The recovery of hotel group Millennium & Copthorne continues to gain pace with strong third-quarter numbers. The group, which has significant exposure to Asia and key international cities, reported a 16.4 per cent rise in revenue per available room (revPAR) in the three months to the end of September. RevPAR is a key performance measure for the hotel industry. The strong rise, led by continued heady growth in Singapore, represents an increase on the 14.7 per cent achieved in the second quarter and was also ahead of the 13.1 per cent increase in the first nine months of the year.
Pre-tax profits almost doubled in the period from £21.9m to £41.7m. The group benefited from a £7.2m boost due to a Singapore real estate investment trust, in which Millennium has a 35 per cent holding, raising money at a premium to its net asset value. Underlying pre-tax profits were 59 per cent ahead. The group, which is known for its boardroom turnover, remains on the hunt for a new chief executive.
When: 26/02/10
Price: 418p
Performance: +34%
