The group, which operates the Park Plaza and Art’otel brands, reported like-for-like revenue increased by 6%, as the group benefited from improved trading across all operating regions and the first full year contributions of Park Plaza London Waterloo and Park Plaza London Park Royal. Reported total revenue increased by 5% to £341.5m, up from £325.1m.
PPHE said like-for-like EBITDA also improved by 5.6% and reported EBITDA increased by 5.5% to £113.2m. It added that profit before tax had surged 17.6% to £37.7m.
The profits come despite PPHE having invested £60m in its portfolio during 2018. This included the multi-million pound repositioning programmes at Park Plaza Victoria Amsterdam and Park Plaza London Riverbank.
Boris Ivesha, president and CEO, PPHE Hotel Group said: “In 2018 we delivered year-on-year revenue and profit growth as we benefited from improved trading across all regions. This was achieved despite significant investments of more than £60m in our hospitality assets causing five hotels to be partly or fully closed during the year.
“Our results coupled with our strategic progress reflect the strength of our business model, the appeal of our portfolio as well as our rigorous focus on inspirational service delivery to delight our guests.”
He added: “Current trading in 2019 has started well and is in line with the board’s expectations. We are ever mindful of the economic and political headwinds, most notably in light of the UK’s impending departure from the European Union but we have made a number of contingency plans and are confident that the group is well placed to continue creating and delivering strong shareholder value this year and beyond.”