Hastings Hotels Records 81% Increase In Pre-Tax Profits
Pre-tax profits at Northern Ireland's Hastings Hotels group increased by 81% to £5.8 million during the year that ended on October 31, 2019, while its revenues amounted to almost £50 million.
Additionally, the group's turnover increased by 20% to £49.4 million and the number of people employed by the group increased from 1,244 to 1,385, as reported by The Belfast Telegraph.
A strategic report included with the accounts stated that while the group's directors hope that it will emerge strongly as markets recover from the COVID-19 pandemic, they "anticipate continued disruption to travel in the months ahead, and forward visibility on the timing and shape of improvements in demand remains limited."
The directors also stated in the report, "We continue to take advantage of all of the government schemes that have been made available to support our industry through this difficult period."
"Still Difficult Times Ahead"
Speaking to The Belfast Telegraph, the group's finance director Peter Gibson said, "Whilst it is certainly encouraging that we experienced a 20% increase in annual revenues and enjoyed our most successful trading year in history, we know there are still difficult times ahead.
"However, with a fair wind things will come back around, and we are confident that we're in a strong position to sustain and, in time, grow business post COVID-19. We are committed to ensuring our portfolio of luxurious properties continue to attract guests, locally and internationally."
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.