EasyHotel pre-tax profits slip as costs mount after Aim listing

 
Joseph Millis
Sir Stelios Haji-Ioannou is behind the Easy brand which includes EasyJet and EasyBus
Hotel operator easyHotel yesterday reported a lower pre-tax profit for its last financial year, due to costs associated with its listing on Aim earlier this year.

The company also revealed a flat profit on an adjusted basis, once stripping out those costs and other payments, as central costs surged.

“Current trading is healthy and we remain confident on the outlook for 2015, particularly given our recent refurbishment investment at Old Street and other initiatives that are underway,” said chief executive Simon Champion in a statement.

EasyHotel reported a pre-tax profit of £572,575 for the year ended 30 September, lower than the £1.4m it posted the year before.

Revenue grew by 34 per cent to £3.5m from £2.6m the prior year, boosted by a better trading performance from its owned hotels, which contributed 64 per cent of total revenue for the year, up from 49 per cent last year.

“In line with our strategy, we expect the percentage of revenue coming from owned hotels to continue to increase,” the company said.

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