Jurys Doyle sees profits drop but 'cautiously optimistic' for 2004

Jurys Doyle Group plc, said 2003 profits fell 13% due to an improvement in its British and US markets.

Headquartered in Dublin, the Jurys Doyle Hotel Group is Ireland's largest hotel group with 32 properties in Ireland, Britain, and the United States.

Pre-tax profits dropped from €52.9m to €45.84 in the 12 months to December 2003 , the company said this morning.

Pat McCann, Chief Executive, Jurys Doyle Hotel Group, said:

'We have delivered a satisfactory performance for the twelve month period which ended on 31 December 2003' This outcome was achieved against a trading environment characterised by continued weakness in global economies and geo-political uncertainty in the early months of 2003.

The group announced underlying increase of 3% in dividend per share

The company said it plans a 250-bedroom Jurys Inn in Nottingham, to open in late 2005.

The group turnover fell by 5.3% to €253.8m, this was due to the impact of the stronger euro on its international business, but excluding currency effects, turnover rose by 1%.

Jurys said increased costs impacted profit growth and that its key revenue per available room measure was flat last year.

It attributed this to lower overall occupancy levels in its hotels in Ireland, Britain and the US.

The group said that there was improvement in Britain and the US in its Inns division, and this continued into 2004.

It described its outlook for profit growth for 2004 as "cautiously optimistic".