Return to growth
Apex Hotels ‘optimistic’ after return to profitability
Apex Hotels returned to profitability as all nine of its outlets in Bath, Dundee, Edinburgh, Glasgow, and London reopened following the lifting of pandemic restrictions.
The family-owned group posted a £2.9m operating profit for the year to the end of April 2022 against a loss of £11.2m in the previous year. Turnover rose to £47.3m from £8m.
Occupancy for the year averaged 51.4%, rising to 64.3% in the final quarter, bringing a strong finish to the financial year.
With renewed confidence in trading, the group focused on strategic priorities, investing in technology to optimise back-office infrastructure and streamline the guest experience, including the launch of the Apex Hotels & Rewards App.
In line with the group’s focus on the four-star hotel market the accounts disclose the sale of the three-star Haymarket property after year end.
Chief executive, Angela Vickers said: “After a difficult period for the sector we are emerging as a more resilient company and can look to the future with renewed positivity and optimism.
“We are seeing particularly strong growth across our London and Edinburgh hotels, two of the most popular destinations for international visitors, with occupancy already ahead of levels seen in 2019.
“Against the backdrop of an uncertain economic outlook, rising inflation and the cost-of-living crisis, we are working hard to keep our costs down and to offer value to our guests.
“Apex continues to evolve, developing our brand around high-quality service and sustainability.”