We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Millennium & Copthorne Hotels Plc | LSE:MLC | London | Ordinary Share | GB0005622542 | ORD 30P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 687.00 | 685.00 | 689.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMLC
RNS Number : 1011N
Millennium & Copthorne Hotels PLC
04 May 2018
For Immediate Release 4 May 2018
MILLENNIUM & COPTHORNE HOTELS PLC
TRADING UPDATE
First quarter results to 31 March 2018
LEI: 2138003EQ104LZ1JNH19
Highlights for 1(st) quarter 2018:
Reported Currency Constant Currency ----------------- ------------ -------------------------------------- ---------------------------------- Q1 Q1 Change Q1 Change 2018 2017 2017 ----------------- ------------ ------------ ------------------------ ----------- --------------------- RevPAR GBP68.48 GBP70.66 GBP(2.18) (3.1)% GBP66.35 GBP2.13 3.2% ----------------- ------------ ------------ ------------- --------- ----------- ---------- --------- Revenue - total GBP217m GBP223m GBP(6)m (2.7)% GBP210m GBP7m 3.3% ----------------- ------------ ------------ ------------- --------- ----------- ---------- --------- Revenue - hotel GBP187m GBP191m GBP(4)m (2.1)% GBP180m GBP7m 3.9% ----------------- ------------ ------------ ------------- --------- ----------- ---------- --------- Profit before tax GBP26m GBP13m GBP13m 100.0% GBP13m GBP13m 100.0% ----------------- ------------ ------------ ------------- --------- ----------- ---------- ---------
-- Group RevPAR for the first quarter of 2018 fell by 3.1% to GBP68.48 (Q1 2017: GBP70.66). In constant currency, RevPAR increased by 3.2%.
-- Reported hotel revenue decreased by 2.1% to GBP187m (Q1 2017: GBP191m). Exchange loss arising from the stronger pound was GBP11m and this reduced the Group's reported hotel revenue.
-- London performance was affected by the partial closure to-date of the Millennium Hotel London Mayfair during refurbishment, which is normally a significant revenue contributor for the region, together with slower trading at other London hotels.
-- In constant currency, hotel revenue increased by 3.9% with higher contributions from Millennium Hilton New York One UN Plaza (re-branded in August 2017) and M Social Auckland (opened in October 2017).
-- Total revenue for Q1 2018 fell by GBP6m or 2.7% to GBP217m (Q1 2017: GBP223m), including foreign exchange loss of GBP13m.
-- Profit before tax for the first quarter of 2018 increased by GBP13m to GBP26m (Q1 2017: GBP13m). Included in the Group pre-tax profit for this quarter is the gain from the disposal of two Australian hotels that were owned by CDL Hospitality Trusts ("CDLHT") of GBP3m. The Group also benefitted from the higher profit contributions from CDLHT and First Sponsor Group Limited ("FSGL"), an associated company, with the total contributions being GBP3m higher than last year.
-- Net finance cost for this quarter was lower than the corresponding period last year, mainly due to the absence of a foreign exchange loss of GBP4m arising from CDLHT's loan repayment.
Mr Kwek Leng Beng, Chairman commented:
"Performance over the first three months of the year was mixed. London declined and Europe is showing indications of weakness, whilst our Millennium Broadway New York hotel continues to hold back overall trading performance in New York. More positively, Asia showed some signs of a recovery and New Zealand continued to perform well. We are on track to move forward on a number of significant capital investment projects this year, designed to improve returns on Group assets. We also remain alert to acquisition opportunities.
Following the close of the first quarter the Group announced the appointment of Jennifer Fox as Group Chief Executive Officer. Ms Fox, who will join the Group on 19 June 2018, has 30 years of experience in the global hospitality industry and has held senior executive roles in operations, branding and marketing across mid-scale, upscale and luxury segments of the industry."
