Apex checks in with healthy profit increase

Scottish hotels group Apex’s profits jumped in the last financial year, as its expansion into London gathered pace.

The firm, which operates seven hotels in Edinburgh, Dundee and London, made profits before tax of £7.1 million in the 12 months to 30 April, up by £2.3m on the year before.

The figures benefited from the first full year of trading for Apex London Wall, which opened in November 2009. The company was also able to increase its occupancy rate, while its average room rate went from £96.63 in 2009-10 to £107.06.

Turnover was up 18.2 per cent to more than £40m.

Managing director Angela Vickers said: “I am delighted with the performance of the hotels, particularly in such challenging economic circumstances.”

She said the planned opening of Apex’s third London hotel, in March, would continue to strengthen the group’s position in the UK market.