* Turnover increased by 6% to €266.38 million (2001: €252.15 million)
* Pre-tax profits declined by 8% to €51.0 million (2001: €55.7 million)
* Adjusted EPS declined by 8% to 70.5 cent (2001: 76.5 cent)
* Total dividend per share increased by 10% to 21.9 cent (2001: 19.87 cent)
* Property revaluation surplus of €182 million reported
* Net asset value per share increased by 46% to €10.77
* €90 million expansion plan announced for three new Jurys Inns in Glasgow, Leeds and Chelsea (London)
Commenting on the results, Pat McCann, Chief Executive, Jurys Doyle Hotel Group, said:
“The outcome for the year ended 30 April 2002 was achieved against a most challenging trading environment and, in that respect, we have delivered a creditable performance for the year. I am pleased to report that our occupancy levels outperformed our industry set in our principal market segments and that all the Group’s properties produced an operating profit. A full revaluation of our properties at 30 April 2002 has resulted in a revaluation surplus of €182 million; equivalent to just under €3 per share.
A key objective for the year was the continuation in the momentum and strategic direction of the Group - focusing on four-star hotels and three-star inns. In a busy year, we announced new developments in a number of major city locations. Our plans for the opening of the 220-bedroom Jurys Boston Hotel in Boston, USA are progressing well and we expect to open in early 2004. In the UK, our new 274-bedroom Jurys Inn Newcastle is scheduled to open in early 2003 and we recently announced a major €90 million Jurys Inn investment programme which will result in three new Jurys Inns being opened in Glasgow, Leeds and Chelsea, London. Combined, the Group has almost 1,000 new bedrooms under development in the UK.
Looking forward, we will continue to focus on a combination of organic growth and further investment in Jurys Hotels and three-star Jurys Inns in major city centre locations.”