City Lodge Hotels Limited (CLH) Results Snapshot 1H22

Diluted HEPS improved to -5.9cps (+90.6% y-y), and revenue improved by +102.2% y-y to R436m. OPM showed a big improvement from -108.1% to 7.2%, expenses to revenue stabilised from 208.4% LY to 93.3% CY. This is still higher than pre-pandemic levels of 79.1%. No Interim dividend declared. Gross debt increased by 36% to R720m. Average group hotel occupancy has improved from 29% LY to 30%.