During the six month period ending June 2018 the group, which operates 38 hotels with 8,800 rooms, also saw EBITDA increase by 1.7% to £40.6m. PPHE reported that RevPAR increased by 2.5% to £85.7 up from £83.6 in H1 2017. Normalised profit before tax jumped 62% to £5.1m up from 3.1m in 2017.
The company also announced a interim ordinary dividend of 16 pence per share, up 45% from last year (H1 2017: 11 pence per share), which it said is in line with the “company’s progressive dividend policy”.
Boris Ivesha, president and CEO, PPHE Hotel Group, said: “We are pleased to report a solid first half performance, with further revenue growth and a 45% increase in the interim dividend. As an owner and operator of hospitality real estate, we are committed to and have a track record of creating long-term value for our shareholders.
“We remain focused in the second half of the year on the excellent service delivery for which our properties and people are known and on significantly progressing our renovation projects. We continue to expect the full year results to be in line with the board’s expectations.”