Enquiries
Millennium & Copthorne Hotels plc Tel: +44 (0) 2078722444
Tan Kian Seng, Interim Group Chief Executive Officer
Kok-Kee Chong, Chief Financial Officer
Jonathon Grech, Group General Counsel and Company Secretary
Peter Krijgsman, Financial Communications (Media)
FINANCIAL PERFORMANCE
For the three months ended 31 March 2018, reported revenue decreased by 2.7% to GBP217m (Q1 2017: GBP223m). However on a constant currency basis, Group revenue increased by 3.3%. This is due to foreign exchange loss of GBP13m as a result of the stronger pound against major currencies in Q1 2018 versus to the same period last year.
Reported Currency Constant Currency ----------------- ---------- ------------------------------ ------------------------------ Q1 2017 Change Q1 2017 Change GBPm GBPm ----------------- ---------- ------------------ ---------- ------------------ Q1 2018 GBPm % GBPm GBPm % ----------------- ---------- ---------- ------- --------- ---------- ------- --------- Hotel 187 191 (4) (2.1) 180 7 3.9 ----------------- ---------- ---------- ------- --------- ---------- ------- --------- Property 14 18 (4) (22.2) 17 (3) (17.6) ----------------- ---------- ---------- ------- --------- ---------- ------- --------- REIT 16 14 2 14.3 13 3 23.1 ----------------- ---------- ---------- ------- --------- ---------- ------- --------- Total Revenue 217 223 (6) (2.7) 210 7 3.3 ----------------- ---------- ---------- ------- --------- ---------- ------- ---------
In constant currency, hotel revenue increased by GBP7m or 3.9% mainly driven by higher contributions from Millennium Hilton New York One UN Plaza which was re-branded in August 2017, and M Social Auckland which opened in October 2017. However, cost pressures continued to persist in the Group's New York hotels, impacting their profitability.
Property revenue was down by GBP3m or 17.6% due principally to the lower land sales in New Zealand during this quarter. REIT revenue increased by GBP3m or 23.1% due to contribution from newly acquired hotels.
HOTEL OPERATIONS
For comparability, the following performance review is based on calculations in constant currency whereby 31 March 2017 hotel revenue, RevPAR and average room rates have been translated at average exchange rates for the first three months ended 31 March 2018.
In constant currency, Group RevPAR increased by 3.2% for the first quarter ended 31 March 2018. Occupancy was down by 0.5% points and average room rate increased by 3.9%. On a like-for-like basis, excluding new hotels and those impacted by refurbishment or closures, Group RevPAR increased by 3.5% compared to the same period last year.
RevPAR Occupancy Average Room Rate ------------------------- ----------------------- ------------------------- Q1 2018 Q1 #Q1 Q1 Q1 Q1 #Q1 2018 2017 Change 2018 2017 Change 2018 2017 Change GBP GBP % % % %pts GBP GBP % -------------- ------- ------- ------- ------ ------ ------- ------- ------- ------- New York 106.22 99.22 7.1 75.2 72.0 3.2 141.16 137.75 2.5 Regional US 45.79 44.86 2.1 50.7 52.4 (1.7) 90.39 85.68 5.5 -------------- ------- ------- ------- ------ ------ ------- ------- ------- ------- Total US 65.69 62.76 4.7 58.8 58.8 - 111.80 106.67 4.8 -------------- ------- ------- ------- ------ ------ ------- ------- ------- ------- London 78.72 86.90 (9.4) 69.3 76.4 (7.1) 113.66 113.70 - Rest of Europe 47.18 44.88 5.1 64.7 64.2 0.5 72.95 69.85 4.4 -------------- ------- ------- ------- ------ ------ ------- ------- ------- ------- Total Europe 63.35 66.16 (4.2) 67.0 70.4 (3.4) 94.51 93.96 0.6 -------------- ------- ------- ------- ------ ------ ------- ------- ------- ------- Singapore 82.32 81.45 1.1 86.6 87.4 (0.8) 95.01 93.21 1.9 Rest of Asia 58.74 56.11 4.7 63.0 62.2 0.8 93.22 90.21 3.3 -------------- ------- ------- ------- ------ ------ ------- ------- ------- ------- Total Asia 67.87 65.92 3.0 72.2 71.9 0.3 94.06 91.62 2.7 -------------- ------- ------- ------- ------ ------ ------- ------- ------- ------- Australasia 88.14 79.33 11.1 91.2 90.5 0.7 96.65 87.65 10.3 -------------- ------- ------- ------- ------ ------ ------- ------- ------- ------- Total Group 68.48 66.35 3.2 68.6 69.1 (0.5) 99.80 96.06 3.9
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
# In constant currency whereby 31 March 2017 RevPAR and average room rates have been translated at average exchange rates for the first quarter ended 31 March 2018.
