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.
