MILLENNIUM & COPTHORNE HOTELS PLC
FINAL RESULTS ANNOUNCEMENT
Highlights for the full year 2012:
|
£ millions (unless otherwise stated) |
Full Year 2012 |
Full Year 2011 |
Reported Currency Change % |
Constant Currency Change % |
|
RevPAR |
£67.32 |
£64.81 |
3.9% |
3.4% |
|
Revenue - total |
768.3 |
820.5 |
(6.4%) |
(6.8%) |
|
Revenue - hotels |
749.4 |
765.2 |
(2.1%) |
(2.5%) |
|
Headline operating profit1 |
163.3 |
191.4 |
(14.7%) |
(15.2%) |
|
Headline profit before tax |
157.7 |
184.7 |
(14.6%) |
(15.0%) |
|
Profit before tax |
171.3 |
193.3 |
(11.4%) |
(12.0%) |
|
Basic earnings per share |
42.0p |
51.0p |
(17.6%) |
|
|
Ordinary Dividend |
13.59p |
12.50p |
8.7% |
|
|
Special Dividend |
- |
4.00p |
|
|
Commenting today Mr Kwek Leng Beng, Chairman said:
"The Group overcame more challenging conditions in some markets during the second half of 2012 to deliver an overall increase in like-for-like revenues and profits for the year. This illustrates the earnings benefit of a balanced portfolio of assets in good locations, as well as our ability to respond effectively to changes in the economic climate, whilst continuing to control costs, invest in our assets and improve our attractiveness to customers.
The Board is recommending a final dividend of 11.51p (2011: 10.42p plus a special dividend of 4.0p) per share. Combined with the interim dividend of 2.08p (2011: 2.08p) per share, the total dividend for the year is therefore 13.59p (2011: 16.5p) per share.
During the current year we will deploy our strong balance sheet to invest in our existing asset portfolio, thereby supporting the core earnings engine of the Group. We continue to monitor acquisition opportunities, although prices continue to remain unjustifiably high."
