19 Feb 2016 08:34
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Millennium & Copthorne Hotels Share News (MLC)
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Millennium & Copthorne Hotels Information
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Don't have an account? Click here to register.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.
More News
19 Feb 2016 07:37
Millennium & Copthorne profit hit by external factors
(ShareCast News) - Millennium & Copthorne Hotels posted an 86% drop in fourth quarter pre-tax profit despite a slight gain in revenue. Pre-tax profit declined to £11m from £80m in the fourth quarter of 2014, although revenue nudged up 1.3% to £232m. Revenue per available room (RevPAR), which is a ke
Read more12 Feb 2016 16:01
12 Feb 2016 07:45
Millennium & Copthorne says impairment charges will dent 2015 profit
(ShareCast News) - Millennium & Copthorne Hotels, which is due to release its full year results next Friday, expects to recognise a net charge of around £43m against pre-tax profits for 2015. It said the net charge includes £76m of impairment losses relating primarily to four of its properties in th
Read more25 Jan 2016 16:04
Hilton launches budget hotel brand
(ShareCast News) - After hotels giant Hilton launched a new brand aimed at budget travellers, shares in UK hotel companies were sent lower on Monday on fears of increased competition. Hotel said its new Tru brand will "fill a massive void" in the hotel market, arguing that the offering of rival budg
Read more29 Oct 2015 14:03
FTSE 250 movers: Playtech surges on update; Millennium slumps as results disappoint
(ShareCast News) - London's FTSE 250 index was down 0.3% to 17,098.97 at 1505 GMT as investors digested a hawkish policy statement from the Federal Reserve and mixed US data releases. Playtech was a high riser after the gambling and software services supplier reported strong trading in both of its d
Read more29 Oct 2015 10:32
29 Oct 2015 08:29
Millennium & Copthorne under pressure in Asia
(ShareCast News) - Millennium & Copthorne Hotels posted lower revenue and profit in the third quarter due to weaker performance in Singapore and Rest of Asia. With revenue per available room (revpar) down 0.1% in the quarter to £77.66, group revenues for the quarter were down 2.8% to £211m, meaning
Read more