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Jurys Doyle Hotel Group Reports 2003 Occupancy Levels
in Ireland, the UK and the United States Down by
Less than 1% Compared to 2002; 
Pre-tax Profits Amounted to €45.8 million
.
LONDON, February 26, 2004 

Preliminary Reults of Jurys Doyle Hotel Group PLC for the 12 months Ended December 31, 2003

Highlights:

  • Profit before tax amounted to €45.8 million
  • Underlying increase of 3% in dividend per share
  • Occupancy levels outperformed competitors
  • Jurys Inns performed well in 2003
  • Continued restructuring of property portfolio through disposals
  • Over 1,750 new bedrooms in development
  • New Jurys Inn announced for Nottingham
Commenting on the results for the 12 month period, Mr. Pat McCann, Chief Executive, Jurys Doyle Hotel Group, said: "We have delivered a satisfactory performance for the twelve month period which ended on 31 December 2003. In financial terms pre-tax profits amounted to €45.8 million. This outcome was achieved against a trading environment characterised by continued weakness in global economies and geo-political uncertainty in the early months of 2003. However, as the year progressed we did see an improvement in trading conditions - albeit this was confined to the UK market, especially the important London market, and within our US hotel operations.

During 2003 we continued to focus attention on the momentum and strategic direction of the Group by expanding our portfolio of properties in major population centres. Jurys Inn Newcastle opened for business in February 2003 and Jurys Inn Glasgow opened in August 2003. Both of these Jurys Inns have performed well to date and this is very encouraging as we move forward. Our new Jurys Inn in Leeds opens tomorrow and this will be followed by the opening of the new Jurys Inn Chelsea within the next few months.

The overall occupancy level across our hotel operations in Ireland, the UK and the United States in 2003 was down by less than 1% compared to the 12 months of 2002. Nevertheless, from a peer performance viewpoint, independent research indicates that we again outperformed our industry competitor set in the Dublin, London and Washington markets.

The Jurys Inns portfolio produced another good result in 2003. The strength of the Jurys Inns brand reflects the combination of excellent locations and an original product offering in terms of hotel quality and value for money".

Continuing, Mr. McCann said: Construction is progressing on our new Jurys Inns developments in Parnell Street (Dublin), Heathrow and Southampton and we are nearing completion of our new 4-star Jurys Hotel Boston. We are also delighted to announce plans for a new 250 bedroom Jurys Inn in Nottingham which will open in late 2005".

Concluding, Mr. McCann said: "The opening of these new Jurys Inns and Jurys Hotel Boston is a significant advancement of our development strategy and evidence of the excellent scope for Jurys Doyle to increase our presence in major cities where we can expand our brand."
 

PRELIMINARY RESULTS OF JURYS DOTLE HOTEL GROUP PLC 
FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2003
FINANCIAL SUMMARY



                                                 12 months ended         8 months ended
                                                31 December 2003       31 December 2002
                                                           €'000                  €'000

Turnover                                                253,773                183,792

Operating Profit                                         56,027                 51,010

Profit before Tax                                        45,842                 38,336

Earnings per Share - Diluted                              59.7c                  48.7c

Adjusted Diluted Earnings per Share*                      64.6c                  52.1c

Dividend per Share                                        23.7c                 15.33c

*excluding goodwill amortisation

Jurys Doyle Hotel Group plc - Preliminary Results for the 12 months ended 31 December 2003

Results for 2003:

The Directors of Jurys Doyle Hotel Group are pleased to report a satisfactory performance for the 12 months ended 31 December 2003.

As the prior audited period consisted of the 8 months ended 31 December 2002 the 2002 comparative figures stated below, in brackets, are the unaudited pro-forma financial results for the 12 months ended 31 December 2002.

