Apex Hotels Limited has reported pre-tax profits of £7m for the FY period ending 30 April 2020, down from £12.4m the previous year.
Apex attributed the decline to the final months of the financial year seeing “significantly reduced trading”, with a steep decline in international travel from January 2020 and the subsequent closure of hotels from 20 March 2020. Despite this it revealed that revenue was down just 9% from £75.5m to £68.7m.
Angela Vickers, CEO of Apex Hotels Limited, said the company is in an “excellent position” to grow revenue once again, now hospitality has reopened, highlighting the strong performance of the company prior to the disruption – with a revenue growth of 3.4% achieved in the first nine months to January 2020 compared with the previous year.
She said: “We have made substantial ongoing investment in our portfolio and this has paid dividends as our figures to January demonstrate. The strong performance of our City of Bath, Temple Court and City of London Hotels contributed to this growth.
“In the last financial year alone, we invested £6.7m in the hotels including £1.5m on bedroom refurbishment at London Wall, the £1.5m refurbishment of public areas and spa at City Quay in Dundee and the £2.2m acquisition of our new Edinburgh headquarters.”
She added: “There’s no denying the impact of the pandemic, from the initial significant drop in international travel through to the government-imposed lockdown restrictions, has been substantial not just for Apex but the whole hospitality industry. However, we have used this period of closure to re-evaluate, invest in new technology, and come back ready to thrive.
“Our ongoing refurbishment programme means our portfolio has never looked better, and our Apex Assured promise continues to provide customers with the highest levels of confidence and reassurance, with our enhanced cleaning standards and safety, as well as flexibility and value.”