Owner of Maldron and Clayton hotels to pay dividends from 2018
Datala, the group behind the Maldron and Clayton hotels, is to commence paying dividends from this year.
In its annual results statement today the group said that its Board had adopted a “progressive” dividend policy, with the dividend expected to be between 20pc to 30pc of profit after tax.
An interim dividend will be declared with the interim results in September 2018, the group said.
Last year the group, which has over 2,000 new rooms in the pipeline, reported revenue of €348.5m for the year, a 20pc increase on the same period in 2016.
Profit before tax at the group jumped a massive 75pc to €77.3m, as the average hotel room rate charged by the group increased to €106.48 from €97.60 in 2016.
Describing 2017 as an "exciting" year for the group, Dalata chief executive Pat McCann said that the company would continue to deliver on its promise of announcing 1,200 new hotel rooms per year.
"Our development team are actively looking for new sites located in our twenty target cities across the UK. I am very excited about the quantity and quality of opportunities that are coming our way at present," Mr McCann said.
Adjusted earnings at the group increased by almost a quarter to €104.9m, while the group spent just under €130m on hotel acquisitions in 2017.
The group, which has a portfolio of almost 40 hotels, has seen the value of its property, plant and equipment rise to almost €1bn from €23.9m in June 2014, when it first listed on the stock exchange.
"This is a stark reminder of how fast we have grown and how far we have come in a relatively short space of time," Mr McCann said.
In December the company announced that it was would open 1,281 rooms across the UK and Ireland in 2018 as it continues its expansion.