Dalata Hotel revenues decline on Covid-19 impact

29th Apr 2020 11:28

(Sharecast News) - Dalata Hotel Group said on Wednesday that the Covid-19 outbreak had taken a very significant toll on recent trading and had made the outlook for the rest of 2020 somewhat uncertain.
Dalata said revenue per available room had fallen 24.3% at its Dublin hotels, 14% at its regional Ireland hotels and 18.6% at its UK properties.

The AIM-listed firm said first-quarter adjusted underlying earnings came to €17.7m, which included two months of normal trading before the pandemic first hit the business.

Dalata said: "Our results for subsequent periods will reflect the fact that currently our hotels are either temporarily closed or operating at significantly reduced capacities in line with guidelines issued by the Irish and UK governments.

"It is not yet known when the current restrictions on travel and movement will be lifted in Ireland and the UK. The outlook for the remainder of the year remains uncertain as a result."

Dalata also assured investors it had "significant financial headroom" to be in compliance with covenants come June.

As of 1125 BST, Dalata shares were up 3.34% at 240p.