Interim results for the six months to 31 March 2015 showed revenue had grown 104 per cent to £2.59m with 'robust trading' reported across its three owned hotels in London's Old Street, Glasgow and Croydon.
Average occupancy at the three hotels was 69 per cent with ADR at £35 and revPAR at £24.
However, pre-tax profit for the group was up just 7 per cent to £0.37m, which EasyHotel chief executive officer Simon Champion blamed on the additional costs incurred by it becoming a public company and development spend.
He said: “EasyHotel has continued to perform well, with a doubling of revenue year on year driven primarily by an increase in the capacity of our owned hotel portfolio. Profit growth has been dampened this year because of the additional costs incurred by being a public company, as well as the Group investing to meet significant development targets."
Expansion
Champion said the company was ploughing on with expansion plans for both its owned properties and those operated under franchise. EasyHotel Liverpool is expected to open early next year after the company bought the freehold of an office building in Castle Street which it intends to turn into a 68-bedroom hotel.
The company said it would be focusing on converting commercial properties into hotels with 'several prospects currently being considered'.
It also said a number of franchisee opportunities were being assessed by its recently appointed global franchising director Paula Lacey. This week the second EasyHotel under franchise to open this year will open in Prague.
"Our expansion strategy is progressing well," said Champion. "In addition, there has been an ongoing commitment to marketing and enhancing our customer experience, with a new website launched in March 2015 and a focus on improved customer service.
“Trading for the year ending 30 September 2015 continues in line with the Board’s expectations and we remain confident that we can secure properties in the UK and key European gateway cities and continue to expand our franchised hotels elsewhere, delivering a high return on investment for our shareholders.”