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Dalata Hotel Boosts Interim Payout After "Strong" Growth Across Firm

(Alliance News) - Dalata Hotel Group PLC boosted its dividend Tuesday after interim profit and ...

Alliance News 3 September, 2019 | 10:30AM
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(Alliance News) - Dalata Hotel Group PLC boosted its dividend Tuesday after interim profit and revenue grew in "strong" results amid ongoing growth across its business.

For the six months ended June, pretax profit widened 6.8% to EUR37.8 million from EUR35.4 million the year prior. This was after revenue advanced 12% to EUR201.9 million from EUR180.0 million the year before.

The Irish hotel group said occupancy levels narrowed to 80.2% from 82.1% the year prior, although on a like-for-like basis widened to 81.3% from 81.0%. Average room rate grew 1.3% to EUR110.30 from EUR108.88 the year before. As a result, the revenue per available room rate narrowed 1.0% to EUR88.48 from EUR89.39 the year prior.

"I am pleased to report another strong set of results," Dalata Chief Executive Officer Pay McCann said.

"We have demonstrated our excellent operating performance and ability to control costs despite opening six new hotels and four hotel extensions in the past 18 months," McCann added. "Our hotels in all regions are performing well and I am particularly happy with the performance of our UK hotels given our exciting growth plans for the region."

Dalata proposed a 3.50 cent per share interim dividend, up 17% from 3.0 cents the year prior.

"Despite the challenges of a significant increase in the VAT rate in Ireland and the ongoing uncertainty surrounding the timing and nature of Brexit, 2019 to date, as a whole has been another very successful year," McCann continued. "The outlook for the balance of the year looks very positive. We are currently looking at a number of exciting opportunities in the UK and Ireland and we expect to announce further additions before the end of the year."

Shares in Dalata were untraded at 399.75 pence in London on Tuesday.

Dalata proposed a 3.5 cents per share interim dividend.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Dalata Hotel Group PLC 490.00 GBX 3.43 -
Dalata Hotel Group PLC 5.67 EUR 1.43 -

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