Turnover for the year ended 31 December 2003 amounted to €253.773 million (2002: €268.138 million) and the Group reported an operating profit, before profit on disposal of hotels, of €56.027 million (2002: €72.550 million). Profit before taxation for the year amounted to €45.842 million (2002: €52.918 million). Basic earnings per share amounted to 60.4 cent (2002: 67.5 cent).

During 2003, we disposed of two of our 3-star 'full service' hotels in Dublin, the Jurys Green Isle and the Jurys Tara, which realised a combined pre-tax profit of €3.600 million. Interest expense amounted to €13.785 million in 2003 (2002: €20.714 million), net of financial income of €3.066 million on foreign currency contracts used to manage the Group's exposure on translation of sterling and US dollar earnings. The tax charge in 2003 amounted to €7.934 million which included taxation of €747,000 arising from the profit on hotel disposals. This equates to an effective Group tax charge of 17.3%. Net assets at 31 December 2003 were €662.675 million and net debt amounted to €337.086 million. At the same date, the ratio of net debt to shareholders' funds was 51% and net asset value per share amounted to €10.53.

Trading Review:

The outcome for 2003 was achieved against the background of a challenging trading environment for the hotel industry in our three markets. In the earlier part of the year the business was impacted by the relative weakness in the global economy, geo-political uncertainty and the impact of the SARS health alert on long-haul airline traffic into the important London market.

In addition, the appreciation of the euro against sterling (up 10%) and the US dollar (up 25%) during 2003 also resulted in lower euro translated profits, as compared to the prior year, reflecting the Group's substantial business interests in the United Kingdom and the United States. The impact of euro appreciation for the year ended 31 December 2003 was to reduce Group turnover by €16.58 million and, but for this, the Group would have reported modest growth in turnover of just under 1%. Similarly, euro appreciation reduced operating profit by €5.2 million, or 7%. 

However, the impact of euro appreciation on profit before taxation was limited to approximately €920,000 due to the benefit of lower euro translated interest costs and the inclusion of financial income on foreign currency contracts referred to above.

In the second half of 2003, we experienced an improvement in trading in some, but not all, of our markets. In particular, trading conditions improved within our hotel operations in the UK and the United States and within our Jurys Inns portfolio in Ireland and the UK. In these circumstances, and taking the full year into account, the Group's performance was satisfactory and we have continued to perform better than many of our industry peers. This is evidenced by our continued out performance in occupancy levels in key market segments as compared to our competitor set. Whereas much of the international hotel industry experienced reduced occupancy levels, a reduction in achieved room rates and decreased profits during 2003 our experiences have been different in a number of areas.

The overall occupancy level across our hotel operations in Ireland, the UK and the United States in 2003 was down by less than 1% against the 12 months of 2002. However, independent research indicates that our occupancy levels continued to out-perform our competitor set in the Dublin, London and Washington markets. Our hotels as a whole in the UK and the United States reported small increases in their overall achieved room rates but these were offset by a small reduction in achieved room rate in our Irish hotels. As a consequence, and taking occupancy levels and achieved room rates into account across our hotel operations, we did not realise any growth in the key profit driver of revenue per available room (revpar). This factor, together with increased operating and payroll costs during 2003 and the reduction in trading profit contribution in the Irish hotel operation arising from hotel disposals in 2002 and 2003 resulted in a reduction in trading profits (in local currency) in each of our hotel operations in Ireland, the UK and the United States.

Our Jurys Inns portfolio performed well in 2003 across the enlarged portfolio of thirteen properties in Ireland and the UK. There were a number of particularly encouraging performances. In Dublin, our two Jurys Inns at Christchurch and Custom House reported good growth in trading profit in 2003, as compared to the twelve months to 31 December 2002, on the strength of good growth in revenue per available room. In the UK, there were also a number of good performances, as reported in sterling, especially from the recently opened hotels. Jurys Inn Croydon, which opened in February 2002, reported strong growth in trading profit in 2003 and delivered ahead of expectations. Jurys Inn Newcastle and Jurys Inn Glasgow, which opened in February 2003 and August 2003 respectively, also performed very well with reported trading profit ahead of expectations. The inclusion of these new Jurys Inns in Croydon, Newcastle and Glasgow contributed to strong growth in trading profit in 2003 across our Jurys Inns portfolio in the UK as compared to the previous 12 months.

