Leading North East care, leisure and property business, Malhotra Group plc, has unveiled its annual results for the year ended 31 March 2023.
And despite the many challenges caused by the current economic pandemic, the company’s latest accounts make positive reading – with an increase in turnover to £47.1m – a 14 per cent increase on the previous year.
It is the combination of the diverse range of business areas the company is involved with – from hotels and bars to property and care – and its continued investment which has put Malhotra Group plc in such a strong position.
Its care arm – Prestwick Care – is enjoying a period of growth with an increase in occupancy rates, helped by three of its homes rated Outstanding by the Care Quality Commision and the remainder rated as Good.
Work continues on the conversion of the former Rex Hotel at Whitley Bay, into the 83-bedroom Bay View House care home which will open in the summer of 2024.
Leisure outlets continue to enjoy investment. Leila Lilys at Grey Street has benefited from the creation of a private dining area in the basement, while a number of other projects are underway – notably the creation of a 21-apartment aparthotel with bar and restaurant facilities at the corner of Newcastle’s Mosley and Pilgrim Streets.
Following the publication of the Malhotra Group plc annual results its Chairman, Meenu Malhotra, said he was “proud” of its performance and that of colleagues during the year.
“Two of the sectors in which we operate were hardest hit by the pandemic and subsequent lockdowns; care and hospitality,” he said.
“The fact we have been able to build on our strong position this year to move forward, is down to several factors; our highly experienced management team, the diversity of our assets, and our continued investment in quality across all of our business segments.”
Bunty Malhotra, Chief Executive of Malhotra Group plc added “Our staff have been outstanding and worked relentlessly during the last year so that our residents and customers could be provided with a high-quality service. We would like to offer our heartfelt thanks for their enormous efforts and dedication.”
Turnover increased by 10% to £2.2m (2022: £2.0m) and operating profit for the year remained static at £1.3m (2022: £1.3m).
Following the publication of the Malhotra Group plc annual results its Chairman, Meenu Malhotra, said he was “proud” of its performance and that of our colleagues during the year.
“Two of the sectors in which we operate were hardest hit by the pandemic and subsequent lockdowns; care and hospitality,” he said.
“And that we have been able to build on our strong position this year to move forward, is down to several factors; our highly experienced management team, the diversity of our assets, and our continued investment in quality across all of our business segments.”
He added: “We would like to thank all our staff for their magnificent contribution during the year.”
Bunty Malhotra, Chief Executive of Malhotra Group plc commented “Our staff have been outstanding and worked relentlessly during the last year so that our residents and customers could be provided with a high-quality service. We would like to offer our heartfelt thanks for their enormous efforts and dedication.”
Commenting on the year ahead, Mr Malhotra said “Looking forward into our next financial year we recognise that there remain significant challenges for us to navigate, namely: the continued cost of living crisis, higher energy costs, increased interest rates, higher levels of inflation and a lack of supply of staff in the care sector.
The headwinds we are facing will undoubtedly continue to impact our group, but our resilience, strong balance sheet and ability to generate cash across our divisions mean we are able to navigate these challenges but are not immune to them.
malhotragroup.co.uk