The PPHE Hotel Group has announced a strong overall performance in its financial results for the first half of the year, including a boosted revenue but a fall in profit before tax due to a one-off benefit seen last year.
The results come as the company continues with renovations and new hotels in the UK, having recently acquired the £5.5m loan covering the long leasehold interest in Park Plaza Nottingham and announcing the construction of two Park Plaza hotels in London, including the Park Plaza Riverbank.
The total revenue for the six months ended 30 June 2015 was up 12.4% to €141m, (£102.9m), up from €125.4m in the first half of 2014. On a constant currency basis, revenue increase by 3.9% to €130.2m (£95m), up from €125.4m last year.
Similarly, EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased by 21.9% to €48.4m (£15.9m), up from €39.7m (£28.9m) in 2014.
However, while profit before tax was up to €15.2m (£11.1m) from €7.7m in 2014, reported profit before tax actually decreased by 16.2% to €14.8m (£10.8m) compared to €17.7m (£12.9m) last year, a fall that the company has attributed to a one-off income benefit recorded in the first half of 2014.
Revpar (revenue per available room) increased by 12.5% to €119.8 (£89.9) from €106.5 (£77.7) in 2014, driven by a 9% increase in average room rate to EUR 144.5 (£105).
Read the full article at: The Caterer