PPHE hotel group has reported increases in both profits and revenues for the six month period ending 30 June also revealing it remains “committed” to future growth plans.
In the update PPHE recorded an increase in total revenue of 4.3% to £155.3m, up from £148.8m the previous year. Normalised profit before tax also increased by 7.5% to £5.5m.
On a like-for-like basis, the group reported EBITDA increased 5.7% to £43.1m, up from £40.8m the previous year. Reported EBITDA also increased by 12.5% to £45.7m.
Boris Ivesha, president and CEO, PPHE Hotel Group said the group was “pleased to report a good first half performance” and that its real estate investment programme has “progressed well” with the completion of several “significant repositioning projects which have transformed our portfolio”.
He said: “Going into the second half of the year, all of our hotels are now fully operational. We remain committed to delivering future growth. Our current pipeline is strong, and the Group expects to spend approximately £300 million on exciting developments such as art’otel london hoxton.
“We also remain open to asset acquisitions to broaden our portfolio and deliver our target returns on investment. PPHE’s proven development strategy is to target real estate in prime locations and attractive geographies where we believe there is significant upside potential to drive growth and long-term value through both the property portfolio and operations.”
He added: “The recent independent valuations of our properties represent an EPRA NAV per share of £25.52, up 3.9% from 31 December 2018. We continue to expect PPHE’s full year performance to be in line with previous expectations.”