Celtic Manor profits are back in the black
Documents filed for the Celtic Manor Resort show the business' profits were back in the black last year as the company began its recovery from the pandemic
Having recorded a pre-tax loss of £12.9m in 2020, last year the company recovered to make a pre-tax profit of £1.7m on a turnover of £41.6m – nearly double the £21.6m reported the prior year. Earnings before interest, tax, depreciation and amortisation (EBITDA) hit £6.6m (against -£4.4m in 2020).
Average occupancy for the Celtic Manor resort last year was 50% (34% in 2020) with an average room rate of £135 (up from £88 the prior year). Total revenue per available room for the resort hotel was £219, against £113 the prior year.
The group's Coldra Court hotel saw occupancy of 73% (up from 58%) and average room rate of £77 (£61 in 2020). Average occupancy for the Ty Magor hotel was 43% (23% in 2020), with an average room rate of £63 (2020: £53).
However, the average monthly number of people employed by the group fell from 1,030 in 2020 to 800 in 2021.
2021 also saw the group enter its first hotel management contract with the opening of the Parkgate hotel in Cardiff.
The directors said they expected activity to return to pre-Covid-19 levels this year and continued to seek strategic opportunities to expand operations.
Continue reading
You need to create an account to read this article. It's free and only requires a few basic details.
Already subscribed? Log In
