Mantra Group has unveiled its half-year results, and boy is they in for a good 2018.
The Group saw record revenue and massive increases in room bookings, with an increase in revenue of $10.1m and 1.97m rooms sold.
Revenue grew to $366.2m, an increase of 2.8 per cent, mainly due to growth in domestic and international travel, as well as record RevPAR (Revenue Per Available Room) of $145.07.
The number of rooms sold in the first half of the financial year was the highest ever for the period, and the Group increased avaialable rooms by 2.6 per cent.
As well as this, the Group acquired 10 new properites in the period, which included:
- Matra Sydney Airport Hotel
- Mantra Macarthur
- FV by Peppers
- Seven Art Series Hotel Group properties.
Mantra Group Cheif Executive Officer Bob East said H1FY2018 delivered record results in revenue, rooms sold and the landmark acquisition of the Art Series Hotel Group.
“During H1FY2018, the Group delivered total revenue of $366.2m.”
“This result was driven by a number of factor including the acquisition of ten new properties, continued growth in domestic and international travel, increased business travel to some CBD locations, an increase in the total number of rooms available across the Group’s Resorts and CBD operating segments.
“We are pleased with the performance of the properties that we transitioned into the portfolio; in particular the seven Art Series Hotels have transitioned smoothly and performed ahead of expectation int he short period they have been with the Group.
“Mantra Group is in a good financial position with total assets of $905m, net assets of $485m and a strong cash flow,” East said.
However, transaction costs associated with a business combination of $0.7m were incurred during the period in respect of the Art Series acquisition.
As well as this, the Group also incurred costs of $2.0m due to the proposed acquisition by AccorHotels.
According to a press statement released on the ASX, while the development team continue to seek out new opportunities, the Group’s growth aspirations have been “tempered somewhat in light of the proposed AccorHotels transaction”.
“The second half of the financial year is off to a solid start; the Gold Coast Commonwealth Games will be the biggest even to happen in Australia this decade and the fact that 23 of Matra Grou’s 136 hotels are located on the Coast means the Group is well placed to drive results in H2FY2018,” East added.
Check out the full breakdown of the results here.