Maiden results from Middle East hotels group Action Hotels, which floated on AIM in December, were encouraging with revenues and earnings on the up.
The company, which in March opened its sixth hotel, lifted revenue 5.4% to $29.8m, with average daily rate increased by 5.8% to $105 and revenue per available room up 8.9% to $81 reflecting strong occupancy and average room rate performance, it said.
Action has opened five ibis hotels and one Holiday Inn, and by 2016 said it aims to have opened a further four Premier Inns, three ibis and one Staybridge, with funding secured.
Chief Executive Alain Debare said: "2013 has been a transformational year for Action Hotels with our admission to AIM raising $50m before costs and the opening of our sixth hotel, Holiday Inn Seeb Muscat, our first hotel with Intercontinental Hotels Group."
The new financial year has reportedly started well, with occupancy levels strong across the portfolio and encouraging growth in all key metrics. The newest hotel, Holiday Inn Seeb Muscat, is performing ahead of expectations.
House broker FinnCap noted that the company was operating in an undersupplied market, with branded economy hotels accounting for only 22% of the Middle East, compared to 64% of the US market and 48% of Europe.
"We forecast net asset value (NAV) to grow by 61% over the next three years and value the shares
at our 2016E forecast NAV of 110p."
A sparkling set annual results from drinking water dispensers group Waterlogic were boosted by three acquisitions, including its largest ever addition.
Revenues increased by 22.9% to $124m, with organic revenue growth contributing 3.5% at constant currency, and recurring revenue now representing 40.2% of group revenue.
Net cash from operating activities increased by 8.5% to $7.5m and adjusted earnings before interest tax and depreciation by 41.3% to $19.5m.
Chief Executive Jeremy Ben-David hailed a strong performance by the Commercial Division, strengthening the AIM-listed company's position as a premium supplier of point-of-use water dispensers through the three acquisitions made this year in Australia, Germany and the UK and with the launch of several new products.
The acquisition of CCWG, the company's largest ever and its ninth purchase in two years, established Waterlogic as a market leader in Australia, with over 30,000 machines in field at the end of the year and recurring rental revenue representing over 70% of total revenue.
The new products that were launched in several markets in the year are based upon the group's unique Firewall technology and a new sparkling range of products featuring the technology launched in Europe.
"We expect 2014 to be another year of progress through a combination of organic growth, drag through contributions from acquisitions in our core business of the Commercial Division, supported by continued growth in the Consumer Division," said Ben-David.
"We are well positioned to take advantage of opportunities in our industry and deliver long-term growth to our shareholders."