Apex Hotels has posted a solid trading performance for the year thanks to opening its new Temple Court Hotel in 2012.
In figures released today for the 12 months up to April 2013, the Edinburgh-based hotel company saw turnover increase 21% year-on-year to GBP50.6 million.
Apex Temple Court generated GBP10m in turnover during its first year of opening, with many of its properties struggling during the Olympics but seeing a boost for the second half of the year.
The company’s profits are up GBP1.4m to GBP7m, with occupancy and the average room rate up.
The group has now entered new lease agreements for its hotels and has arranged a new bank facility with RBS for GBP10m credit.
“Despite the unpredictable nature of the business during the early part of the year from events such as the Jubilee and the London Olympics, the Group has once again demonstrated solid growth in turnover and in profitability,” said Angela Vickers, Apex’s managing director. “We are continuing to experience strong growth in occupancy and increased demand for the Apex brand. The completion of the ground rent lease transactions, together with the debt refinancing, have strengthened our financial position, and we remain focused upon a programme of ongoing investment in the current portfolio, together with the pursuit of additional growth opportunities”.
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