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HYDRO HOTEL EASTBOURNE PLC - Statement regarding Dividend

·2-min read

16 December 2020

Hydro Hotel, Eastbourne, Plc
(“Hydro Hotel” or the “Company”)

Statement regarding Dividend

The Directors of Hydro Hotel announce an update in respect of the year ended 31 October 2020.

As shareholders will be aware, it has been a difficult trading year for the Company and particularly for the global hospitality industry as a result of the Coronavirus pandemic. Between 23 March 2020 and 4 July 2020, the hotel was closed as required by Government legislation. The hotel reopened on 4 July 2020, trading in accordance with Government guidance and restrictions. There has been a further period of closure for the hotel from 5 November to 2 December 2020, with Tier 2 restrictions applied from that date to now.

To support the business through this difficult time, the Company has been in receipt of Government financial assistance. In view of this assistance, and the continuing uncertainty regarding the economic consequences of the pandemic, the Board of Directors has decided that it would not be appropriate to declare a dividend in respect of the year ended 31 October 2020.

The Board's long-term strategy remains that of improving the performance of the Company’s trade so as to generate sufficient profits for distribution to its shareholders.

The hotel has enjoyed a loyal clientele over a long period and the Board anticipates that the suspension of the dividend will be a temporary measure which will assist in ensuring the continuation of the business.

The Company expects to announce its audited results for the year ended 31 October 2020 in January 2021. Although the audited results are expected to show a loss for the year, the Board is confident that the Company continues to have adequate financial resources available to it.

The Directors of Hydro Hotel accept responsibility for the content of this announcement.

Enquiries:

Hydro Hotel, Eastbourne, Plc
Sally Gausden
Company Secretary

Telephone: +44 1323 431 200
+44 1323 720 643

Peterhouse Capital Limited
AQSE Corporate Adviser
Mark Anwyl

Telephone: +44 20 7469 0930

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.