Scottish hotel Crieff Hydro, Scotland’s oldest registered trading company, has reported a 4.4 per cent growth in revenue. The latest accounts for the year ending 28 February 2013, (its 145th annual set) show revenues up from £16,962,165 to £17,713,775.
The current year profit after tax available for distribution amounted to £466,344, an increase from £352,551 in 2011.
Crieff Hydro says specialisation in revenue management and staff development to improve the resort’s service levels alongside investment in sales and marketing function have contributed to an improvement in average room rates which are up 5.8 per cent, driving an increase in room yield of 6.1 per cent.
The profit before tax for the year improved from £605,030 to £633,145.
During the financial year 2012-13, Crieff Hydro invested £1.4m in capital expenditure projects including guest access to Wi-Fi, bedroom and self-catering refurbishments.
“In addition to the investment in our core assets, our commitment to developing staff and increased investment in our sales and marketing function has enabled us to improve our understanding of customer needs,” says CEO of Crieff Hydro, Stephen Leckie (pictured).
Investment in the resort is set to continue. The company last year submitted a planning application for Hydro East, the development of a £100m plan to create a major centre for tourism in Scotland.
“Hydro East is a long term aspiration,” says MD John Jennett. “In the short term we are nurturing our core business, people and customers. At the same time there are opportunities to purchase or operate other unique hotels, which is something we continue to assess. We have the ambition to take on businesses with the right fit that would strengthen our core business and build shareholder value.”
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