US
RevPAR for the US region grew by 4.7%, driven principally by the increase in average room rate. New York RevPAR increased by 7.1% after the transfer of management of One UN to Hilton in August 2017 and its re-branding as Millennium Hilton New York One UN Plaza.
Regional US RevPAR grew by 2.1%, contributed mainly by Millennium Biltmore Hotel Los Angeles which had secured business relating to the NBA All-Star event held in February 2018.
Europe
Europe RevPAR dropped by 4.2%, with occupancy down by 3.4% points and a small increase of 0.6% in average room rate. London RevPAR decreased by 9.4% mainly due to the refurbishment of the 336-room Millennium Hotel London Mayfair which started in November 2017. Rooms were removed from the inventory and as at 31 March 2018, the hotel was trading based on 159 rooms. RevPAR for the Rest of Europe was up by 5.1%.
Excluding Millennium Hotel London Mayfair and Millennium Hotel Glasgow where 56 rooms were permanently removed from the hotel in connection with the redevelopment of Queen Street Station, Europe RevPAR decreased by 0.3%. On the same basis, RevPAR for London decreased by 3.1% and Rest of Europe increased by 4.3%.
Asia
RevPAR for Asia increased by 3.0% driven by 2.7% increase in average room rate and 0.3% points increase in occupancy. Singapore RevPAR was up by 1.1% as a result of a 1.9% increase in average room rate offset by 0.8% points decrease in occupancy.
RevPAR for Rest of Asia grew by 4.7% with average room rate up by 3.3% and occupancy up by 0.8% points. Millennium Seoul Hilton benefited from increased demand during the recent Winter Olympics. Grand Hyatt Taipei also performed better this quarter due to growth in the number of group meetings.
Australasia
Australasia RevPAR grew by 11.1% led by a significant contribution from M Social Auckland which opened in October 2017. Excluding M Social Auckland and Millennium New Plymouth which was acquired in February 2018, the increase in RevPAR was 7.8%.
Acquisition
On 1 February 2018, the Group acquired The Waterfront Hotel in New Plymouth, New Zealand, for a purchase consideration of NZ$11m (GBP6m). The iconic 42-room hotel was re-branded Millennium New Plymouth after the acquisition.
Disposal
On 11 January 2018, CDLHT completed the divestment of two hotels in Australia, the Mercure Brisbane and Ibis Brisbane for A$77m (GBP44m) and a gain of GBP3m was recognised by the Group.
Developments
The construction of a 263-room hotel and a 250-unit residential apartment block on 35,717m(2) mixed use freehold landsite at Sunnyvale, California is planned to start this year. The construction cost is now estimated at around US$200m (GBP141m) after changes to the earlier design.
The necessary building approvals for the Yangdong development project in Seoul have been obtained, but further review for the most optimal and efficient design is still being carried out before commencing the construction works. The current development cost is estimated to be KRW157b (GBP103m) for the construction of a 306-room hotel and a 209-unit serviced apartment complex, as previously announced, and will be further updated once the review process is finalised.
Hotel refurbishments
The refurbishment work costing around GBP40m at Millennium Hotel London Mayfair started in November 2017. It is proceeding to-date as a phased project whereby guest-rooms are taken out from the inventory in stages. Completion of guest room refurbishment is expected to complete in the fourth quarter, followed by refurbishment of the lobby and public areas.
Refurbishment plans for Millennium Hotel London Knightsbridge are under review. The Group also plans to spend about US$80m (GBP56m) to upgrade its New York properties over the next two years.
Other Group operations
Joint ventures and associates contributed GBP5m to pre-tax profit in 2018 (Q1 2017: GBP4m). The Group has an effective interest of 36% in First Sponsor Group Limited ("FSGL"), which is listed on the Singapore Exchange and reports its results independently.
