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© Reuters.
SHOTE
+5.02%
Investing.com -- Shares of Scandic Hotels Group AB (STO:SHOT) climbed 7.7% following the announcement of the company's first-quarter results, which showed an improving booking situation and better-than-expected profitability.
Despite net sales being 2% below the FactSet consensus, at SEK 4,546m, the company's performance indicated a solid start to the year with a 2.9% increase compared to the same quarter last year.
The hotel group's growth was primarily attributed to positive calendar effects, such as Easter occurring in April. All markets experienced positive organic growth, except for Finland, which is still grappling with geopolitical challenges.
Scandic Hotels reported an average occupancy rate of 55.1%, up from 51.9% in the first quarter of the previous year, and a 5.8% increase in Revenue Per Available Room (RevPAR) to SEK 655.
The adjusted EBITDA saw a significant leap of 206% year-on-year to SEK 101m, which was 26% above the consensus estimate, resulting in a margin of 2.2%, a marked improvement from the 0.7% margin in the same quarter of the previous year.
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