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Millennium & Copthor 2017 Profit Rises; Revenue Up 8.9% - Quick Facts

Millennium & Copthor (MLC.L) reported that its pre-tax profit increased by 36.1% to 147 million pounds for the year ended 31 December 2017 from 108 million pounds, prior year. After removing the effects of the impairment losses and revaluation gains, the Group's reported profit before tax was 176 million pounds compared to 152 million pounds. Profit to equity holders of the parent increased to 124 million pounds from 78 million pounds. Earnings per share was 38.1 pence compared to 24.0 pence.

Total revenue for the year increased 8.9% to 1.01 billion pounds from 926 million pounds, previous year. Group RevPAR for 2017 increased by 7.9%. In constant currency, RevPAR increased by 3.2%. Hotel revenue increased by 8.1% to 880 million pounds.

The Board recommended a final ordinary dividend of 4.42 pence per share taking into account the Group's current cash position and future capital expenditure requirements. Together with the interim ordinary dividend of 2.08 pence per share, the total ordinary dividend for 2017 is 6.50 pence per share. The final dividend will be paid on 11 May 2018 to shareholders on the register on 16 March 2018.

In the first 31 days of trading in 2018, Group RevPAR in constant currency increased by 3.6%. Excluding Millennium Hotel Glasgow, M Social Auckland and Millennium Hotel London Mayfair, like-for-like basis, Group RevPAR increased by 4.0%.

by RTT Staff Writer

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