Millennium & Copthorne Q3 profit, RevPAR up

Millennium & Copthorne reported a jump in third-quarter pre-tax profit on Monday, helped along by solid growth in New York.

In the three months to the end of September, pre-tax profit was up 19.6% on a reported basis to £55m, as revenue per available room grew 4.6% to £89.75m. Total revenue was up 6.5% to £263m. For the nine-month period to the end of September, pre-tax profit increased 15.7% to £118m, with RevPAR up 11.5% to £82.41m.

The company said the nine-month profit includes a currency exchange gain of £7m, while the third-quarter profit includes a £1m gain.

Like-for-like group RevPAR for the nine months was up 1.4% and was higher in all regions except for Asia, where it fell 2.1% and Rest of Europe, where it was down 0.2%. London and New York registered like-for-like RevPAR growth of 5.2% and 1.1% respectively.

For the third quarter, like-for-like group RevPAR increased 0.3%, with New York up 1.2% and London and Singapore down 2.5% and 2.1%, respectively.

At 0850 BST, the shares were down 0.6% to 583.00p.