McMILLAN Hotels, the Stranraer-based family opera-tion, has held turnover and profit steady in the financial year to May 31.

The group, which owns six hotels including the Peebles Hydro, Cally Palace at Gatehouse and its original property the North West Castle at Stranraer, has reported turnover up from £11.96m to £11.99m and pre-tax profit down from £581,060 to £544,542.

In the annual accounts just filed the directors say they continue to closely monitor and control the key business indicators of occupancy, room rates and profitability.

Douglas McMillan, a director, said "events are unfolding" in the economy, but declined to comment on the figures.

The company paid a dividend of £100,219, four times the previous year's £25,055. Net debt fell from £9.68m to £8.87m.

The highest-paid director received £73,845, up from £69,695.