A solid capital investment programme helped drive strong growth at Apex Hotels with a 51% increase in pre-tax profit to £11.7m for the year ending 30 April 2019.
Turnover for the 10-strong UK-wide group was up 9.5% to £75.4m. The number of rooms sold rose by 5.5% year on year to 465,5000and revenue per available room (revpar) increased by 2.4%.
The trading year saw the Apex City of Bath hotel reach its first full year of trading, while £9m was invested in Apex’s Temple Court and City of London properties in London and Waterloo Place in Edinburgh. The total sum spent on the latter three hotels amounted to £17.6m.
Angela Vickers (pictured), chief executive of Apex Hotels, 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.”
Apex is currently focused on a significant refurbishment programme at its City Quay Hotel and Spa in Dundee.