PPHE reports like-for-like revenue increase in end of year results

01 March 2017 by
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

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking