Hotel group Redcape (ASX:RDC) tops guidance

Company News

by Anna Napoli

Redcape Hotel Group (ASX:RDC) has beat its operating earnings and dividend guidance for the September quarter despite capacity restrictions at pubs and hotels in New South Wales.

The company posted distributable earnings of $19.8 million for the quarter, versus $12.9 million in the prior corresponding quarter.

CEO Dan Brady says business continues to perform well despite the restrictive operating environment, which wit is delighted to see is starting to ease in NSW.

Management says it views the introduction of cashless digital wallets (where customers order and pay via apps) used at pubs as a potential innovation that can help improve business, health, entertainment, and social outcomes.

Redcape (ASX:RDC) shares are trading 5.81 per cent higher at 91 cents.