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PPHE Hotel Group Ltd - London-based hotel and resort operator - Revenue is £141.0 million in the third quarter ended September 30, up 8.8% on a year before and 17% from the third quarter of 2019, prior to the Covid-19 pandemic. PPHE says room rates remain stable with 2022, despite last year benefiting from events such as the late Queen’s funeral in the UK. Average room rate is £176.4 in the third quarter, up 0.8% on a year before. Occupancy is 77.5%, up from 70.8%. Put together, this lifts revenue per available room by 10% to £136.7 from £123.9. Less positively, PPHE says inflationary pressures remain across the hotel sector. With trading momentum continuing into the fourth quarter, PPHE expects 2023 revenue of at least £400 million and earnings before interest, tax, depreciation and amortisation of at least £120 million. This would be up from £330.1 million and £94.6 million, respectively, in 2022.
Current stock price: 1,034.75 pence, down 1.5% in London on Thursday
12-month change: down 15%
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