NEW YORK Friendly Hotels, the European franchise holder for Choice Hotels, has issued a profit warning for the full year ending December 31, 2000. The statement resulted in the group s share price plummeting on Wednesday by 30% to 16.5 pence, as profits are expected to be substantially reduced compared to last year. Various factors have contributed to the poor results, including a slow start to the year, higher rental and interest charges and the cost of increased borrowings and interest rates. Furthermore, a revaluation of the group s properties is nearing completion, which is expected to lead to a #50 million reduction, to #161 million, in the group s current book value. (12/1/00) SOURCE: HVS International
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