Center Parcs reports turnover of £440m with Elveden Forest contributing biggest slice
PUBLISHED: 10:16 31 May 2017 | UPDATED: 12:10 01 June 2017
Holiday village operator Center Parcs UK has reported a boost in revenue to more than £440m.
The company, which has a village in Elveden near Brandon, recorded a 4.8% rise in turnover to £440.3m in the year to April 20 2017.
Elveden Forest holiday village was the highest earner of its six UK resorts, turning over £92m in the year, despite a lower occupancy rate as 125 accommodation units were refurbished in a group-wide investment programme.
The village’s 88-bedroom hotel was demolished during the year to make way for a 51-bedroom apartment complex, nine three-bedroom executive lodges and three waterside lodges, with the redevelopment expected to be completed in spring 2018.
In June 2016 Elveden Forest became the third Center Parcs site to launch a range of luxury treehouses.
The company saw adjusted pre-tax profits grow by 7.5% in the year to £213m from £198.2m.
The final quarter of the year saw a 7.1% jump in group revenue to £127.7m, up from £119.2m a year earlier, and a 13.8% rise in adjusted pre-tax profits to £57.8m, helped by the New Year break.
Occupancy rates fells slightly over the year to 97.3%, as the ongoing Project Summer refurbishment programme put 2.2% of the group’s accommodation out of action.
Center Parcs chief executive Martin Dalby said: “These results represent another strong performance for Center Parcs in a year that saw a record level of capital investment across the business of £95m. This capital investment will continue across our five villages, with plans to spend in excess of £80m in the current financial year.”
Alongside Elveden, which celebrated its 25th birthday in 2014, the group’s five other UK holiday villages are in Sherwood Forest, Woburn in Bedfordshire, Whinfell in Cumbria and Longleat in Wiltshire.
The resorts were bought by Canadian investment firm Brookfield in 2015 in a deal worth £2.4bn.