The Annual General Meeting (AGM) for Australian hotel company, Mantra Group, was held in Brisbane at the Group’s Mantra on Queen hotel this week (Nov 25) and it was the first full year AGM for the company which listed on the Australian Securities Exchange on 20 June 2014.
Mantra Group Chairman Peter Bush reiterated the Group’s year-end 2015 results which saw a total revenue of $498.8 million representing a 9.7% increase on FY2014, and acknowledged the success of the Group’s inaugural year on the ASX.
“As at 30 June 2015, Mantra Group’s shares were trading at $3.42 per share – an increase of approximately 90% since listing on 20 June 2014,” he said.
“Today the share price sits around $4.51 (at Nov 27) which represents a further increase of approximately 32% since 30 June 2015. This reflects the strength of the Mantra Group business in market.”
Strategic pipeline growth continues to be a key focus for the Group which added 11 properties in FY15 across the three core brands – Peppers, Mantra and BreakFree. Another nine properties have been added year to date FY16 with another six hotels already scheduled to join the portfolio in 2016 and 2017, including brand new developments in Melbourne, Brisbane and Perth.
Mantra Group CEO Bob East said both CBD and Resort sectors were performing well with favourable market conditions creating a positive impact. The Group’s CBD hotels reported revenue growth of 15.3% to $272.3m compared to FY14; while Resort properties posted revenue growth of 2.5% to $181.8m compared to FY2014.
“Corporate travel and consumer confidence has returned with particularly strong markets in Sydney and Melbourne,” he said. “Resort locations in North Queensland and the Gold Coast are booming off the back of favourable exchange rates and growth in the Asia inbound market, particularly from FIT business out of China.”
Mantra Group now operates 126 hotels across its portfolio in Australia, New Zealand and Bali.