REG - Dalata Hotel Group - COVID 19 Update

Dalata HotelAnnouncement

09/03/2020 10:05

RNS Number : 4262F
  
Dalata Hotel Group PLC
  
09 March 2020
  
 

 
 
COVID-19 Update
 
ISE: DHG              LSE: DAL
 
Dublin, 9 March 2020 | Dalata Hotel Group plc ("Dalata" or "the Group"), the largest hotel operator in Ireland with a growing presence in the United Kingdom, today announces an update on recent COVID-19 developments.
 
While the Group had experienced no material reduction in demand due to the outbreak of COVID-19 in China at the announcement of our full year results on 25 February 2019, we have since observed a  significant reduction in bookings and a significant increase in cancellations following the spread of COVID-19 to Europe, in particular the spread of the virus to Northern Italy and from there to the UK and Ireland.
 
The extent of the impact of COVID-19, the rate at which the virus spreads, and the period for which it continues cannot be predicted at this time. It is therefore too early to estimate the financial impact on the Group; we will provide a further update as the situation develops.
Pat McCann, Chief Executive Officer, Dalata said:
"Dalata's decentralised operating model means that we have responsibility at a local level, co-ordinated through Group, enabling us to respond quickly and effectively as this situation evolves. 
Our primary concern is the health and wellbeing of our people and our guests. We are implementing additional procedures and following the guidelines provided by the World Health Organisation. 
Our lowly geared asset backed balance sheet together with our experience in reacting to crisis scenarios gives us the resilience to manage the impact of the unfortunate outbreak of the COVID-19 virus".
ENDS
About Dalata
 
Dalata Hotel Group plc was founded in August 2007 and listed as a plc in March 2014. Dalata has a strategy of owning or leasing its hotels and also has a small number of management contracts. The Group's portfolio now consists of 30 owned hotels, 11 leased hotels and three management contracts with a total of 9,208 bedrooms. In addition to this, the Group is currently developing 11 new hotels and has plans to extend two of its existing hotels, with a total of 2,871 bedrooms due to open over the next three years. This will bring the total number of bedrooms in Dalata to over 12,000. Dalata now has close to 5,000 employees. For the full year 2019, Dalata reported revenue of €429.2 million and a profit after tax of €78.2 million. Dalata is listed on the Main Market of Euronext Dublin (DHG) and the London Stock Exchange (DAL). For further information visit: www.dalatahotelgroup.com.
 




 
Contacts
 



Dalata Hotel Group plc


Tel +353 1 206 9400




Pat McCann, CEO


investorrelations@dalatahotelgroup.com




Dermot Crowley, Deputy CEO,
Business Development & Finance




Sean McKeon, Company Secretary and
Head of Risk and Compliance




 




Joint Company Brokers


 




Davy: Anthony Farrell


Tel +353 1 679 6363




Berenberg: Ben Wright


Tel +44 20 3753 3069




 


 




Investor Relations and PR | FTI Consulting


Tel +353 86 401 5250




Melanie Farrell


dalata@fticonsulting.com



 
 


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