Gresham Hotel Group, formerly known as Ryan Hotels, said today it expected its first-half pre-tax profits to be 1.5 million euros below expectations.
The group, which made a 4.1 million euro profit in the first half of 2000, said it had been hit by restriction imposed in the UK and Ireland after the outbreak of foot and mouth earlier this year.
Gresham said this had coincided with a softening in the international business market.
The company says initial indications are that the second half of this year will be more difficult than the second half of last year, but will be more profitable than the first six months of this year.
Its interim results, to be reported next month, will include once-off charges of around 1.5 million euros relating to the sale and lease back of the Royal Marine Hotel and the costs of rebranding.
Gresham shares closed down seven cents to 80 cents in Dublin.
