APEX Hotels has seen an uplift in both profits and revenue as its portfolio reached ten with the opening of a £50 million hotel in Bath.

The Edinburgh-based company saw a 2.1 per cent rise in underlying pre-tax profit to £10.5m as revenue climbed six per cent to £65m in the year to April 30.

Apex opened its 177-bed Bath hotel in August, the first in England outside of London.

In the reporting period, the business, owned by the Springford family, saw the number of rooms sold climb 6.7 per cent to 416,630. Occupancy rates improved by 2.6 per cent to 89.3 per cent, which combined with a 1.3 per cent increase in average room rate, to £126.67, gave the group a 4.1 per cent increase in revenue per available room, to £113.10.

Angela Vickers, chief executive, said the group was “proud to reflect on a financial year that shows considerable capital investment and consistently strong financial performance”.

She also confirmed that the group would continue to invest, with multi-million pound refurbishment works set to be announced shortly.

She added: “In the longer term we anticipate the continued growth of our hotel and hospitality operations through extension of existing sites where possible and acquisition of new development sites as opportunities arise.”