Edinburgh-based Apex Hotels reports strong trading year
Edinburgh-based hotel chain Apex has said it is looking at future potential acquisitions following a strong trading year.
The group said an 11.8% rise in underlying pre-tax profits in the year to the end of April showed "continued momentum" for the Apex brand.
It attributed the performance to strong trading across its nine-hotel portfolio and new room openings.
The company runs four-star hotels in London, Edinburgh, Glasgow and Dundee.
Its turnover last year rose by 7% to £61.3m, while underlying pre-tax profit climbed to £10.3m.
Apex said it invested more than £16m during the financial year.
It added 134 rooms to its stock by opening an Apex in Glasgow in September 2015 and extending its Apex City of London hotel.
A new 177-room Apex hotel is due to open in Bath this summer.
Apex chief executive Angela Vickers said: "Key to our success is our ongoing commitment to providing a guest experience that rivals that of global brands, distinguishing Apex Hotels in an increasingly competitive marketplace.
"As we move into 2017 our robust financial results are testament to this and demonstrate our continued momentum in the development of the Apex brand and expansion of the portfolio."
She added: "It is important for us to continue investing in our existing portfolio and we are planning further bedroom expansion at Apex Temple Court in London as well as refurbishment totalling £6m across our City of London, Grassmarket and Dundee hotels.
"In 2017 we will continue to look at other opportunities to extend and complement our existing portfolio."