Jury's Doyle upbeat despite profits dip

Hotels group Jurys Doyle today emerged from one of the sector’s toughest years with an 8% profits fall after ‘‘faring better’’ than its rivals.

The Dublin-based operator, which also has 12 hotels in the UK, said it achieved a creditable performance following the post-September 11 impact on tourism.

Pre-tax profits in the period to April 30 fell to €51m from €55.7m a year earlier but chief executive Pat McCann drew encouragement from occupancy levels ahead of the industry norm.

He added that all the group’s properties managed an operating profit, while plans were implemented during the year to enhance the UK portfolio.

As well as opening a property in Newcastle next year, Jurys announced its intention to add new Jurys Inns in Glasgow, Leeds and Chelsea as part of a €90m expansion drive.

Among 32 properties, it has locations in London, Belfast, Bristol, Birmingham, Edinburgh, Glasgow, Manchester, Croydon and Cardiff.

There are also two properties in Washington, US and another planned for Boston in early 2004.

The new developments should add another 1,200 bedrooms to the portfolio, although the company also announced the sale of three-star hotels in Dublin and Waterford earlier this month.

Chairman Walter Beatty said the company had good growth prospects: ‘‘We have responded in a pro-active manner to recent challenges and this leaves us well positioned to take advantage of the forecast recovery in the global economy.’’

Mr Beatty added that Jurys had been able to overcome the pressures on the tourist industry, which also included travel restrictions in the wake of foot-and-mouth, because of a balanced portfolio of properties.

He added: ‘‘Management and staff responded extremely well to the effects of the global economic slowdown and other setbacks during the year.’’

Shareholders will receive a total dividend of 21.9 cents, an increase of 10% on a year earlier. Group turnover was up 6% at €266.4m.

Jurys Doyle, which has 6,400 rooms and 3,500 employees, operates three, four and five star hotels.

The group was formed following the acquisition of the Doyle Hotel Group by Jurys Hotel Group in April 1999.