Millennium & Copthorne has concerns for economy - Business - Evening Standard
       

Millennium & Copthorne has concerns for economy

Millennium & Copthorne today posted a 65% rise in first-half pre-tax profit but said it was cautious about the economy over the next 12 to 18 months.

The London-based hotels chain, which runs more than 120 hotels in 19 countries, declared an interim dividend of 2.08p, unchanged from last year.

"We will continue to be cautious in our approach, maintaining a tight rein on costs and testing very carefully our investment plans," said chairman Kwek Leng Beng.

For the six months to June 30, pre-tax profit rose to £50.2 million from £30.5 million last year. Total revenue rose 11% to £350.5 million.

M&C said revenue per available room, a key industry measure of takings, rose 11%.

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