Barbados-based Elegant Hotels overcame ongoing uncertainty in its core UK market with a lift in half-year profits.

The group of seven luxury hotels saw adjusted earnings [ebitda] rise by 7% to $16.4 million in the key winter six months to March 31.

The performance came despite a 1% fall in average daily rate to $532.

Revenue was up 3% year-on-year to $43.7 million, mainly driven by an “encouraging performance” by the company’s most recently acquired property, Treasure Beach.

The company also owns and operates Colony Club, Tamarind, The House, Crystal Cove, Turtle Beach and Waves Hotel & Spa in Barbados as well as beachfront restaurant Daphne’s.

The group also has a management contract for Hodges Bay Resort in Antigua and a sales and marketing contract for The Landings Resort & Spa in St Lucia.

Chief executive Sunil Chatrani said: “Elegant Hotels continues to perform well in the context of a competitive market and against a backdrop of ongoing uncertainty in its core visitor market of the UK.

“We are particularly pleased with the contribution during the period of our most recently acquired property, Treasure Beach, and are constantly assessing a range of opportunities for further expansion, whilst ensuring our balance sheet remains robust.

“We continue to execute our strategy in a measured and consistent manner, and we have good visibility of bookings for the remainder of the financial year.

“As a result, we remain comfortable with the full year 2019 outlook versus market expectations and confident in the group’s longer-term prospects.”

tw3