However Resort, which owns 14 hotels nationwide and manages 32 others on long-term contracts, has also benefited from the recession, winning several contracts to run hotels repossessed by banks or receivers.
Occupancy rates fell about 3 per cent to 60 per cent.
Robert Feld, managing director, said Resort, which has called four rights issues since flotation in 1988 and currently has no net borrowings, would not be approaching shareholders again 'within the foreseeable future'. Eighty-five per cent of the shares in April's pounds 20m rights issue were taken up.
He said management contracts reduced capital expenditure and company borrowings. Management fees contributed pounds 3m to operating profits of pounds 5.6m in the year ended 30 April, up from pounds 4.5m.
Earnings per share were 8.02p against 8.98p, largely as a result of an increased tax charge of 11.2 per cent, up from 5.7 per cent in 1991. Turnover rose 32 per cent to pounds 16.1m.
The final dividend of 2.25p gave a total of 3.45p, up from 3.4p last time. Yesterday the shares closed up 2p at 57p.Reuse content