EasyHotel annual revenue up year-on-year

(ShareCast News) - Budget hotel operator easyHotel has revealed revenue for the year is "materially ahead" of the previous year.The AIM company released a trading update on Wednesday for the year to 30 September.It said revenue is up for the year after contributions from its Glasgow operation, more capacity at Old Street in London, a new hotel in Croydon, and the openings of franchisee hotels in Frankfurt and Prague.It expects to report underlying trading EBITDA before exceptional items of approximately £1.4m to £1.5m. However, that's likely to be impacted by the cost of management changes and the termination of the South Africa franchise.EasyHotel chief executive Guy Parsons is pleased with the progress the group has made so far."Whilst the strategy is sound, I am currently having a hard look at how we can accelerate the growth of both the owned and franchised hotels as well as how we can improve the group's core operational disciplines."The company will released its audited results in December.