It has been another strong year for Apex Hotels as the business reported a 9.5% increase in turnover (up from £68.9m to £75.4m) as well as a 51% increase in pre-tax profit to £11.7m in its latest figures.
It is no wonder that boss, CEO Angela Vickers, is delighted. She said, “Over the past year, we have delivered on our capital investment programme to upgrade the portfolio. We are delighted to see this has resulted in a strong performance across the financial year and demonstrates our continued commitment to providing modern facilities and the best possible experience for our guests.”
The Scottish-based group sold more than 465,500 rooms, an increase of 5.5% compared with the previous financial year while revenue per available room (RevPAR) also increased year on year by 2.4%.
The company said the positive figures were a result of the Edinburgh-headquartered group’s comprehensive investment programme.
Apex’s Temple Court (London), City of London and Waterloo Place (Edinburgh) hotels saw a total investment of £9m in the year to 2019 – bringing the cumulative investment on all three projects to £17.6m.
Said Vickers, “We invested £3.7m in the Serjeants’ Inn property adjoining Apex Temple Court Hotel allowing us to create a 20-room extension, including five luxury suites, meeting rooms and new wine bar Lazy Ballerinas – the total investment on this project alone totalled £12.5m.
“Finishing touches to bedroom refurbishments also took place at Apex City of London and Apex Waterloo Place in Edinburgh. Meanwhile, we are pleased to report Apex City of Bath Hotel – the most recent addition to our portfolio – performed particularly well for conference and events during its first year of trading.”
The results of more recent investment will be seen later this year as Apex prepares to unveil the results of a significant refurbishment programme at its City Quay Hotel and Spa in Dundee. And there could be plans afoot for further expansion as the group revealed, “Apex intends to continue evaluating further expansion plans as opportunities arise.”