PPHE Hotel Group announces strong revenue but one-off fall in profit

Pre-tax profit was down to €14.8m (£10.8m) as a result of a one-off income benefit recorded during the first half of 2014, while turnover increased to €141m (£102.9m).

Meanwhile EBITDA increased year-on-year by 21.9% to €48.4m (£15.9m).

Revpar rose by 12.5% to €119.80 (£89.90), driven by a 9% increase in average room rate to €144.50 (£105).

The interim results were announced as PPHE continues with expansion in the UK. It has recently acquired the £5.5m loan covering the long leasehold interest in Park Plaza Nottingham and is currently constructing two Park Plaza hotels in London, as well as extending the Park Plaza Riverbank.

Boris Ivesha, president and chief executive officer of the PPHE Hotel Group, said: "We are pleased with our results for the first half of 2015. Demand has been strong in the destinations in which we operate and our hotels have performed well. The second half of the year is usually the strongest trading period for us and taking into account the temporary impact of our extensive renovation programme, we expect the company's full-year results to be in line with the board's improved expectations."

PPHE Hotel Group ‘trading ahead of expectations' in year to date >>

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