JURYS Hotel Group announced record profits yesterday, 58 per cent up on the previous year. The group, which has expanded rapidly in recent years, was also looking forward to strong growth this year, managing director Mr Peter Malone said. The group achieved record pre-tax profits of £9.51 million for the year to April 30th, 1996, from £6.02 million in 1995.

Turnover was up 19.3 per cent to £49.33 million while earnings per share went up to 18.5p, an 18.6 per cent increase.

The group also proposed a final dividend of 4p per share, resulting in a total dividend of 6.3p a share.

According to Mr Malone, the first four months of this year have been "encouraging". The group remained optimistic because of the buoyancy of the corporate and tourism markets in Ireland and the continuing recovery in the hotel business in Britain, he said. Occupancy rates are up three percentage points while the average room rate was up 8 per cent.

Mr Malone also said the new Jury's Inn at the Customs House Dock was already taking bookings. It is due to open in September while the new hotel in Belfast should be ready by next May.

Jurys Cardiff Hotel, which the group bought last year, had achieved results ahead of target, he said. Other British hotels and inns were also doing very well he added.

Jurys expected Irish corporate business to remain strong. Ireland's Presidency of the EU would also bring additional business into Dublin, he said.

The group was also continuing to look for acquisitions although there was nothing specific to report as yet. "When we see something we will be able to move very quickly because of our low debt ratio", Mr Malone said.

Jurys announced that its debt/ equity ratio was now 8 per cent, with an overall debt of £7.7 million.

Around £2.5 million was spent on ongoing renovation through out the company.

While the Irish Inns have been built in tax designated areas, allowing the group to benefit from double rent allowances it received £2.5 million sterling funding from the North's Tourist Board to develop the Belfast site. The board has approached Jurys to set up in Derry but Mr Malone said the group would wait to see how Belfast went before making a decision on Derry.

In a generally downbeat market in Dublin yesterday, Jurys put on 5p to close at 285p a share, a new high.

Mr Malone also called for a decision on Dublin's new conference centre to be made soon. It was very important to attract corporate and business visitors to the city, he said. They tended to come mid-week and the trade continued all year.