Hotel group reveals £43m revenue boost after plunging pound
By Alex LynnHotel group Millennium & Copthorne has revealed that sterling depreciation following the EU referendum has resulted in a £43m revenue boost
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In a nine-month trading statement, the group stated that exchange gains were responsible for adding £43m and £7m to reported revenue and profit before tax respectively.
Meanwhile, the group also reported an increase in the number of overseas visitors to its London hotels.
Kwek Leng Beng, chairman of Millennium & Copthorne, said: "Our London hotels have seen some positive benefits from leisure travellers following the EU referendum in June 2016, although the outlook for the UK economy is uncertain.
“We are monitoring the performance in all our markets closely and the group's financial position remains strong.”
In total, the group posted revenues of £665m for the nine-month period, representing an 8.1% increase on the same period last year.
Millennium & Copthorne attributed some of this growth to higher land sales and real estate investment trust revenue.
Elsewhere, profit before tax for the period was £102m, 4.1% higher than in the 2015.
Founded in 1989, Millennium & Copthorne currently owns or leases 66 hotels around the world in locations such as London, Beijing and New York.
Keywords: hotel, Millennium & Copthorne, London, Beijing, New York, investment, revenues, EU referendum, Brexit, sterling, pound, economy