PPHE reports like-for-like revenue increase in end of year results
PPHE Hotel Group has reported a revenue increase of 6% like-for-like in its audited annual results for the year ended 31 December 2016.
PPHE Hotel Group Limited, which owns, leases, develops, operates and franchises hotels under the Park Plaza and Art'otel brands, in the UK and mainland Europe, said the increase was mainly due to the first time consolidation of its Croatian operations, new hotel openings and a currency exchange rate benefit.
Reported EBITDA increased on a like-for-like basis by 0.5%. Normalised profit before tax increased by 6.4% to £31.7m, which was softened by a lower EBITDA of the pre-existing operations. Reported profit before tax increased by 36.2% to £38.2m.
Boris Ivesha, president and chief executive, said: "Trading in the year to date is in line with the board's expectations in all markets, with the improved market conditions experienced in the second half of 2016 continuing into 2017. In the year ahead we expect further benefit from our new room inventory in London and Nuremberg where our market presence will be strengthened significantly.
"We remain focused on the creation and realisation of shareholder value and we will continue to invest in our existing portfolio, with extensive renovations at several of our hotels in London and the Netherlands, to ensure that our hotels continue to improve on their strong market positions."
Weakened pound helps boost PPHE like-for-like revpar >>
PPHE sees like for like revenue increase by 9.3% >>
PPHE's like for like revenue for H1 2016 remains flat >>
Videos from The Caterer archives
