JURYS Hotel Group is looking for further strong growth following the 45 per cent rise in pre-tax profits from Pounds 9.51 million to Pounds 13.82 million in the year to April 30th, 1997.

The market showed its enthusiasm for the record results by pushing the shares up 10p to a new high of 375p.

Managing director Mr Peter Malone said growth should continue at a similar rate, at least for this year. The first two months are ahead of last year and bookings for the remaining summer months "are healthy and indicate further growth".

Looking further ahead, the company expects to retain its "upbeat profile for the foreseeable future". Noting the increased competition, particularly in the Dublin area where there has been a surge in new hotel developments, he stressed the group would not be affected as it pursued its corporate strategy of growth in its core business - and by acquisitions.

Jurys was particularly interested in developing in large population centres in Britain and in continental Europe, said director of finance Mr Barry Sheehan, who noted: "We are in it for profit and not prestige."

He also pointed to the group's very strong financial position. Jurys could handle acquisitions of up to Pounds 45 million without recourse to shareholders. The latest balance sheet shows minimal borrowings of some Pounds 8 million, giving a low gearing of 9 per cent.

Shareholders are to benefit from the latest results. A final dividend of 4.65p net per share has been declared, making a total of 7.25p. This represents an increase of 15.1 per cent on the 1996 level.

The growth in dividend payments has lagged behind the growth in earnings which went up from 18.5p to 24.9p, bringing the cover up from 2.8 to 3.4. Mr Sheehan said the group will now try to maintain the dividend cover so it is now likely to match earnings growth.

The latest results show a 17 per cent rise in sales from Pounds 49 million to Pounds 57.7 million. The core sales growth (excluding Jurys Custom House Inn which made an eight months contribution) was 14 per cent, while core profit grew by around 37 per cent. Trading margins improved from 24.2 per cent to 27.7 per cent.

The growth in margins is attributed to a greater contribution from the inns, a 10 per cent rise in the average room rate and greater savings from group purchasing. The occupancy rate remained unchanged at 75 per cent to 80 per cent, said Mr Malone.

Mr Sheehan noted that the group has a good mix of business (50 per cent corporate, 25 per cent tourist, 25 per cent other) which insulates it from tourism cycles. This mix is to be maintained.

The group now has nine hotels and six inns in Ireland and Britain and they all made a positive contribution last year. The Jurys Custom House Inn was opened last September and it showed a "sturdy performance"

The Jurys Belfast Inn opened last April and trading to date has been "very encouraging" Construction on the new hotel at Pentonville Road, London is expected to be completed next summer.

The Bristol Harbourside development project is "greatly positioned", said Mr Malone.

The Glasgow hotel has benefited from the developments in that city.