London’s only family-owned five-star hotel, The Goring, has continued to defy market conditions after recording a rise in revenue and maintaining a high gross profit margin during 2017/2018.
The 69-bedroom luxury hotel, which is owned by the Goring family and is the only hotel to hold a Royal Warrant, saw revenue top £15,368,696 for the year ended 31 March 2018 up from £14,647,940 on the previous year, with gross profit rising to £13,055,526 from £12,413,414.
As detailed in The Goring’s latest financial results on Companies House, the hotel saw revenue increase across all major revenue streams with costs being ‘well controlled’, leading to an improvement in profitability this year.
There was a small increase in gross profit margin of 0.2% thanks to the 4.9% increase in revenue, with profit for the financial year rising to £1,108,084 from £692,377.
Administrative expenses were higher (up to £11,866,949) due to general price inflation, higher levels of staffing and continuing high levels of expenditure on decorations, repairs and renewals.
The report said that adverse economic conditions in North America and Europe as well as Brexit could have an impact on performance and the company ‘recognises’ that there is a continued pressure on the business from the increase in the supply of luxury accommodation in London.
Writing in the financial report, CEO Jeremy Goring said: “While growing revenue, the hotel has maintained both its impeccable service and relentless focus on the guest experience.
“The hotel’s staff and management team have been key to the hotel’s performance and outstanding reputation.
“The directors are satisfied with the performance of the company during the year and are expecting a similar performance for the year ahead.”
The Goring announced late last year that chef Nathan Outlaw is to open a new Seafood restaurant at the hotel this spring, marking the property’s first new eatery in over 100 years.
The Goring was opened in 1910 by Jeremy Goring’s great grandfather. Now the five-star hotel boasts 69 bedrooms and its Michelin star restaurant.