Family-owned four-star hotel group, Apex Hotels has released its annual accounts which show a return to profitability following the pandemic.
The statutory accounts for the 12 months ending 30 April 2022, show an increase in turnover from £8m FY 2021 to £47.3m FY 2022, and a return to operating profit to £2.9m from a loss of £11.2m in the previous year.
The company reopened all nine of its hotels in London, Bath, Edinburgh, Glasgow, and Dundee as travel restrictions were lifted and tourism increased. The company says that domestic demand was driven by growth from both business and leisure guests, boosted later in the year by the return of international travellers.
Despite a short drop in demand during the Omicron lockdown in December 2021, occupancy for the year averaged 51.4%, rising to 64.3% in the final quarter to 30th April 2022, bringing a strong finish to the financial year.
With renewed confidence in trading, the group focussed on strategic priorities, investing in technology to optimise back-office infrastructure and streamline the guest experience, including the launch of the Apex Hotels & Rewards App.
In line with the group’s focus on the four-star hotel market the accounts disclose the sale of the three-star Haymarket property after year end.
Chief Executive Angela Vickers (pictured) stated, “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.
“Against the backdrop of an uncertain economic outlook, rising inflation and the cost-of-living crisis, we are working hard to keep our costs down and to offer value to our guests.
“Apex continue to evolve, developing our brand around high-quality service and sustainability. Apex City of Bath Hotel and Apex City Quay Hotel & Spa were recently granted Silver Green Tourism Awards. The remainder of the group are on track to achieve this accreditation in early 2023.
“We look forward to the challenges and opportunities ahead, delighting guests every day and maintaining our strong market position as one of the UK’s leading independent hotel groups.”