On 11 January 2018, a partnership comprised of a subsidiary of FSGL together with subsidiaries of CDL and another substantial shareholder of FSGL acquired a 300-room hotel currently operated by a tenant as the "Le Meridien Frankfurt" situated in Frankfurt for EUR79m (GBP70m), excluding certain transaction related expenses. On 1 February 2018, FSGL together with four other co-investors acquired all the issued shares of Hotelmaatschappij Rotterdam B.V which owns the 254-room Hilton Rotterdam Hotel in the Netherlands for EUR51m (GBP45m). Following the completion of the transaction, FSGL owns 24.7% interest in the acquired company.
In April 2018, the Group subscribed for its full entitlement of FSGL's rights issue of new perpetual convertible capital securities ("PCCS") for a total cost of S$58.2m (GBP31m) and the PCCS were allotted on 19 April 2018.
Board changes
Christian de Charnacé was appointed to the Audit Committee with effect from 23 March 2018. The Audit and Risk Committees are to be amalgamated immediately following the Company's 2018 Annual General Meeting, with the members of the Risk Committee relinquishing their roles at that time. Jennifer Fox has been appointed as the Group Chief Executive Officer and a member of the Board of Directors, and will join the Company on 19 June 2018.
Current trading
In the first 21 days of trading in April 2018, Group RevPAR in constant currency decreased by 2.8%. RevPAR for London was down by 16.6%, New York down by 2.8%, Regional US down by 3.2%, Singapore down by 6.7%, Rest of Europe up by 9.7%, Rest of Asia up by 0.1% and Australasia up by 10.4%.
Excluding Millennium Hotel Glasgow (116 rooms reduced to 60 rooms from July 2017), M Social Auckland (opened October 2017), Millennium Hotel London Mayfair (refurbishment commenced in November 2017) and Millennium New Plymouth NZ (acquired in February 2018), like-for-like Group RevPAR dropped by 1.3% with London down by 6.3%, Rest of Europe up by 9.3% and Australasia up by 8.0%.
This announcement contains certain statements that are or may be forward-looking with respect to the financial condition, results or operations and business of Millennium & Copthorne Hotels plc. By their nature forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Undue reliance should not be placed on forward looking statements which speak only as of the date of this document. The Group accepts no obligation to publicly revise or update these forward-looking statements or adjust them to future events or developments, whether as a result of new information, future events or otherwise, except to the extent legally required.
Condensed consolidated income statement (unaudited)
for the three months ended 31 March 2018
First First Full Quarter Quarter Year 2018 2017 2017 Unaudited Unaudited Audited GBPm GBPm GBPm Revenue 217 223 1,008 Cost of sales (101) (105) (431) --------------------------------------------------- ------------ ------------ ---------- Gross profit 116 118 577 Administrative expenses (95) (101) (415) Other operating income 3 - 30 Other operating expense - - (47) Operating profit 24 17 145 Share of profit of joint ventures and associates 5 4 22 Finance income 6 3 11 Finance expense (9) (11) (31) --------------------------------------------------- ------------ ------------ ---------- Net finance expense (3) (8) (20) Profit before tax 26 13 147 Income tax (expense)/credit (4) (2) 12 --------------------------------------------------- ------------ ------------ ---------- Profit for the period 22 11 159 --------------------------------------------------- ------------ ------------ ---------- Attributable to: Equity holders of the parent 8 3 124 Non-controlling interests 14 8 35 --------------------------------------------------- ------------ ------------ ---------- 22 11 159 -------------------------------------------------- ------------ ------------ ----------
The financial results above were derived from continuing activities.
