Forum Archive Index - February 2001

["DR" <kat47@bigfoot.com>]

Two earlier comments incl. the trading statement summary:

 

18.01.01 :-0.5, (134) the Independent say buy. The paper reckons the company may be only the UK's fourth-largest hotelier, but it has more hotels in the lucrative London market than any of its rivals. Its shares journeyed to the basement last year after management unveiled disposals and a costly refurbishment programme that analysts thought would hit trading hard in 2000, but it seems Thistle's painting and decorating has done little harm. A trading statement yesterday showed that in the second half of the last year, the key industry measure of revenue per available room, "revpar", was up 7.3%. Hotel groups have found shareholders unwilling to pay for expansion in recent years, and capacity could well become constrained. More French and German tourists should comfortably offset any drop in US visitors this year caused by a weaker dollar. Thistle shares jumped when US rates were cut, and could jump higher if UK rates fall. Investors unflustered by the rather tight free float, New Zealand's Brierley Investments holds 46%, will find the stock good value.
17.01.01 :+3, (134.5) in a trading update, says.. "Total turnover in Thistle's retained hotels increased by 8.0% to £324.4m in 2000. Occupancy grew by 0.9 percentage points to 75.8% and the average room rate increased by 4.7% to £70.52. As a result, revenue per available room ('Revpar') increased by 6.0% to £53.45. A strong second half more than offset the difficult start to the year. Turnover in retained hotels in the second half increased by 11.9% and Revpar increased by 7.3% compared to the same period in 1999. In London, turnover in the retained hotels increased by 9.6% to £211.0m. Revpar for the year increased by 9.4% to £65.08. In the second half Revpar increased by 10.5% over the previous year. Outside London, turnover in the retained hotels increased by 5.2% to £113.4m. Revpar for the year decreased by 0.5% to £36.56. As with London, trading in the second half of the year was stronger than the first half, with Revpar up by 1.4% compared to the same period in 1999. Retained hotels exclude the 5 hotels sold during 1999 or 2000 and include Middlesbrough which re-opened in April 2000."

D.