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Online-only easyHotel reports sales up but profits down in first stockmarket results

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easyHotel, the hotel group whose customers can only book online, today reported growing sales but a fall in profits after costs including a stockmarket listing.

The hotel group said revenue of £3.5m in the year to September 30 2014 was 34% up on the same time last year, with 64% of income from owned hotels and the balance from franchise partners. Pre-tax profits came in at £0.6m after one-off costs, down from £1.4m at the same time last year.

The super-budget hotel company, which listed for the first time this year on the London Stock Exchange, said it increased its owned hotel rooms to 287 during the year, expanding its first hotel at Old Street, London and opening a second hotel in Glasgow. Since the year-end it has also opened a third hotel in Croydon. Through a combination of owned hotels and franchise partners there are now 20 easyHotels in 13 cities in nine countries. Customers can only book rooms easyHotel’s owned hotels online, while many customers of the franchise hotels also book through its website.

Chief executive Simon Champion said the group had made good progress during the year and that it was confident about 2015 for easyHotel, “a strong brand with international recognition.”

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