Condensed consolidated statement of financial position (unaudited)
as at 31 March 2018
As at As at As at 31 March 31 March 31 Dec 2018 2017 2017 Unaudited Unaudited Audited GBPm GBPm GBPm ------------------------------- ------------ ------------ ---------- Non-current assets Property, plant and equipment 3,035 3,277 3,129 Lease premium prepayment 100 108 103 Investment properties 565 551 577 Investment in joint ventures and associates 321 323 324 4,021 4,259 4,133 ------------------------------- ------------ ------------ ---------- Current assets Inventories 4 5 4 Development properties 107 90 93 Lease premium prepayment 2 2 2 Trade and other receivables 84 93 88 Cash and cash equivalents 356 354 354 553 544 541 Assets held for sale - - 41 -------------------------------- ------------ ------------ ---------- 553 544 582 ------------------------------- ------------ ------------ ---------- Total assets 4,574 4,803 4,715 -------------------------------- ------------ ------------ ---------- Non-current liabilities Interest-bearing loans, bonds and borrowings (788) (966) (791) Employee benefits (17) (23) (19) Provisions (9) (9) (9) Other non-current liabilities (17) (14) (13) Deferred tax liabilities (182) (219) (188) -------------------------------- ------------ ------------ ---------- (1,013) (1,231) (1,020) ------------------------------- ------------ ------------ ---------- Current liabilities Interest-bearing loans, bonds and borrowings (186) (98) (213) Trade and other payables (202) (228) (208) Provisions (2) (1) (2) Income taxes payable (18) (31) (23) (408) (358) (446) ------------------------------- ------------ ------------ ---------- Total liabilities (1,421) (1,589) (1,466) -------------------------------- ------------ ------------ ---------- Net assets 3,153 3,214 3,249 -------------------------------- ------------ ------------ ---------- Equity Issued share capital 97 97 97 Share premium 843 843 843 Translation reserve 356 569 431 Treasury share reserve (4) (4) (4) Retained earnings 1,316 1,201 1,309 Total equity attributable to equity holders of the parent 2,608 2,706 2,676 Non-controlling interests 545 508 573 -------------------------------- ------------ ------------ ---------- Total equity 3,153 3,214 3,249 -------------------------------- ------------ ------------ ----------
Segment results
Q1 2018 Rest Rest Central New Regional of Singapore of Costs Total York US London Europe GBPm Asia Australasia GBPm Group GBPm GBPm GBPm GBPm GBPm GBPm GBPm ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- ------- Revenue Hotel 25 27 22 15 33 40 25 - 187 Property operations - 1 - - 1 2 10 - 14 REIT - - - 7 4 4 1 - 16 ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- ------- Total revenue 25 28 22 22 38 46 36 - 217 ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- ------- Hotel gross operating profit/(loss) (4) 2 8 2 13 13 13 - 47 Hotel fixed charges (1) (8) (6) (6) (3) (1) (8) (1) - (33) ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- ------- Hotel operating profit/(loss) (12) (4) 2 (1) 12 5 12 - 14 Property operating profit - 1 - - - 2 6 - 9 REIT operating profit - - - 3 - 1 1 - 5 Central costs - - - - - - - (7) (7) Other operating income - REIT - - - - - - 3 - 3 Operating profit/(loss) (12) (3) 2 2 12 8 22 (7) 24 Share of joint ventures and associates profit - - - - - 5 - - 5 Add: Depreciation and amortisation 2 3 1 - 3 5 1 1 16 EBITDA (2) (10) - 3 2 15 18 23 (6) 45 Less: Depreciation and amortisation (16) Net finance expense (3) Profit before tax 26 ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- ------- Q1 2017 Rest Rest Central New Regional of Singapore of Costs Total York US London Europe GBPm Asia Australasia GBPm Group GBPm GBPm GBPm GBPm GBPm GBPm GBPm ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- ------- Revenue Hotel 26 29 25 14 33 41 23 - 191 Property operations - 1 - - 1 2 14 - 18 REIT - - - 2 4 6 2 - 14 ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- ------- Total revenue 26 30 25 16 38 49 39 - 223 ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- ------- Hotel gross operating profit/(loss) (5) 2 10 1 14 13 12 - 47 Hotel fixed charges (1) (8) (6) (5) (2) (2) (10) (1) - (34) ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- ------- Hotel operating profit/(loss) (13) (4) 5 (1) 12 3 11 - 13 Property operating profit - - - - 1 2 6 - 9 REIT operating profit/(loss) - - - - (1) 2 2 - 3 Central costs - - - - - - - (8) (8) Operating profit/(loss) (13) (4) 5 (1) 12 7 19 (8) 17 Share of joint ventures and
associates profit - - - 1 - 3 - - 4 Add: Depreciation and amortisation 2 3 2 1 3 6 1 1 19 EBITDA (2) (11) (1) 7 1 15 16 20 (7) 40 Less: Depreciation and amortisation (19) Net finance expense (8) Profit before tax 13 ----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
(1) Hotel fixed charges include depreciation, amortisation of lease premium prepayments, property rent, taxes and insurance, operating lease rentals and management fees.
