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PPHE Hotel Group Ltd on Thursday said the strong trading conditions seen in the first quarter of 2022 has been maintained through the second and into the third across all its main markets.
As a result, the hotel and resort operator said it now expects that interim revenue ended on June 30 will be in excess of £177 million, above pre-Covid levels of £155 million in the first half of 2019. Interim revenue for 2022 was £113.2 million.
Revenue per available room is expected to be around £109, up from £93 pre-Covid.
PPHE said that forward booking momentum remains ‘encouraging’ as it enters its strongest trading period.
President & Chief Executive Officer Boris Ivesha said: ‘We are delighted with the strong momentum in the business during the first half which has enabled us to upgrade our outlook for the remainder of the year. As we enter the second half of the year, we are preparing to launch four new property concepts, scheduled to open between September 2023 and the first half of 2024.’
It said it expects to report revenue of at least £400 million in 2023 and earnings before interest, tax, depreciation and amortisation of £120 million. This is ahead of analyst consensus which sees revenue in a range of £352.0 million to £370.0 million, and Ebitda in a range of £106.3 million and £111.0 million.
PPHE said it will release its interim results for six months ended on June 30 on August 31.
Back in March, the company said revenue in 2022 amounted to £330.1 million, more than doubling from £141.4 million in 2021. It swung to a pretax profit of £8.3 million, from a £47.5 million loss.
Shares were up 5.4% at 1,112.41 pence each on Thursday morning in London.
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