The UK’s largest independent hotel group has boosted its profits and turnover.
Macdonald Hotels slashed its debt by almost £100 million in the last financial year.
Turnover at the the group has 55 hotels and resorts in the UK, Ireland, Spain and Portugal, was up 7% (£10.2m) to £155.7m. Total operating profit up 11% (£1.6m) to £16.9m while profit after tax up £2.5m to £6.1m
Its bank debt was reduced by over £96m at December 2015.
Gordon Fraser, deputy chairman and group finance director, said: “A deferred tax credit of £3.3m has been recognised this year due to the forecasted profits for the year ended March 2016 arising from the £58.8m gain from the disposal of land at Botley Park. In total, profit after tax of £6.1m is £2.5m above last year.”
Ruaridh Macdonald, deputy chief executive said: “We have enjoyed significant benefit from major events including The Ryder Cup, the Commonwealth Games, The Open Golf Championship and the Farnborough Air show, with like-for-like hotel sales up by 7% and hotel operating profit up by 10%. We have seen increases across our commercial, conference and leisure segments, resulting in a 2 percentage point growth in occupancy and a 6% increase in average room rate.