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Millennium & Copthorne posts 'disappointing' first half

Wed, 03rd Aug 2016 07:33

(ShareCast News) - Millennium & Copthorne Hotels posted its half-year report for the six months to 30 June on Wednesday, with Group revenue per available room (RevPAR) in constant currency falling by 4.2% to £67.91, compared to £70.88 in the same period last year.The FTSE 250 firm put the drop down to decreases in both occupancy and average room rate of 1.4% and 2.2% respectively.Total revenue for the first six months grew by 3.5% to £418m, in part reflecting higher land sales, the company's board said, with hotel revenue declining by 1.4% to £360m in the same period.In constant currency, hotel revenue declined by 4.3% during the half, which was put down to deterioration of trading in Millennium & Copthorne's "key gateway cities" of New York, London and Singapore.Hotel operating profit fell by 21.7% to £47m, from £60m last year.The company's board declared an interim dividend of 2.08p per share, but warned that the final dividend for the year remained under review."We are disappointed by our hotel operating performance during the first half of 2016, particularly in New York and Singapore, which remain areas of focus for the group," said Millennium & Copthorne chairman Kwek Leng Beng."The UK referendum vote to leave the European Union, together with recent terrorist activity, has further intensified uncertainty over the direction of the global economy."Leng Beng said the group has a history of successfully navigating difficult economic environments given its broad geographic exposure and strong balance sheet."Against a backdrop of economic uncertainty, we are adopting a prudent strategy to protect the group's strong financial position, including a review of capital expenditure, whilst taking appropriate steps to strengthen areas of operating weakness."
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26 Jul 2018 12:28

Millennium & Copthorne to take a hit from London Mayfair hotel closure

(Sharecast News) - Millennium & Copthorne Hotels announced on Thursday that, as part of its commitment to increase investment in its assets as it announced in its preliminary results for the period ended 31 December, a decision has been made to close the Millennium Hotel London Mayfair entirely during the remainder of its refurbishment programme.

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27 Apr 2018 16:06

UK Earnings, Trading Statements Calendar - Next 7 Days

Monday 30 April WPPTrading Statement Diversified Gas & OilFull Year Year Global

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27 Apr 2018 16:06

UK Shareholder Meetings Calendar - Next 7 Days

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12 Mar 2018 10:22

Ex-divs to take 1.4 points off FTSE 100 on March 15

LONDON, March 12 (Reuters) - The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. to at

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17 Feb 2017 07:12

Weak sterling helps Millennium & Copthorne weather tough year

(ShareCast News) - International accommodation operator Millennium & Copthorne posted its final results for the 2016 calendar year on Friday, with group revenue per available room (RevPAR) increasing 6.6% to £76.71. The FTSE 250 firm said that in constant currency, however, RevPAR fell by 2.3%, and

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10 Feb 2017 16:11

UK Earnings, Trading Statements Calendar - Next 7 Days

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26 Jan 2017 12:42

UPDATE 2-Whitbread to stick to London hotel growth plan despite slowdown

* Whitbread to press on with Premier Inn London expansion * Costa Coffee sales prove bright spot (Adds CEO quote, details) By Rahul B Jan 26 (Reuters) - The head of Whitbread Plc, the owner of Premier Inn hotels and the Costa Coffee chain, said the company would stick to its p

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7 Nov 2016 09:29

BROKER RATINGS SUMMARY: JPMorgan Raises Price Targets For Miners

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2 Nov 2016 12:50

UPDATE 1-Millennium & Copthorne's London hotels get a boost from pound's fall

(Adds company comments, details, background) By Esha Vaish Nov 2 (Reuters) - Millennium & Copthorne Hotels reported a 28 percent rise in third-quarter profits on Wednesday, boosted by the slump in sterling after Britain voted to leave the European Union which had also attracted more

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2 Nov 2016 07:56

Millennium & Copthorne profit boosted by weaker pound

(ShareCast News) - Millennium & Copthorne reported a rise in profit in the third quarter as it benefited from a weaker sterling in the aftermath of the UK's vote to leave the European Union. In the quarter to the end of September, pre-tax profit was up 27.8% to £46m, on revenue of £247m, up 17.1%. F

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2 Nov 2016 07:35

Brexit-induced pound slide attracts tourists to M&C's London hotels

Nov 2 (Reuters) - Millennium & Copthorne Hotels Plc said that more tourists visited its London hotels thanks to the sharp decline in sterling since Britain voted to leave the European Union, but it added that the outlook for the UK economy remained uncertain. The operator of the Millennium

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23 Sep 2016 15:06

UK Dividends Calendar - Next 7 Days

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3 Aug 2016 11:56

UPDATE 1-M&C Hotels hit by European security fears

(Adds CEO comments, details) By Esha Vaish Aug 3 (Reuters) - Millennium & Copthorne Hotels Plc said Islamist attacks in continental Europe and Britain's vote to leave the European Union had added to its problems after a disappointing performance in the first half of the year. T

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1 Jul 2016 10:11

Millennium & Copthorne Appoints JPMorgan's Kok-Kee Chong As CFO

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