Rapid results: Travelodge, Gondola, The Ritz and Caprice
It’s been a busy few days, with a number of major players releasing their results, though not necessarily in detail. H & C News will publish further detail when available, and if it contains material of value to readers. Meanwhile, here’s some of the news.
Travelodge
For the year to 31 December, revenues increased to £391.4 million from £369.5 million, with a loss of £71.1 million, halving the loss of £148.1 million the previous year. The loss includes exceptional charges of £85 million, which in turn includes £41.1 million costs relating to the financial restructuring.
Travelodge is planning a %57 million refit across its portfolio, rolling out the luxurious king size bed by which it sets such store. There is also the need to appoint a successor to long-standing Chief Executive Grant Hearn.
Gondola Group
Operating Pizza Express, Zizzi, ASK and Byron, the Group has reported sales up 4.2% to £604.2 million. There were 13 restaurant openings in the period, with 20 planned for 2013. 10 openings are planned for Byron whose much-discussed sale did not take place, though Gondola plans a review which will no doubt again consider options.
The Ritz
It is reported that The Ritz – situated in one of London’s truly ‘prime’ positions on Piccadilly – has been re-valued as a property to £735 million, from £625 million in 2010. No great surprise, given the boom in London property prices in recent years.
Meanwhile, revenues at The Ritz have increased from £32.3 million in 2011 to £35.4 million, with operating profit up to £11.5 million from £8.5 million, and net profit increased to £6.7 million from £6 million.
Caprice Holdings
The group, whose operations include J Sharkey, The Ivy and Scotts, has reported turnover for 2012 up by 7.2% to £44.7 million, though earnings rose only marginally to £8.57 million, and pre-tax profit fell slightly to £3.2 million.