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Press
Puma Hotels 2009 Interim Results
2009-09-23
Interim results for the 6 months ended 30 June 2009
Highlights
| H1 2009 (Unaudited) | H1 2008 (Unaudited) |
| |||
Turnover | £14.9m |
| £13.7m |
|
|
|
Operating Profit | £13.0m |
| £11.4m |
|
|
|
Retained Loss for Period | (£1.1m) |
| (£3.7m) |
|
|
|
Note: Annual rent increased from £28m to £30m on 4 September 2008 | ||||||
- Term of senior debt facility extended by three years to 31 December 2012
- £20 million equity raising successfully completed
- Substantial increase in Operating Profit during the first half of 2009
- New interest rate swaps executed will be fully effective for the year ending December 2010, reducing annual interest costs by £3.5 m
Howard Shore, Chairman of Puma Hotels plc, said:
"The successful extension in the maturity of the Company's senior debt places PHP in a very strong financial position which is further enhanced by an improvement in operating performance. This improvement is the result of an increase in rent against the comparable period in the prior year and lower costs achieved through a cost reduction programme implemented over the last twelve months. The full benefit of the cost savings will accrue for 2010 annuals as a result of new interest rate hedges."