Hydro Hotel, Eastbourne, Plc; Hydro Hotel Eastbourne Plc Statement regarding Dividend

 
TIDMHYDP; HYDP 
 
16 December 2020 
 
                         Hydro Hotel, Eastbourne, Plc 
                       ("Hydro Hotel" or the "Company") 
 
                         Statement regarding Dividend 
 
The Directors of Hydro Hotel announce an update in respect of the year ended 31 
October 2020. 
 
As shareholders will be aware, it has been a difficult trading year for the 
Company and particularly for the global hospitality industry as a result of the 
Coronavirus pandemic. Between 23 March 2020 and 4 July 2020, the hotel was 
closed as required by Government legislation. The hotel reopened on 4 July 
2020, trading in accordance with Government guidance and restrictions. There 
has been a further period of closure for the hotel from 5 November to 2 
December 2020, with Tier 2 restrictions applied from that date to now. 
 
To support the business through this difficult time, the Company has been in 
receipt of Government financial assistance. In view of this assistance, and the 
continuing uncertainty regarding the economic consequences of the pandemic, the 
Board of Directors has decided that it would not be appropriate to declare a 
dividend in respect of the year ended 31 October 2020. 
 
The Board's long-term strategy remains that of improving the performance of the 
Company's trade so as to generate sufficient profits for distribution to its 
shareholders. 
 
The hotel has enjoyed a loyal clientele over a long period and the Board 
anticipates that the suspension of the dividend will be a temporary measure 
which will assist in ensuring the continuation of the business. 
 
The Company expects to announce its audited results for the year ended 31 
October 2020 in January 2021. Although the audited results are expected to show 
a loss for the year, the Board is confident that the Company continues to have 
adequate financial resources available to it. 
 
The Directors of Hydro Hotel accept responsibility for the content of this 
announcement. 
 
Enquiries: 
 
Hydro Hotel, Eastbourne, Plc                      Telephone: [phone] 
Sally Gausden                                                [phone] 
Company Secretary 
 
Peterhouse Capital Limited                        Telephone: [phone] 
AQSE Corporate Adviser 
Mark Anwyl 
 
Market Abuse Regulation (MAR) Disclosure 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END 
 

(END) Dow Jones Newswires

December 16, 2020 07:28 ET (12:28 GMT)