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Thistle sees profits fall during 2001
Thistle Hotels is the latest travel company to see its profits slump due to a downturn in visitor numbers to the UK during 2001.
After exceptionals, pre-tax profits fell to £49.1m in 2001, from £68.2m the previous year. Turnover was down 5.9% on the previous 12 month period and revenue per available room fell 5.4% to £50.56. In London, revenue per available room was down 8.8% for the full year, although it increased in the regions by 3.3%.
Chairman David Newbigging said that market conditions during the year had been the most challenging for the tourism industry since the Gulf War in 1991. He added: “The events of 11 September compounded the difficulties experienced earlier in the year following the slowdown in the global economy and the foot and mouth outbreak in Britain. Combined, these circumstances led to a significant reduction in international business and leisure travellers, particularly from the US.”
A greater focus on the corporate sector led GDS revenues to be 42% ahead of 2000 figures until mid September. However this fell sharply after the September 11 terrorist attacks, leaving full year growth at 15% ahead of the year before. Thistle also saw internet revenue grow rapidly, up nearly 200% on 2000 figures. The group said that at peak times more than £110,000 of revenue has been generated through internet bookings each week.
During the year Thistle refurbished 551 bedrooms in London and 614 rooms in the Regions were at a cost of £15.7 million. Thistle added that it was looking at ways to “improve and rebalance” its hotel portfolio and is in discussions with “a third party about a possible material transaction.” Thistle currently has 56 hotels throughout the UK, including 22 in London.
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