Apex Hotels Limited has reported a 11.8% rise in underlying profits before tax, up from £9.2m to £10.3m. Turnover was up 7% to £61.3m for the year to 30 April 2016.
The company said strong trading across its nine-hotel portfolio – which spans London, Edinburgh, Glasgow and Dundee – and new room openings were key contributors.
The opening of Apex City of Glasgow in September 2015 and the 30-bedroom extension to Apex City of London saw room stock rise by 134 rooms. Meanwhile the company also reported a £10m increase in valuations (rising to £336m).
Apex Hotels CEO Angela Vickers said the results paved the way for another year of exciting developments, from expansion and further investment to potential acquisitions.
The company reported capital investment of £16.1m during the last financial year and will open a new 177-room hotel, Apex City of Bath, in summer 2017. The Bath hotel is set to be the historic city’s largest hotel in terms of conference and events spaces and number of bedrooms.
The hotel group is also to develop Customs House on Dundee’s waterfront next to the existing Apex City Quay.
“We are proud of our continued growth in recent years, defying challenging market conditions, and 2017 promises to be a very exciting time for us,” Vickers said, adding that further bedroom expansion was planned at Apex Temple Court in London as well as refurbishment totalling £6m across the City of London, Grassmarket and Dundee hotels.
“In 2017 we will continue to look at other opportunities to extend and complement our existing portfolio,” Vickers added.