Businesses often need to make capital investments in order to improve efficiencies, expand or simply keep up with the latest technology. When the level of the…
It’s English Tourism Week and PKF Francis Clark are joining numerous organisations around the country in celebrating businesses within the industry and their influence on the economy. Tourism is one of the firm’s key sectors and contributes a significant proportion of the firm’s clients.
The week-long celebration that runs from the 30 March – 7 April 2019 highlights the value of English tourism and aims to raise the profile of the industry.
Hotels, leisure and tourism is at the heart of the South and West’s economy, in many areas accounting for as much as 25% of the jobs and a significant proportion of the regions GDP.
It is evident that the sector is growing, with PKF Francis Clark’s annual tourism business figures showing a glowing result for 2018. The sunny days that the South West saw in the summer months of last year resulted in an occupancy rise in hotels. The figure, which is based on overall bed night occupancies had risen to 57%, which is in contrast to the early part of this decade where the figures hovered around 50%.
The annual tourism business figures have been produced over the last ten years by the PKF Francis Clark and consist of a database of hotel occupancies, and room nights, which then aggregated with market information on profitability and tariffs act as a valuable barometer giving insight and feedback to the firm’s clients and the South West tourism sector as a whole.
It is an exciting time for the industry as not only has hotel performance on the whole risen, a particular focus has been shifted onto the sector since tourism was identified as one of the top ten key sectors that plays a crucial role in growing the economy of Cornwall and Isles of Scilly.
Tom Roach, lead Tourism Accounting Partner at PKF Francis Clark said: “We have been supporting businesses in the tourism sector for years and they are very important to the South and South West. It is therefore fantastic to see the sector thriving, and we look forward to supporting and helping those in the industry strive, in what we hope will be another busy season for hotels in the South West”.