Developments During 2003:

Our strategy remains focused on the development of a balanced portfolio of 4 and 5-star hotels and 3-star Jurys Inns in major population centres in Ireland and the UK and hotels in the north-east region of the United States. The success of our strategy is evidenced by the continued success of the Jurys Inns brand which has performed very well in challenging trading conditions. The development activity in 2003 reflected the continued execution of this strategy of expansion and the reshaping of our hotel portfolio in order to improve investment returns across the Group.

In January 2003, we announced plans for the opening of our third Jurys Inn in Dublin. Located at Parnell Street, construction is nearing completion on this 253 bedroom property which is scheduled to open in summer 2004.

Jurys Inn Newcastle opened for business on 14 February 2003. This 274 bedroom property is the largest hotel in Newcastle and has been very positively received in the local hospitality market. It already achieves the ultimate distinction of 100% occupancy on a regular basis - a notable achievement for a large new hotel in any city.

In February 2003, we also announced an investment of €34 million in the development of a new 364 bedroom Jurys Inn at London Heathrow Airport which is scheduled to open in early 2005. Construction is well underway and its opening will represent our fourth Jurys Inn in the London area and will bring our total market presence in London, including our three 4-star hotels, to seven properties representing almost 1,600 bedrooms.

In June 2003, we announced plans for a new Jurys Inn in Southampton which will consist of 257 bedrooms and is due to open in 2005. It will be the focal point of a new development overlooking East Park in the city centre.

Our new Jurys Inn at Glasgow opened for business on 22 August 2003 - some five weeks ahead of schedule. This 321 bedroom property is the largest hotel in Scotland and we are very encouraged by the initial customer response and the profit result for the period to 31 December 2003.

During 2003, in line with the Group's strategy of reshaping the profile of our hotel assets and driving improved investment returns across our property portfolio, the Group sold two Dublin based 3-star 'full service' hotels - the 90 bedroom Jurys Green Isle Hotel and the 113 bedroom Jurys Tara Hotel as going concerns. Whereas both of these hotels performed well within their market segments they did not fit into the Group's strategic plan and, as a consequence, we accepted attractive offers for them. The total cash consideration, amounting to €25.2 million, was well above their combined carrying values and a pre-tax profit of €3.6 million was realised on these disposals. The proceeds are being re-invested in our Jurys Inns development programme which will generate superior investment returns.

Developments in 2004:

Our development programme for 2004 has started well and reaffirms our strategy of focusing on the 4-star and 3-star 'budget plus' sectors of the hotel market. We are continuing with the expansion of the Jurys Inns brand in the UK and we are delighted to announce today plans for a new 250 bedroom Jurys Inn at Nottingham. Scheduled to open in late 2005, this hotel will be located in the city centre close to Nottingham Railway Station and is ideally situated to service the 600,000 people living in the greater Nottingham area and the 3 million people located within a 1 hour drive of the city. It will be built as part of a multi-use development which will include 165,000 square feet of office and residential space together with car parking. The new Jurys Inn Leeds opens tomorrow, 27 February, and we are confident that this new 248 bedroom hotel will perform well.

Looking forward, we are making good progress with the construction of Jurys Inn Chelsea and with our new 4-star Jurys Boston Hotel in the United States - both of which will open within the next six months.

On 16 February 2004, we announced the disposal of one of our 4-star hotels in Ireland, Jurys Limerick Hotel, for €9.75 million in cash. This 95 bedroom hotel will continue to be operated as a going concern by its new owners. However, given our concentration on larger sized hotels it did not fit with our strategic plan and, therefore, we decided that it would be preferable to concentrate our activities in Limerick on further developing the business of our Jurys Inn Limerick which has been in operation since 1997.

