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Maypole Group
- BY: Andrew Hore |
- POSTED: 24/09/2008 |
- COMMENTS: Add yours
Hotel operator Maypole Group reported an increased interim loss despite a significant rise in revenues.
Revenues increased from £1.89m to £2.89m in the six months to June 2008, while the loss edged up from £408,000 to £507,000. The underlying operating loss was similar to the first half of 2007 but the interest charge was higher.
There was limited capital expenditure in the period. Net debt is £9.4m. This could be lowered by selling some of the company’s freeholds. Maypole does want to make more acquisitions.
Maypole operates seven hotels. Like-for-like revenues were flat and the growth came from the more recent acquisitions. Management is trying to cut costs and it believes that the increased purchasing power will help.
Discounting by competitors has led to Maypole’s hotels losing in food and drink revenues. Customers have down scaled due to the tough financial climate.
Like-for-like revenues have risen by 2.1% in the first eight weeks of the second half.
Maypole shares rose 0.125p to 1.25p each, which values the company at £2.02m.
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