The 9M results showed a significant improvement compared with H1, mainly thanks to Brexit. Indeed, the fall in the value of sterling after the 23 June 2016 referendum generated exchange gains: £43m on reported revenue and £7m on profit before tax, or respectively +7% and +13%. Moreover, management saw some benefits in occupancy in London with more leisure travellers benefiting from sterling’s weakness. As a whole, in Q3, revenue increased by 17.1% and profit before tax by 27
04 Nov 2016
Q3 results sustained by some benefits of Brexit
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Q3 results sustained by some benefits of Brexit
Millennium & Copthorne Hotels New Zealand Limited (MCK:NZE) | 0 0 0.3% | Mkt Cap: 310.1m
- Published:
04 Nov 2016 -
Author:
Bérénice Lacroix -
Pages:
2
The 9M results showed a significant improvement compared with H1, mainly thanks to Brexit. Indeed, the fall in the value of sterling after the 23 June 2016 referendum generated exchange gains: £43m on reported revenue and £7m on profit before tax, or respectively +7% and +13%. Moreover, management saw some benefits in occupancy in London with more leisure travellers benefiting from sterling’s weakness. As a whole, in Q3, revenue increased by 17.1% and profit before tax by 27