Financial Strategy:

Reflecting the Group's strategy of expansion through a mixture of leasing and full ownership - thereby achieving the twin objectives of continued expansion and enhanced returns to shareholders - we are leasing a number of the new developments. Jurys Inn Newcastle is leased and the new Jurys Inns in Parnell Street (Dublin), Southampton and Nottingham will also be leased. It is intended that the other new Jurys Inns developments in Leeds, Chelsea and Heathrow will be owned by the Group.

Strategy and Trading Update:

Taking into account the strategic developments during 2003, and during 2004 to date, by the end of 2005 Jurys Doyle will have added almost 2,400 new bedrooms across one new Jurys Hotel and eight new Jurys Inns since 1 January 2003 and we will have disposed of almost 300 bedrooms which did not fit with our long term strategy. This represents a net additional 2,100 bedrooms - equivalent to an increase of 35% on the total bedrooms in the Group at the start of 2003.

Our business strategy has served us well and we believe it will continue to do so. We experienced improved trading conditions in the second half of 2003 in some of our markets. This improvement - particularly in our hotel operations in the UK and the United States and within our Jurys Inns division in Ireland and the UK - has continued into the early months of 2004 and, therefore, we are cautiously optimistic about the business outlook for the Group in terms of modest pre-tax profit growth in 2004. In that context, we believe that when the improvement in trading is more firmly established on a broader basis, with a sustained recovery in all our markets without any external setbacks, we will be moving into that growth phase with an excellent portfolio and market position.

Dividends:

The Board of Directors is proposing a final dividend of 15.56 cent per share which, in addition to the interim dividend paid of 8.14 cent per share, brings the total dividend for 2003 to 23.70 cent per share. This compares to the total dividend paid of 15.33 cent per share for the 8 months ended 31 December 2002 - an underlying annualised increase of 3%.

If declared, the final dividend will be paid on 21 April 2004 to holders of ordinary shares whose names appear on the Company's register at the close of business on 5 March 2004.

The dividend calendar is as follows:
Ex-dividend date: 3 March 2004
Record date:  5 March 2004
Payment date (if declared): 22 April 2004
 

The Annual Report and Accounts for 2003 will be dispatched to shareholders on 19 March 2004. The Annual General Meeting of the Company will take place on 21 April 2004 at Jurys Ballsbridge Hotel, Dublin.

Richard Hooper
26 February 2004
 

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2003

                                                   Notes     Year ended 8 months ended
                                                            31 December    31 December
                                                                   2003           2002
                                                                  €'000          €'000

Turnover - continuing operations                       3       253,773        183,792
Cost of sales                                                 (170,902)      (115,943)

Gross profit                                                    82,871         67,849

Administrative expenses                                         (7,748)        (4,678)
Depreciation                                                   (16,010)       (10,025)
Goodwill amortisation                                           (3,086)        (2,136)

Operating profit - continuing operations               3        56,027         51,010

Profit on disposal of fixed assets                     4         3,600          1,082

Operating profit before interest and taxation                   59,627         52,092

Interest payable and similar charges                           (17,074)       (14,324)
Interest receivable and similar income                           3,289            568

Profit on ordinary activities before taxation                   45,842         38,336
Tax on profit on ordinary activities                   5        (7,934)        (7,525)

Profit for the financial period                                 37,908         30,811 
Equity dividends:
- Interim                                              6        (5,105)        (5,101)
- Proposed final                                       6        (9,791)        (4,506)
                                                               (14,896)        (9,607)

Profit retained for the financial period                        23,012         21,204

Transfer from revaluation reserve                      4         6,951          2,383

Profit and loss account at start of period                     165,300        141,713

Profit and loss account at end of period                       195,263        165,300

Earnings per share
- basic                                                7         60.4c          49.2c
- diluted                                              7         59.7c          48.7c

