Hydro Hotel Eastbourne plc

Earnings Release • Feb 26, 2025

National Storage Mechanism | Additional information

Hydro Hotel Eastbourne Plc - FINAL RESULTS FOR THE YEAR ENDED 31 OCTOBER 2024

PR Newswire

LONDON, United Kingdom, February 26

26 February 2025

HYDRO HOTEL, EASTBOURNE, PLC

(“Hydro Hotel” or the “Company”)

FINAL RESULTS FOR THE YEAR ENDED 31 OCTOBER 2024

HIGHLIGHTS

The profit for the financial year after taxation was GBP350,246 (2023 profit of GBP235,945). Turnover from the Hydro Hotel operation increased during the year by 9% (2023 increased by 0.7%). Earnings per share were 58.37p compared to 39.32p for the previous year.

The Company’s operating activities generated cash of GBP610,313 (2023 generated cash of GBP485,680) and it invested GBP166,247 in new fixed assets (2023 GBP273,488). During the year the Company paid ordinary dividends of GBP150,000 (2023 GBP210,000). At the year end the Company had net current assets of GBP1,670,097 (2023 GBP1,442,129).

CHAIRMAN’S STATEMENT

Results for year ended 31 October 2024

I am pleased to report on the company’s results for the year ended 31 October 2024.

Sales for the year totalled £4,850,970, an increase of 9% on the £4,432,917 sales for the previous year (2023 0.7% increase). Operating profit for the year was £393,319 (2023 £259,602).   After interest receivable and the corporation tax charge, the post-tax profits for the year were £350,246 (2023 £235,945). An interim dividend of 13p per share (2023 12p per share) absorbing £78,000 (2023 £72,000) was paid to shareholders in October 2024. Taking into account the level of post-tax profits for the year and with the Company having strong reserves and assets, the Board has decided to declare a further interim dividend of 13p per share (2023 12p per share) absorbing £78,000 (2023 £72,000), which will be paid on Wednesday 2 April 2025 to shareholders on the register on Friday 14 March 2025. The ex-dividend date will be Thursday 13 March 2025.

The trading environment for the Company continues to be challenging with continuing cost of living increases impacting on operating costs and consumer demand. With careful monitoring of food and drink costs the gross profit percentage increased by 9% compared to the previous year (2023 No change compared to 2022). Overall profitability increased in the year, despite increases in operating and staffing costs.

Repair costs decreased by 5% compared to the previous year and included general maintenance to the fabric of the building, including replacement of fire doors and remedial work to the hotel’s wiring.

Capital improvements at the hotel during the year included the installation of new air conditioning in the Conservatory, replacement of the outside furniture for the Garden Suite and Main Terrace,   replacement of the boiler in the new wing, and general refurbishment of some bedroom interiors.

Developments since 31 October 2024

New marketing techniques will continue to be developed during the year to further encourage direct bookings at the hotel, which show an increase, year on year.

Updating of the Wedgwood room air conditioning will be undertaken in the coming year together with replacement of the remaining outside furniture and installation of a new flue and boiler in the old wing. General refurbishment of bedrooms and public areas will continue.

We continue to improve the physical and cyber security of the hotel’s assets and are working towards Cyber Essentials accreditation.

I am also pleased to report that the quality of the hotel’s offering was recognised locally by its winning of the Outstanding Tourism and Accommodation Award at the recent Eastbourne Business Awards ceremony held on 29 November 2024 at the Winter Gardens, Eastbourne.

Our Staff

I would like to congratulate our General Manager, Jonathan Owen, on the results achieved for the hotel this year, despite ongoing challenges for the hotel and tourism industry.

I wish also to record our thanks to our management team and all our staff for their dedication to the hotel.   We continue to invest in our team, working to train and retain valued members of staff who continue to deliver the Hydro’s renowned quality of service which our customers value so much.

	Christopher J Bean LL.B (Hons)
25 February 2025	Chairman of the Board

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2024
			2024	2023
			GBP	GBP
Turnover
Continuing operations			4,850,970	4,432,917
Cost of sales			(4,185,435)	(3,916,653)
Gross profit			665,535	516,264
Administrative expenses			(272,216)	(256,662)
Operating profit			393,319	259,602
Interest receivable and similar income			76,196	50,805
Profit before taxation			469,515	310,407
Taxation			(119,269)	(74,462)
Profit for the financial year			GBP 350,246	GBP 235,945
Earnings per share - continuing operations			58.37p	39.32p

Earnings per share have been calculated using 600,000 shares, being the weighted average number of shares for both years. The company has no potential ordinary shares, therefore basic and diluted earnings per share is the same figure.

STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2024
			2024	2023
			GBP	GBP
Fixed assets
Tangible Assets			2,497,935	2,525,316
Current assets
Stocks			47,810	40,028
Debtors			154,155	189,158
Investments			-	465,980
Cash at bank and in hand			2,462,830	1,626,588
			2,664,795	2,321,754
Creditors : Amounts falling due within one year			(994,698)	(879,625)
Net current assets			1,670,097	1,442,129

Total assets less current liabilities			4,168,032	3,967,445
Provisions for liabilities			(148,905)	(148,564)
Net assets			GBP 4,019,127	GBP 3,818,881
Capital and reserves
Ordinary Shares - Authorised and Issued:
600,000 Shares of GPB1.00 each fully paid			600,000	600,000
Revaluation reserve			389,814	394,093
Profit and loss reserves			3,029,313	2,824,788
Total equity			GBP 4,019,127	GBP 3,818,881

STATUS OF FINANCIAL INFORMATION

The financial information set out above does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. This has, however, been extracted from the statutory accounts for the year ended 31 October 2024 . These accounts have not to date been delivered to the Registrar of Companies. The Company’s auditor, UHY Hacker Young LLP, has issued an unqualified audit report which does not contain a statement under section 498 of the Companies Act 2006 in respect of these accounts.

DIVIDEND ANNOUNCEMENT

An interim dividend of 13.0 pence per share (2023 12.0 pence paid) is to be paid on 2 April 2025 to shareholders on the register on 14 March 2025. The directors do not propose the payment of a final dividend.

The Directors of Hydro Hotel, Eastbourne, plc accept responsibility for this announcement.

For further information please contact:

Hydro Hotel, Eastbourne, plc     Sally Gausden     Telephone: (+44)(0) 1323 431200

Peterhouse Capital Limited     Mark Anwyl     Telephone: (+44)(0) 2074 690930

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

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