Dalata Hotel Group has narrowed its pre-tax losses for the six month period ended 30 June 2021 by 46.6% to €37.8m (£32.4m), down from €70.9m (£60.9m) in 2020.
The group’s business continued to be impacted by Covid-19 during the first six months of 2021 with revenue decreasing by 51% to €39.6m (£34m) from €80.8m (£69.4m) the previous year.
Room occupancy levels increased each month with June seeing a 44% rise, July a 58% rise and August seeing a 68% rise as the recovery started to take hold across the group’s markets.
During the period, the group opened a new Maldron Hotel Glasgow City with a further six hotels on track to open by May 2022.
The group said it expects that the improved trading environment will deliver an increase in earnings with adjusted EBITDA for July and August projected to be approximately €24m (£20.6m).
Dermot Crowley, CEO designate, Dalata Hotel Group, said: “Our financial position remains very strong and we have protected our cash through strong operational management, cutting non-essential costs and availing of government support.
“Our asset backed balance sheet has continued to serve us well and will give us great flexibility and security as we look at opportunities that begin to arise.”
He added: “These new openings along with the future openings planned for 2023 and 2024 are transforming our portfolio. Our teams will continue to work on sourcing and securing additional projects to add to our pipeline in the future.”