19 Oct 2015 07:00
19 October 2015
Elegant Hotels Group plc
Trading Statement
Elegant Hotels Group plc (the "Company" or the "Group"), the owner and operator of five upscale freehold hotels and a beachfront restaurant on the island of Barbados, issues the following trading update in relation to the year ended 30 September 2015.
Current Trading
Trading since the interim results in June has remained solid and the operating results for the year ended 30 September 2015 are in line with expectations at the EBITDA and earnings before tax level. The Government of Barbados announced certain changes to the taxation of companies in its latest budget which may result in a modest increase in the effective tax rate. However post-tax earnings will remain broadly in line with expectations.
In the second half of the year there have been continuing steady increases in passenger arrivals to Barbados. The US market is showing the largest growth as a result of increased airlift capacity, and the trend from the UK continues to be positive.
In line with the Group's strategy, the Board has been working to develop a pipeline of potential acquisitions in Barbados and the surrounding Caribbean islands and is actively considering a number of opportunities. It is hoped that there will be material progress in this area in the short to medium term.
As previously announced, the Board has declared an interim dividend for the period to 30 September 2015 of 1.75 pence per ordinary share, which is consistent with the intentions at the time of the IPO. This is intended to be followed by a second dividend of 1.75 pence in February 2016 representing a total of 3.5 pence per ordinary share for the Company's first accounts covering the period from listing to 30 September 2015.
Sunil Chatrani, CEO of Elegant Hotels said:
"There has been a significant amount of activity in the business over the summer months following the successful listing on AIM in May, and it is a great reflection on the considerable efforts of the whole team that the business continues to perform in line with its targets. As we move in to the key winter months ahead, we continue to focus on building the profitability of our core existing business while looking closely and selectively at acquisition opportunities in Barbados and the surrounding Caribbean islands."
For further information:
Elegant Hotels Group plc | +1 246 432 6500 |
Sunil Chatrani, Chief Executive Officer
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Zeus Capital Limited (NOMAD and Broker) | +44 (0) 203 829 5000 |
Dan Bate / Nicholas HowAdam Pollock / John Goold |
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Powerscourt Rob Greening / Lisa Kavanagh Email: eleganthotels@powerscourt-group.com | +44 (0) 207 250 1446
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NOTES TO EDITORS:
Elegant Hotels owns and operates five luxury hotels and a beachfront restaurant, Daphne's, on the island of Barbados. The Group's portfolio comprises 483 rooms, which represents almost 25% of Barbados' quality leisure tourist room stock. Four of the five Group hotels are situated along the prestigious west coast of Barbados commonly known as the "Platinum Coast". The properties are all freehold, with a total aggregate plot size of approximately 20 acres and an aggregate beachfront of 2,300 feet. The value attributed to Elegant's portfolio as at 15 April 2015 was $235.5 million.
The Group has a strong market presence and is a profitable, cash generative and financially stable business that has enjoyed continuous growth in both revenue and EBITDA over the last three financial years. In the year to 30 September 2014, it achieved revenues of $57.6 million and EBITDA before non-recurring items of $19.7 million.
The Group's shares were admitted to trading on the London Stock Exchange's AIM in May 2015. Its objective now is to leverage its position as a leading hotel operator in Barbados and to expand both on Barbados and further into the Caribbean.
Together, the Group's five hotels - Colony Club, Tamarind, The House, Crystal Cove, and Turtle Beach - offer styles encompassing classic and contemporary, family-friendly and adults-only offerings:
Investor website: http://www.eleganthotelsgroup.com/
Commercial website: http://www.eleganthotels.com/