Less Ads, More Data, More Tools Register for FREE

IN BRIEF: PPHE Hotel confirms 2023 outlook on higher occupancy, rates

Thu, 26th Oct 2023 16:31

PPHE Hotel Group Ltd - London-based hotel and resort operator - Revenue is GBP141.0 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 GBP176.4 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 GBP136.7 from GBP123.9. 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 GBP400 million and earnings before interest, tax, depreciation and amortisation of at least GBP120 million. This would be up from GBP330.1 million and GBP94.6 million, respectively, in 2022.

Current stock price: 1,034.75 pence, down 1.5% in London on Thursday

12-month change: down 15%

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Related Shares

More News
22 Feb 2024 14:26

UK earnings, trading statements calendar - next 7 days

21 Feb 2024 15:14

UK shareholder meetings calendar - next 7 days

8 Feb 2024 09:38

PPHE promotes deputy chief executive and operating chief to co-CEO

(Alliance News) - PPHE Hotel Group Ltd on Thursday it has appointed a new co-chief-executive to serve alongside Boris Ivesha, effective immediately.

8 Feb 2024 07:50

LONDON BRIEFING: Unilever sets new buyback; Astra profit surges

(Alliance News) - Stocks in London are called to open slightly higher on Thursday, as investors eye a busy day of earnings.

26 Jan 2024 09:07

LONDON BROKER RATINGS: Morgan Stanley ups Rightmove; Deutsche cuts IHG

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.