Adjusted diluted earnings per share
- before goodwill amortisation                         7         64.6c          52.1c
- before goodwill amortisation and profit  on
 disposal of fixed assets after tax                    7         60.1c          50.4c
 

CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2003

                                                      31 December         31 December
                                                             2003                2002
                                                 €'000      €'000    €'000      €'000

Fixed assets
Tangible assets                                        1,041,214           1,061,075
Goodwill                                                  46,682              52,287

                                                       1,087,896           1,113,362
Current assets
Stocks                                          2,317               2,514
Debtors                                        17,412              21,319
Cash at bank and in hand                       10,207              24,558

                                               29,936              48,391
Creditors: Amounts falling due within one
 year                                        (142,599)           (112,880)
                                             ----------------------------------------

Net current liabilities                                 (112,663)            (64,489)

Total assets less current liabilities                    975,233           1,048,873
Creditors: Amounts falling due after more
 than one year                                          (278,310)           (339,294)

Government grants                                         (3,347)             (3,916)

Provision for liabilities and charges
Deferred tax                                             (30,901)            (31,697)

Net assets                                               662,675             673,966

Capital and reserves
Called up share capital                                   20,135              20,056
Share premium account                                    182,397             181,130
Revaluation reserve                                      287,435             304,483
Other reserves                                           (22,555)              2,997
Profit and loss account                                  195,263             165,300

Shareholders' funds - equity                             662,675             673,966
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2003

                                               Notes       Year ended  8 months ended
                                                          31 December    31 December
                                                                 2003            2002
                                                                €'000           €'000

Net cash inflow from operating activities           8         74,797          53,902

Returns on investments and servicing of finance              (16,813)        (11,749)

Tax                                                           (5,303)         (1,617)

Capital expenditure and financial investment                 (92,710)        (56,631)

Acquisitions and disposals                                    51,077          13,788

Equity dividends paid                                        (14,712)         (8,867)

Net cash outflow before use of financing                      (3,664)        (11,174)

Financing                                                    (15,689)          2,068

Decrease in cash                                    9        (19,353)         (9,106)
                                                      -------------------------------
 

NOTES
For the year ended 31 December 2003
1. Reporting period

In 2002, Jurys Doyle announced that the Group would be changing its financial year-end from 30 April to 31 December. Accordingly, in March 2003, the Group announced its results for the eight month period from 1 May 2002 to 31 December 2002. The financial period now audited consisted of the twelve month period from 1 January 2003 to 31 December 2003.
2. Basis of preparation

The financial statements are prepared in Euro in accordance with generally
accepted accounting principles under the historical cost convention, modified by
the revaluation of certain assets, and comply with financial reporting standards
of the Accounting Standards Board, as promulgated by the Institute of Chartered
Accountants in Ireland. The accounting policies applied to the financial
statements are consistent with those applied in the preparation of the Group's
financial statements for the 8 months ended 31 December 2002
3. Segmental disclosure

The Group's turnover and profits arise from hotel activities in Ireland, the United Kingdom and the United States of America.
The Group's net assets are located in Ireland, the United Kingdom and the United States of America.
                                                 Year ended       8 months ended
                                                31 December          31 December
                                                       2003                 2002
                                            €'000         %         €'000      %
Turnover
Ireland                                  125,937        50        94,551     51
United Kingdom                           104,713        41        71,117     39
United States of America                  23,123         9        18,124     10

                                         253,773       100       183,792    100
Operating profit
Ireland                                   17,717        32        19,773     39
United Kingdom                            32,138        57        25,850     51
United States of America                   6,172        11         5,387     10

                                          56,027       100        51,010    100
Net assets
Ireland                                  559,667        56       582,902     57
United Kingdom                           386,166        39       370,880     36
United States of America                  53,928         5        71,689      7

Net assets before borrowings             999,761       100     1,025,471    100
Net borrowings                          (337,086)        -      (351,505)     -
 
