Caribbean group Elegant Hotels disclosed today that it is considering acquisitions in Barbados and other islands.

The company described trading since its interim results in June as remaining solid.

Operating results for the year ended September 30 are in line with expectations, according to the group, which runs five hotels and a beachfront restaurant.

Elegant, which was listed on the Aim market in London in May, reported a continuing steady increases in passenger arrivals to Barbados in the second half of its financial year.

The US is showing the largest growth as a result of increased airline capacity, and the trend from the UK continues to be positive.

“In line with the group’s strategy, the board has been working to develop a pipeline of potential acquisitions in Barbados and the surrounding Caribbean islands and is actively considering a number of opportunities,” the company said in a trading update this morning. 

“It is hoped that there will be material progress in this area in the short to medium term.”

Chief executive, Sunil Chatrani, said: “There has been a significant amount of activity in the business over the summer months following the successful listing on Aim in May, and it is a great reflection on the considerable efforts of the whole team that the business continues to perform in line with its targets.

“As we move in to the key winter months ahead, we continue to focus on building the profitability of our core existing business while looking closely and selectively at acquisition opportunities in Barbados and the surrounding Caribbean islands.”