Strong performances in continental and Dublin properties saw Ryan Hotels' profit grow 15 per cent to €9 million (£7.1 million) in 1999 from £7.8 million the previous year.

Announcing the results yesterday, chief executive Mr Patrick Coyle said the company had completed a strategic review of the group and was focusing on maximising shareholder value.

He said the company's share price - which finished up five cents at 90 cents in Dublin yesterday - was "way undervalued" and did not reflect the true value of the company.

He said the current net asset per share value of €1.59 would be a more accurate price. The group was studying the development opportunities of land banks at its properties in the Republic as a method of unlocking value for shareholders, said Mr Patrick Coyle. Some five acres in Dun Laoghaire, seven acres in Limerick, 12 acres in Killarney and just under five acres in Galway were available to the group, he added.

He said the first stage of this strategy was already underway, with proposals under consideration for the Royal Marine Hotel in Dun Laoghaire. Planning permission had already been granted for an underground multi-storey car park capable of accommodating 250 cars, he added.

He said the group was also considering options such as a "park and ride" facility, residential and commercial building or selling land on to a developer. The results for the 12 months to January 2000 show turnover was up 18 per cent to €46.7 million (£36.8 million) for the year, earnings per share were up 8.5 per cent to 10.78 cents and the final dividend rose by 12.5 per cent to give a full-year dividend of 3.86 cents.

Mr Coyle said the first three months of 2000 had been good and he expected double digit profit growth for the year.