City Lodge Hotels (CLH) FY23 – Results Snapshot

Diluted HEPS 30.3cps (LY: -8.6cps).
Turnover increased by 55.3% y-y to R1 715m.
OPM increased by 490bps to 20.7%.
Expenses increased by 49.2% y-y with expense to sales decreased from 84.7% to 81.4%.
Dividend of 13.0cps.
Cash generated from operating activities up 215.5% y-y to R385m.
Average group occupancies improved from 38.0% to 56.0%.
Average room rates for the year have increased 12.0% y-y.
City Lodge has planned refurbishments scheduled at 10 hotels, which includes the further roll-out of their new generation hotel room designs intended to make the products more appealing. Total capital commitments authorised for the FY24 is R367.6m.