Sussex-based hotels group Millennium & Copthorne unveiled a near-90 per cent increase in profits on the back of its rapid expansion programme.

The group, controlled by Singapore property mogul Kwek Leng Beng, made pre-tax profits of £53.6 million for the six months to June 30 compared with £28.5 million a year earlier.

Turnover rose 161 per cent to £76.4 million, up from £35.4 million.

M&C said the profits reflected the successful integration of its recent acquisitions, the ongoing economic recovery throughout Asia and the strength of the UK and U.S. economies.

Mr Kwek Leng Beng said he was pleased with the half-year results and added that the group would continue to evaluate suitable acquisitions "as and when they occur".

The company said its London property portfolio performed well with occupancy rates rising to 83.9 per cent, up from 79.3 per cent a year earlier.

In the U.S., M&C has established a new management structure and reported buoyant business, especially in New York.