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PPHE Hotel Group, which operates the Park Plaza and Resorts and Art’otel brands, said trading in the first six months of the year has been ahead of expectations.
In its results for the first six months of the year ending June 30, revenue for the company was up 9% compared with the previous period, which it put down to improved occupancy and room rates in the group’s hotel in the Netherlands, Germany and Hungary.
However, it said that due to the strength of the pound versus the euro – the reporting currency of the group – the group’s UK hotels contributed growth in revenues of approximately 1% on a constant currency basis, equating to an approximate 14% rise in euro revenues.
As a result, the company said that it now expects to report revenues for the period to be 12% up on the same period last year – up to around €140 million compared with €125 million during the same period last year.
It said that trading in the second half of the year is expected to be ahead of board expectations due to the strong performance of its hotels in the Netherlands, Germany and Hungary, the ongoing strength of the pound and the delay of planned refurbishment works – originally scheduled to be carried out on a number of hotels in 2015 – to take place during the course of 2016.
Boris Ivesha, president and CEO, said: “We are pleased to announce that as a result of strong trading during the first half and the significant progress against our strategy we expect our half year results to be ahead of the board’s expectations.”