(2) EBITDA is earnings before interest, tax and, depreciation and amortisation.
APPIX 1: Key OPERATING STATISTICS
for the three months ended 31 March 2018
Q1 2018 Q1 2017 Q1 2017 FY 2017 Reported Constant Reported Reported Owned or leased hotels* currency currency currency currency ------------------------ ------------- --------- --------- ------------- Occupancy (%) New York 75.2 72.0 85.3 Regional US 50.7 52.4 60.0 ------------------------ ------------- --------- --------- ------------- Total US 58.8 58.8 68.3 ------------------------ ------------- --------- --------- ------------- London 69.3 76.4 83.0 Rest of Europe 64.7 64.2 70.5 ------------------------ ------------- --------- --------- ------------- Total Europe 67.0 70.4 76.9 ------------------------ ------------- --------- --------- ------------- Singapore 86.6 87.4 85.6 Rest of Asia 63.0 62.2 66.4 ------------------------ ------------- --------- --------- ------------- Total Asia 72.2 71.9 73.9 ------------------------ ------------- --------- --------- ------------- Australasia 91.2 90.5 81.2 ------------------------ ------------- --------- --------- ------------- Total Group 68.6 69.1 73.5 ------------------------ ------------- --------- --------- ------------- Average Room Rate (GBP) New York 141.16 137.75 154.33 193.18 Regional US 90.39 85.68 96.00 103.23 ------------------------ ------------- --------- --------- ------------- Total US 111.80 106.67 119.51 140.23 ------------------------ ------------- --------- --------- ------------- London 113.66 113.70 113.70 132.47 Rest of Europe 72.95 69.85 69.27 76.16 ------------------------ ------------- --------- --------- ------------- Total Europe 94.51 93.96 93.69 107.15 ------------------------ ------------- --------- --------- ------------- Singapore 95.01 93.21 97.10 97.91 Rest of Asia 93.22 90.21 94.34 96.93 ------------------------ ------------- --------- --------- ------------- Total Asia 94.06 91.62 95.64 97.37 ------------------------ ------------- --------- --------- ------------- Australasia 96.65 87.65 96.20 90.01 ------------------------ ------------- --------- --------- ------------- Total Group 99.80 96.06 102.30 112.68 ------------------------ ------------- --------- --------- ------------- RevPAR (GBP) New York 106.22 99.22 111.16 164.84 Regional US 45.79 44.86 50.25 61.90 ------------------------ ------------- --------- --------- ------------- Total US 65.69 62.76 70.31 95.79 ------------------------ ------------- --------- --------- ------------- London 78.72 86.90 86.90 109.98 Rest of Europe 47.18 44.88 44.51 53.66 ------------------------ ------------- --------- --------- ------------- Total Europe 63.35 66.16 65.97 82.35 ------------------------ ------------- --------- --------- ------------- Singapore 82.32 81.45 84.84 83.83 Rest of Asia 58.74 56.11 58.68 64.39 ------------------------ ------------- --------- --------- ------------- Total Asia 67.87 65.92 68.81 71.91 ------------------------ ------------- --------- --------- ------------- Australasia 88.14 79.33 87.07 73.06 ------------------------ ------------- --------- --------- ------------- Total Group 68.48 66.35 70.66 82.78 ------------------------ ------------- --------- --------- ------------- Gross Operating Profit Margin (%) New York (15.4) (17.9) 15.1 Regional US 7.4 8.2 21.2 ------------------------ ------------- --------- --------- ------------- Total US (3.6) (4.1) 18.0 ------------------------ ------------- --------- --------- ------------- London 34.5 41.3 49.5 Rest of Europe 12.8 9.2 22.2 ------------------------ ------------- --------- --------- ------------- Total Europe 25.8 29.6 39.6 ------------------------ ------------- --------- --------- ------------- Singapore 40.2 40.8 40.5 Rest of Asia 32.3 30.2 34.1 ------------------------ ------------- --------- --------- ------------- Total Asia 35.8 35.0 36.9 ------------------------ ------------- --------- --------- ------------- Australasia 54.5 54.2 49.1 ------------------------ ------------- --------- --------- ------------- Total Group 25.2 24.7 32.2 ------------------------ ------------- --------- --------- -------------
For comparability, the 31 March 2017 Average Room Rate and RevPAR have been translated at average exchange rates for the three months ended 31 March 2018.
