GRANADA Group, which won control of leading British hotelier Forte 10 months ago, has posted a 37 per cent rise in annual profits to £480 million sterling.
Media and leisure group Granada said that it was on target to keep a promise made in the heat of the takeover battle by boosting profits at Forte by over £100 million from the current year.
It said it had already achieved some £40 million in profit improvements at Forte. Such rapid progress lifted the pre tax, pre exceptional profits to that £480 million figure, topping most share analysts' expectations. Turnover in the year to end-September grew by 60 per cent to £3.82 billion as Granada grafted on Forte's hotel and roadside restaurant businesses.
Total dividend was raised by 11 per cent to 13p per share.
Granada took over family controlled Forte in a £3.9 billion pound deal earlier this year after a bitter bid battle.
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