EBITDA, before exceptionals, were up 4.2 per cent to £78.2m and pre-tax profit, also before exceptionals, was up 5.3 per cent to £39.7m. Pre-tax profit after exceptionals was down 20 per cent to £30.8m.

De Vere Hotels and Village Hotels & Leisure Clubs both had a good year, with turnover - in comparison with 2002 - increasing by 3 per cent to £183.2m and 11.8 per cent to £71.8m respectively.

At the year end, De Vere had 21 hotels and Village 14 clubs, the Village in Newcastle, which opened in June 2002, continuing to trade well.

Developments in the future will see Village Maidstone opening in the summer of 2004, followed by Village Walsall in December. Openings in Bournemouth and Birmingham remain on track for late 2005 and Village Hull has just received planning permission.

Greens, the company's health and fitness chain, continues to progress, with total turnover increasing by 26.2 per cent to £30.3m. Membership rose to 64,000 at the year end, compared with 59,300 in 2002.

Elsewhere, the company saw Carl Leaver - formerly at Whitbread - join as chief executive, taking over from Paul Dermody.

Trading in the new financial year has so far seen increased turnover at each of De Vere Hotels, Village Hotels and Greens. Despite some continued volatility in trading patterns, the group is encouraged by recent booking trends. Details: www.deveregroupplc.co.uk