Edinburgh-headquartered Apex Hotels checks in return to profitability in year to April 2022
Edinburgh-based Apex Hotels has swung back into the black following the pandemic – and said it is seeing particularly strong growth across its properties in Edinburgh and London.
The family-owned group has unveiled its statutory accounts for the 12 months ending April 30, 2022, showing an increase in turnover to £47.3 million from £8m and a return to operating profit that came in at £2.9m as opposed to a loss of £11.2m in the previous year. It said it re-opened all nine of its hotels in London, Bath, Edinburgh, Glasgow, and Dundee as travel restrictions were lifted, with a short drop in demand during the Omicron lockdown in December 2021, also noting that the accounts touch on the sale of its three-star property in Haymarket in the Scottish capital after year end.
Occupancy for the year averaged 51.4 per cent, rising to 64.3 per cent in the final quarter, while the group also highlighted that it invested in technology to optimise back-office infrastructure and “streamline the guest experience”.
Apex Hotels boss Angela Vickers said: “The results reflect that 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.
“We look forward to the challenges and opportunities ahead... maintaining our strong market position as one of the UK’s leading independent hotel groups.”