 

Net assets                               662,675       100       673,966    100
 

4. Disposal of fixed assets

On 5 February 2003, prior to its opening, the Company disposed of its interest in Jurys Inn Newcastle, at cost, for £18.2 million (€26.255 million) and subsequently entered into a 35 year operating lease on this property. On 14 February 2003, the Company sold Jurys Green Isle Hotel for €11.0 million in cash. On 10 July 2003, the Company sold Jurys Tara Hotel for €14.2 million in cash. The total proceeds of disposals, net of expenses, amounted to €51.077 million and the pre-tax profit on these disposals amounted to €3.6 million.
On 12 July 2002, the Company completed the disposal of Jurys Skylon Hotel and Jurys Waterford Hotel for a combined consideration of €13.788 million (net of expenses). The profit on these disposals amounted to €1.082 million.
                                                   Year ended     8 months ended
                                             31 December 2003   31 December 2002
                                                        Total              Total
                                                        €'000              €'000
  Sale proceeds (net of expenses)                     51,077             13,788
  Net book value of fixed assets at date of
   disposal                                          (44,958)           (11,652)
  Goodwill attributable to disposal of fixed
   assets                                             (2,519)            (1,054)

  Profit on disposal of fixed assets before
   tax                                                 3,600              1,082

Tax                                                     (747)                 -

Profit on disposal of fixed assets after tax           2,853              1,082
 

In respect of year ended 31 December 2003, an amount of €6.951 million was transferred from the revaluation reserve to profit and loss account reserve in respect of the disposal of Jurys Green Isle and Jurys Tara hotels.
In the 8 months ended December 2002, an amount of €2.383 million was transferred from the revaluation reserve to profit and loss account reserve in respect of the disposal of Jurys Skylon and Jurys Waterford hotels.
5. Tax on profit on ordinary activities
 

                                                       Year ended 8 months ended
                                                      31 December    31 December
                                                             2003           2002
                                                            €'000          €'000
Current tax
Ireland                                                    2,174          2,172
Overseas                                                   4,776          2,903

                                                           6,950          5,075
Over-provision for corporation tax in prior periods         (663)        (1,649)

                                                           6,287          3,426
Deferred tax - origination and reversal of timing
 differences
Charge for the period                                      1,647          4,099

Tax on profit on ordinary activities                       7,934          7,525
 

6. Equity Dividends
 

                                                       Year ended 8 months ended
                                                      31 December   31 December
                                                             2003           2002
                                                            €'000          €'000
Interim dividend of 8.14c (8 months ended 31
 December 2002: 8.14c) per share                           5,105          5,101
Proposed final dividend of 15.56c (8 months ended
 31 December 2002: 7.19c) per share                        9,791          4,506

                                                          14,896          9,607
 

7. Earnings per share
 

    The computation for basic and diluted earnings per share is set out below:
                                                              Year ended 8 months ended
                                                             31 December    31 December
                                                                    2003           2002
  (a)Numerator for basic and diluted earnings per share:
     Profit for the financial period (€'000)                     37,908         30,811
  (b)Weighted average number of shares:
     Weighted average number of ordinary shares in issue
      for calculation of basic earnings per share            62,773,018     62,669,513
     Effect of potential dilutive ordinary shares arising
      from employee options schemes                             675,407        613,489

     Weighted average number of ordinary shares in issue
      for calculation of diluted earnings per share          63,448,425     63,283,002

  (c)Basic earnings per share (cent)                              60.4c          49.2c

  (d)Diluted earnings per share (cent)                            59.7c          48.7c

  (e)Adjusted diluted earnings per share before goodwill
      amortisation
     Profit for the financial period before goodwill
      amortisation (€'000)                                       40,994         32,947

     Adjusted diluted earnings per share before goodwill
      amortisation (cent)                                         64.6c          52.1c
  (f)Adjusted diluted earnings per share before goodwill
      amortisation and profit on disposal of fixed assets
     Profit for the financial period before goodwill
      amortisation and profit on disposal of fixed assets
      after tax (€'000)                                          38,141         31,865
     Adjusted diluted earnings per share before goodwill
      amortisation and profit on disposal of fixed assets
      after tax  (cent)                                           60.1c          50.4c

Earnings per share are calculated in accordance with Financial Reporting Standard No. 14: Earnings per Share (FRS 14). Adjusted diluted earnings per share has been calculated by using the weighted average number of ordinary shares in issue for the calculation of diluted earnings per share.
8. Reconciliation of operating profit to net cash inflow from operating activities

                                                      Year ended   8 months ended
                                                     31 December      31 December
                                                            2003             2003
                                                           €'000            €'000

Operating profit                                         56,027           51,010
Grant amortisation                                         (117)             (83)
Depreciation                                             16,010           10,025
Goodwill amortisation                                     3,086            2,136
Decrease/(increase) in stocks                               139             (363)
Decrease in debtors                                       2,973            1,819
Decrease in creditors                                    (3,321)         (10,642)

Net cash inflow from operating activities                74,797           53,902
 

9. Reconciliation of net cash inflow to movement in net debt
 

                                                      Year ended   8 months ended
                                                     31 December      31 December
                                                            2003             2003
                                                           €'000            €´000

Decrease in net cash in the period                      (19,353)          (9,106)
Decrease/(increase) in debt                              17,035           (2,000)

Changes in net debt resulting from cash flows            (2,318)         (11,106)
Currency translation adjustment                          16,737           13,697

Movement in net debt in the period                       14,419            2,591
Net debt at start of period                            (351,505)        (354,096)

Net debt at end of period                              (337,086)        (351,505)
 

10. Statement of total recognised gains and losses
 

                                                                          8 months
                                                           Year ended        ended
                                                         31 December   31 December
                                                                 2003         2002
                                                           €'000€'000  €'000  €'000
Profit for the financial period                               37,908        30,811
Unrealised surplus arising on revaluation of fixed
 assets                                                        2,462         1,299
Currency translation adjustment on revaluation reserve                                                     (12,559)       (7,598)
Exchange differences on translation of overseas
 subsidiaries
                             - arising on debt
                             - arising on net            16,737        13,697 assets                    (42,289)      (29,506)

                                                             (25,552)      (15,809)
Total recognised gains and losses during the
 period                                                        2,259         8,703
 

11. Note of historical cost profits and losses
 

                                                          Year ended  8 months ended
                                                         31 December     31 December
                                                                2003            2002
                                                               €'000           €'000

Reported profit on ordinary activities before taxation       45,842          38,336

Realisation of property revaluation gains arising on
 disposal of fixed assets                                     6,951           2,383
Difference between the historical cost depreciation
 charge and the actual depreciation charge for the
 period arising from the revaluation of tangible fixed
 assets                                                       4,317           2,850

Historical cost profit on ordinary activities before
 taxation                                                    57,110          43,569

Historical cost profit for the period after taxation and
 dividend                                                    34,280          26,437
 

12. Post balance sheet events

On 16 February 2004, the Company announced the disposal of the 4-star Jurys Limerick Hotel, as a going concern, for €9.75 million in cash.
On 26 February 2004, the Company announced plans for the opening of a new Jurys Inn in Nottingham. The 250 bedroom Jurys Inn Nottingham will be operated under a 35 year lease and is expected to open in late 2005.

###

Contact:
Jurys Doyle Hotel Group Plc

Pat McCann, Chief Executive
Tel.: +353 1 6070010

Paul MacQuillan
Finance Director 
Tel.: +353 1 6070020

Also See The Art of the Deal in a Tough Environment: Saunders’ Boston Success Story / June 2002
Jurys Hotel Group Acquires Doyle Hotel Group; Will Create Ireland's Largest Hotel Chain / April 1999


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