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

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Millennium & Copthorne Q1 profit hit by refurbishments

Fri, 10th May 2019 07:38

(Sharecast News) - Millennium & Copthorne posted a drop in first-quarter revenue and pre-tax profit on Friday as it took a hit from the refurbishment of some of its hotels.Total revenue declined 0.9% during the quarter to £215m, while pre-tax profit fell 57.7% to £11m. However, revenue per available room was up 2.2% at £70.01.At constant currency, total revenue was down 4% to £224m, while RevPAR was 0.9% lower at £70.65 and pre-tax profit also fell 57.7% to £26m.The company said it had been negatively impacted by refurbishment affecting major hotels in two of the its key gateway cities - London and Singapore. The Mayfair London property was partially closed in November 2017 and then fully closed in July 2018, while the Orchard Hotel in Singapore has been under phased refurbishment since the middle of 2017.M&C said it is in the final stage of discussions with Hilton regarding the group's operation of the newly renamed Millennium Times Square New York, formerly known as the Millennium Broadway New York Times Square, as an affiliate of Hilton, with access to its reservation channels and loyalty programme.Chairman Kwek Leng Beng said: "Despite the uncertainties and challenges in the global economy, we remain focused on making the best use of our hospitality assets. The group is prioritising the refurbishment of our key gateway city properties to reposition our hotels, whilst seeking to minimise the short-term negative impact on our trading results."Operationally, we must successfully manage the refurbishment process and re-focus our sales efforts so as to improve yields. To that end, the affiliation agreement with Hilton for the Millennium Times Square New York will allow us to continue to manage one of our most significant hotels and help us to turn around the performance of the hotel more quickly."
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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

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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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3 Aug 2016 07:33

Millennium & Copthorne posts 'disappointing' first half

(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

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1 Jul 2016 10:11

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

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