StockMarketWire.com - EasyHotel swung to an annual loss as the budget hotel chain wrote down the value of a property in Ipswich.

For the financial year ended 30 September 2019, the company reported a pre-tax loss of £3.57m compared with a profit of £0.87m on-year, even as revenue increased 56% to £17.6m

The loss was driven by a £3.0m non-cash impairment in Ipswich and £1.4m of costs associated with a change in ownership structure in the latter part of the year.

Like-for-like owned hotels revenue per available room (RevPAR) was up 4.6% on-year.

The total portfolio stood at 1,340 owned hotel rooms and 2,332 franchised hotel rooms.

'Looking to the year ahead, the political and economic landscape will continue to impact consumer confidence,' EasyHotel said.

Story provided by StockMarketWire.com