Uptick in travel boosts City Lodge
Comfort for long-suffering shareholders, with latest results revealing lots of good news
Local leisure businesses have endured a few tough years. Fortunately, those that successfully navigated the pandemic are now starting to shine again, supported by the uptick in local and international leisure and business travel.
City Lodge is no exception and the benefits seen now are partially as a result of the tough decisions management took when trading through, and surviving, the uncertainty of Covid. Those decisions included a R1.2bn rights issue in August 2020 and the sale of its East African business during 2021. They helped to de-gear its balance sheet and create the financial stability it needed to help management navigate through the extreme uncertainty of the times. ..
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