Dalata Hotel Group plc has announced its results for the year ended 31 December 2022.
Details
According to a statement published on DalataHotelGroup.com, last year’s revenue from hotel operations increased by 20%, compared to 2019, to €515.7 million; its adjusted EBITDA increased by 13%, compared to 2019, to €183.4 million (+13% on 2019); revenue per available room (RevPAR) increased by 14%, compared to 2019, to €106.39; post-tax profit increased by 24%, compared to 2019, to €96.7 million; free cash flow increased by 26%, compared to 2019, to €126.5 million; free cash flow per share increased by 4%, compared to 2019, to 56.8 cent; and there is a planned reintroduction of dividends in the second half of 2023.
Statement By CEO
The statement published on DalataHotelGroup.com quoted CEO Dermot Crowley as saying, “As I reflect on 2022, I am very pleased with the group’s recovery and record performance. We have emerged from the pandemic and its after-effects with a business that has grown in scale and ambition. We are proud to have recently opened our 50th hotel, with the completion of Clayton Hotel Glasgow City, to have added seven hotels to the group’s portfolio during the year, and to have exceeded €0.5 billion in revenues for the first time. We understand that the group’s performance was achieved through the contributions of all our stakeholders, whom we continue to place at the heart of all we do.
“When I assumed the role of CEO in November 2021, I positioned people, customer focus, growth, sustainability and innovation at the core of my strategic priorities. I wanted Dalata to retain the elements which have made it successful while responding to the new realities facing our industry, the after-effects of the pandemic, and the current geopolitical events in Europe. I believe Dalata can respond effectively to the challenges faced by our industry, utilising these strategic pillars to optimise our product offering, streamline our processes, [and] drive innovation while maintaining a healthy bottom line, and to manage and grow our business responsibly and sustainably.
“We welcome the supports received in 2022 from the Irish and UK governments in assisting the hospitality sector in its recovery from the pandemic and responding to inflationary pressures impacting businesses and consumers. These supports recognise the key role the hospitality sector plays in the economy and its importance to economic growth and job creation, spread throughout the cities and regions in the countries in which we operate. The pandemic reminded us of the essential social contribution that hotels make in providing a place for people to connect and come together for social, leisure and corporate activities. Furthermore, we welcome the recent extension by the Irish government of the reduced VAT rate to support the hospitality sector.
“In 2023, Dalata is well set to capitalise on the opportunities that will undoubtedly arise in the markets in which we operate. I was pleased to recently launch our employer brand, which further expands our capacity to be an employer of choice, offering a rewarding career path, with development opportunities across our growing international portfolio. We continue our ambitious UK expansion plans with the recent purchase of Maldron Hotel Finsbury Park, London, due to open in summer 2023, to be closely followed by our Maldron Hotel Shoreditch, London.
“We remain confident in our ability to outperform with our modern hotel portfolio, our focus on sustainability, our decentralised operating model, and our track record of providing a superior guest experience. As we look ahead, Dalata’s robust balance sheet, financial resources, pipeline of talented people and excellent reputation position us strongly for further growth. I believe Dalata offers a different way – a better way – to deliver success and growth sustainably for all our stakeholders.”
Read More: Dalata Acquires London Hotel
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