 49.83 1.2%
Turnover (#m) 300.2 295.2 1.7%
Total Group
52 weeks 52 weeks
ended ended %
26/12/1999 27/12/1998 change
London
Occupancy 79.3% 76.3% 3.9%
Average Room Rate (#) 74.65 76.80 -2.8%
Revenue per available room (#) 59.20 58.60 1.0%
Turnover (#m) 194.8 192.5 1.2%
Regions
Occupancy 67.5% 60.9% 10.8%
Average Room Rate (#) 53.31 50.86 4.8%
Revenue per available room (#) 35.98 30.97 16.2%
Turnover (#m) 109.9 136.1 -19.3%
Group
Occupancy 74.5% 68.8% 8.3%
Average Room Rate (#) 66.86 65.57 2.0%
Revenue per available room (#) 49.81 45.11 10.4%
Turnover (#m) 304.7 328.6 -7.3%
END
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