REG - Mandarin Oriental Jardine Matheson Hdg - INTERIM MANAGEMENT STATEMENT

Mandarin Oriental InternationalAnnouncement

09/11/2023 10:00

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RNS Number : 9440S  Mandarin Oriental International Ltd  09 November 2023

Announcement

 

The following announcement was issued today to a Regulatory Information
Service approved by the Financial Conduct Authority in the United Kingdom.

MANDARIN ORIENTAL INTERNATIONAL LIMITED

Interim Management Statement

9th November 2023 - Mandarin Oriental International Limited today issues its
Interim Management Statement for the third quarter of 2023.

 

Global luxury travel demand remained buoyant in the period, contributing to a
strong performance across the business.  Underlying profit in the third
quarter was more than double the level seen in the same period in 2022.  The
increase was driven by higher fee income in the Management Business and
improved earnings from Owned Hotels - particularly Hong Kong and Tokyo.

 

Revenue per Available Room ('RevPAR') in Europe, the Middle East and Africa
grew in the period compared to the third quarter of 2022, predominantly driven
by rates, whilst Asia achieved a substantial improvement in RevPAR driven by
both rates and occupancy.  In America, RevPAR remained broadly flat.  The
Group's combined RevPAR was substantially ahead of pre-pandemic levels in the
third quarter, driven by rates, but occupancy remained behind those levels.

 

In August, the Group opened its first hotel in Greece - Mandarin Oriental,
Costa Navarino.  In September, Mandarin Oriental, Singapore reopened its
doors to guests with a transformed offering after a six-month renovation.  In
the third quarter, the Group announced a new management contract for a luxury
resort in Porto Cervo, Sardinia, marking its fourth venture in Italy.  The
Group expects to open Mandarin Oriental Savoy, Zurich by the end of the year.

 

Consolidated net debt as at 30th September 2023 reduced to US$219 million
(US$233 million at 30th June 2023).  The Group's liquidity position remains
robust, with US$496 million in available committed debt facilities and US$355
million of cash reserves.  Gearing was 5% of adjusted shareholders' funds.

 

Further to the Company's announcement on 2nd May 2023, the Group welcomes the
assumption by Laurent Kleitman of the role of Group Chief Executive with
effect from 1st September 2023.  Laurent has many years' experience of
leading the creation and evolution of new and historic brands, as well as
growth strategies focussed on customer-centric innovation and experience.

 

Mandarin Oriental International Limited is incorporated in Bermuda and has a
primary listing in the standard segment of the London Stock Exchange, with
secondary listings in Bermuda and Singapore.  Mandarin Oriental is a member
of the Jardine Matheson Group.

 

- end -

 

For further information, please contact:

 

Mandarin Oriental Hotel Group International Limited

Max Fleming

Director of Corporate
Finance
(852) 2895 9171

 

Chris Orlikowski

Director of Global
Communications
(44) 791 7280 210

 

Brunswick Group Limited

William
Brocklehurst
(852) 5685 9881

 

This and other Group announcements can be accessed online at
'www.mandarinoriental.com'.

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