THE family-owned Crieff Hydro hotels group has reported a rise in annual profits and revenues but expressed caution about future market conditions, citing Brexit-related economic uncertainties.

The group includes the Crieff Hydro Hotel and nearby Murraypark Hotel, as well as the Peebles Hydro and The Park, also in Peebles, and the Ballachulish and Isles of Glencoe hotels. It also takes in Crieff Hydro’s hotel management operation.

The Crieff Hydro group, publishing its results yesterday and noting it was 150 years since it was first registered, said revenue had risen by more than 10 per cent to £29.8 million in the year to February 28. It highlighted the broadly based nature of this growth.

The hotel group’s annual pre-tax profits rose by nearly two-thirds to slightly more than £700,000. Earnings before interest, tax, depreciation and amortisation increased by 22% to £2.9 million.

Crieff Hydro chief executive Stephen Leckie, a direct descendant of the 1868 founder of the business Dr Thomas Meikle, said: “In our 150th year, we’re delighted to have put in such a solid performance.”

Looking ahead, he added: “It’s a positive place to start, but it’s been tough and it’s getting tougher as fundamental changes to cost structures pile up. This on top of massive uncertainty over all sorts of Brexit consequences which it’s now clear will continue long after March 2019 – whatever the ‘deal’.”