PPHE has released its usual Q1 trading update (31 March period-end) which reads reassuringly. The outlook says that “the Board remains confident in delivering full year performance in line with market expectations”.
Revenue rose by 11.9%, from £68.8m to £77.0m. Growth was 11.0% on a Like-for-like (LFL) basis excluding the first three months of operation from art’otel Zagreb, Croatia. Revenue growth was driven by a rise in occupancy as room rates continued to normalise across both leisure, corporate and meetings and events segments, as well as an increase in operational days in the Croatian portfolio, particularly Grand Hotel Brioni (which we note opened in May 2022 and traded its first full summer season in 2023), and the leap year benefit across all markets.
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25 Apr 2024
PPHE Hotel Group Limited
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PPHE Hotel Group Limited
PPHE Hotel Group Limited (PPH:LON) | 1,278 -574.9 (-3.4%) | Mkt Cap: 537.4m
- Published:
25 Apr 2024 -
Author:
Robert Plant -
Pages:
9 -
PPHE has released its usual Q1 trading update (31 March period-end) which reads reassuringly. The outlook says that “the Board remains confident in delivering full year performance in line with market expectations”.
Revenue rose by 11.9%, from £68.8m to £77.0m. Growth was 11.0% on a Like-for-like (LFL) basis excluding the first three months of operation from art’otel Zagreb, Croatia. Revenue growth was driven by a rise in occupancy as room rates continued to normalise across both leisure, corporate and meetings and events segments, as well as an increase in operational days in the Croatian portfolio, particularly Grand Hotel Brioni (which we note opened in May 2022 and traded its first full summer season in 2023), and the leap year benefit across all markets.