The executive chairman of hotel group INTOSOL Holdings PLC (LON:INTO), Rainer Spekowius, has said the company will look to add more luxury properties to its portfolio in its current financial year, with a view to expanding beyond the South African market.
In a statement with the group's results for the year ended 31 January - which were released after the market close on Friday - Spekowius said that recent new additions to the company’s portfolio, particularly its flagship property, Oceans Wilderness, were expected to have a “considerable impact” on revenues going forward.
The group said it was also in the middle of building a new Private Travel Design website as part on an effort to enhance its marketing activities.
Overall, Spekowius said the company was “well positioned” to take advantage of strong market fundamentals in high-end tourism, adding that luxury travel was growing twice as fast as the overall market.
In its full-year results, INTOSOL reported a loss before income tax of €1.76mln, wider than the €138,174 loss in the prior year, while revenues rose to €7.18mln from €5.2mln.
The firm attributed the wider loss to a number of factors including costs relating to its initial public offering, restructuring costs and refurbishment of new villas.
In early trading on Monday, INTOSOL shares were steady at 35p.