'Steady performance' for Crieff Hydro group

Crieff Hydro said it had made "significant investment" in its hotels

The Crieff Hydro hotel group made £24.3m last year with a pre-tax profit of £265,048, according to new accounts.

The leisure group comprises eight hotels including properties in Crieff and Peebles.

Crieff Hydro said it had made a "significant investment" of £1.8m and £900,000 in the Peebles and Crieff hotels respectively.

It said the figures showed "steady performance" against "tough trading conditions."

The company released its 148th annual set of accounts for the year ending 29 February 2016.

The accounts include the results for Crieff Hydro Limited, which includes Crieff Hydro Hotel and the Murraypark Hotel, the Peebles Hydro Limited, and its management company.

'Year of transition'

Crieff Hydro chief executive, Stephen Leckie, said: "This was a tough year for the industry generally with the shrinking of the oil and gas sector, which may seem a long time ago now, impacting on conferencing business and the strength of the pound.

"Despite this, Crieff Hydro and Murraypark delivered revenues of £19.9m and an operating profit up 6% on last year of £877,554.

"This was achieved through a targeted marketing campaign and focused cost control as we knew from the start that Peebles would not be contributing this financial year."

Revenue for the Peebles Hotels was £4.2m, down 3.7% on last year.

Mr Leckie said: "In Peebles, this was a year of transition.

"Both hotels were closed for a combined period of 17 weeks at the start of 2016 to refurbish their public areas, resulting in a creative new look and feel but with an impact on revenue."