Gresham Hotel Group has reported pre-tax losses of just under €400,000 for the first six months of the year.
Operating profits were just under €1m, slightly lower than the comparable February to July period last year. Turnover fell from €26.8m to €25.3m, hit by the Iraq war and concerns over SARS.
Gresham says the domestic market has performed well, but there was no growth in the British market, while the important US market declined.
The group is planning an aggressive expansion which will see the number of hotels it operates increase from just seven at present to between 15 and 20. Chief executive Patrick Coyle said specific opporunties were currently under consideration which will see Gresham move into new hotels in London, Dublin and continental Europe through acquistion, management contracts or franchising.
The company earlier this year sold three of its Ryan hotels for €35.8m, but these are not reflected in today's results. The sales were part of its strategy to concentrate on city centre locations.
Gresham is not paying an interim dividend because of the uncertain trading conditions. Shares in the company were four cent lower at 85 cent this morning in Dublin.
