The Annual General Meeting (AGM) for leading Australian hotel and resort operator, Mantra Group (MTR), was held in Brisbane at the Group’s Mantra on Queen hotel on 17 November 2016.
Mantra Group Chairman Peter Bush reiterated the Group’s year end 2016 results which saw a total revenue of $606.1 million representing a 21.6% increase on FY2015, and acknowledged yet another year of success since the Group listed on the Australian Securities Exchange on 20 June 2014.
“Underlying NPAT was $43.8 million, up $7.6m on FY15 and underlying EBITDAI of $89.8 million representing a significant 23.0% increase on FY15,” said Mr Bush.
At the time of writing, Mantra Group’s shares were trading at $3.20 per share – an increase of 78% since listing on 20 June 2014.
“This strong performance is driven by acquisitions, targeted product improvement, strong performances in each of the operating segments, a focus on cost control and improved efficiencies,” he said.
Strategic pipeline growth continues to be a key focus for the Group which added 11 properties in FY16 across its three brands Peppers, Mantra and BreakFree, earning Mantra Group the accolade as ‘Australia’s fastest growing hotel group in FY16’.
Mantra Group Chief Executive Officer Bob East said the Group is committed to driving its pipeline growth and development opportunities, exploring diversified acquisition models and delivering quality room inventory and hotel and resort facilities.
“These strategies aim to capitalise on the forecasted growth in the tourism sector driven by increases in international visitors, primarily out of Asia,” said Mr East.
“A recent standout acquisition is undoubtedly the 1,176 room Mantra-branded Ala Moana Hotel in Honolulu Hawaii, which joined the Group at the end of July.
“The hotel has recorded solid opening results to perform above the industry-average in the South Pacific hotel market.”
Mantra Residences @ Southport Central and Peppers Kings Square Hotel, Mantra Group’s first Peppers property in Western Australia, have also joined the portfolio since 30 June 2016.
“The Group’s balance sheet and cash flow remain strong placing the business in a good position to capitalise on new opportunities as they arise,” he said.
Mr East said Mantra Group expects FY17 EBITDAI to be between $101m to $107m (excluding the impact of any additional conditional or uncontracted properties as at 30 June 2016 and any transaction costs and foreign exchange translation associated with the acquisition of Ala Moana Hotel and other FY17 acquisitions).