* excluding managed, franchised and investment hotels.
APPIX 2: HOTEL ROOM COUNT AND PIPELINE
as at 31 March 2018
Hotels Rooms Hotel and 31 March 31 December Change 31 March 31 December Change room count 2018 2017 2018 2017 ------------------ --------- ------------ ------- --------- ------------ ------- Analysed by region: New York 4 4 - 2,238 2,238 - Regional US 15 15 - 4,559 4,559 - London 8 8 - 2,644 2,649 (5) Rest of Europe 21 21 - 3,528 3,528 - Middle East 31 31 - 10,346 10,346 - Singapore 7 7 - 3,011 3,011 - Rest of Asia 25 25 - 9,236 9,240 (4) Australasia 24 25 (1) 3,461 3,831 (370) ------------------ --------- ------------ ------- --------- ------------ ------- Total 135 136 (1) 39,023 39,402 (379) ------------------ --------- ------------ ------- --------- ------------ ------- Analysed by ownership type: Owned or Leased 67 66 1 19,710 19,672 38 Managed 15 15 - 3,775 4,098 (323) Franchised 38 38 - 11,300 10,982 318 Investment 15 17 (2) 4,238 4,650 (412) ------------------ --------- ------------ ------- --------- ------------ ------- Total 135 136 (1) 39,023 39,402 (379) ------------------ --------- ------------ ------- --------- ------------ ------- Analysed by brand: Grand Millennium 9 9 - 3,733 3,734 (1) Millennium 53 52 1 17,452 17,415 37 Copthorne 33 33 - 6,469 6,469 -
Kingsgate 7 7 - 671 671 - Other M&C 15 15 - 4,838 4,838 - Third Party 18 20 (2) 5,860 6,275 (415) ------------------ --------- ------------ ------- --------- ------------ ------- Total 135 136 (1) 39,023 39,402 (379) ------------------ --------- ------------ ------- --------- ------------ ------- Hotels Rooms Pipeline 31 March 31 December Change 31 March 31 December Change 2018 2017 2018 2017 ------------------ --------- ------------ ------- --------- ------------ ------- Analysed by region: Middle East 10 10 - 3,239 3,239 - Asia 5 4 1 1,736 1,594 142 Regional US 1 1 - 263 263 - Rest of Europe 1 1 - 184 184 - Australasia - 1 (1) - 42 (42) Total 17 17 - 5,422 5,322 100 ------------------ --------- ------------ ------- --------- ------------ ------- Analysed by ownership type: Managed 4 3 1 1,194 1,052 142 Franchised 11 11 - 3,423 3,423 - Owned 2 3 (1) 805 847 (42) Total 17 17 - 5,422 5,322 100 ------------------ --------- ------------ ------- --------- ------------ ------- Analysed by brand: Grand Millennium 1 1 - 251 251 - Millennium 9 9 - 2,889 2,789 100 Copthorne 2 2 - 666 666 - Other M&C 5 5 - 1,616 1,616 - Total 17 17 - 5,422 5,322 100 ------------------ --------- ------------ ------- --------- ------------ -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFEAPSDEDXPEFF
(END) Dow Jones Newswires
May 04, 2018 02:00 ET (06:00 GMT)
1 Year Millennium & Copthorne H... Chart |
1 Month Millennium & Copthorne H... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions