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Pin to quick picksMillennium & Copthorne Hotels Share News (MLC)

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Berenberg downgrades Millennium & Copthorne after "weak" results

Tue, 08th Mar 2016 13:11

(ShareCast News) - Berenberg downgraded Millennium & Copthorne Hotels to 'sell' from 'hold' and chopped the price target to 340p from 470p following the company's "weak" full year results.The bank said that although hotel revenue was up 2% year-on-year, this was driven by acquisitions and an FX tailwind.On an underlying basis, hotel sales slipped more than 2% and the weak trend worsened at the start of 2016."The company has given a very cautious outlook, the development and refurbishment pipeline is becoming increasingly expensive and management remains adamant that there is no possibility of asset sales. We therefore see several catalysts for the shares to fall further," said Berenberg.It noted that in the fourth quarter, group revenue per available room fell 4.1% year-on-year at constant currency and was down a further 5.9% in January 2016, with Europe and the US both seeing RevPAR decline more than 10%."We feel M&C will continue to struggle against competitors with stronger brands and it will only become more reliant on online travel agents (OTAs), damaging profitability."At 1315 GMT, shares were down 3.2% to 418.80p.
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28 Nov 2014 14:47

Millennium & Copthorne Hotels acquires a further 30% of Quantum

Millennium & Copthorne Hotels settled an acquisition on Friday for the remaining 30% stake in overseas investment office Quantum. The hotel firm has paid a consideration of $14.25m for the additional interest in Quantum. Quantum is the principal operating subsidiary of Millennium & Copthorne Hotels

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7 Nov 2014 15:36

Millennium & Copthorne Appoints Lee To Takeover As CEO Next Year

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30 Oct 2014 14:28

Millennium and Copthorne Hotels releases encouraging quarterly results

Millennium & Copthorne Hotels (MLC) has released encouraging third quarter results following increased profit due to higher occupancy and room rates. Revenue rates for the third quarter of 2014 showed a 5.5% increase from the previous year's figure, rising to a total of £215.9m. Profit before tax in

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30 Oct 2014 08:39

UK MORNING BRIEFING: Shares Gain On Positive Earnings Despite Fed

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30 Oct 2014 08:07

Millennium & Copthorne Profit Up But Sterling Still Biting

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30 Oct 2014 08:05

Millennium & Copthorne's profit up on higher occupancy, room rates

Oct 30 (Reuters) - Millennium & Copthorne Hotels Plc's third-quarter profit rose 6.6 percent as an increase in global business travel drove occupancy and room rates. Pretax profit rose to 50.2 million pounds in the quarter ended Sept. 30 from 47.1 million pounds a year earlier. Reve

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10 Oct 2014 12:37

Millennium & Copthorne acquires luxury hotel in Rome

Millennium & Copthorne Hotels (M&C) has completed the €65.5m acquisition of a freehold interest in the five-star hotel trading as the Boscolo Palace Roma. The property, which contains 87 luxury guest rooms, will be operated by M&C as the Grand Hotel Palace. The FTSE 250 group made the purchase thro

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