TIDMPPH
RNS Number : 3030E
PPHE Hotel Group Limited
29 June 2023
29 June 2023
PPHE HOTEL GROUP LIMITED
("PPHE" or "the Group")
Pre-Close H1 Trading Update
Positive trading momentum maintained with FY 2023 financial
performance
now expected to be materially ahead of market consensus(1)
PPHE Hotel Group, the international hospitality real estate
group which develops, owns and operates hotels and resorts, is
pleased to announce a pre-close trading update for the three months
ended 30 June 2023.
Trading update
The strong trading conditions and forward booking momentum
announced in the Q1 trading update, published on 27 April 2023,
have been maintained through Q2 and into Q3 across all main market
segments of leisure, corporate travel and meetings and events.
As we approach the end of June, it is now anticipated that H1
2023 revenue will be in excess of GBP177 million (vs GBP155 million
pre-Covid H1 2019) and REVPAR is anticipated to be around GBP109
(vs GBP93 pre-Covid H1 2019).
The UK and The Netherlands have remained the strongest
performing regions within the Group, driven by a combination of
continuing rate growth and broad occupancy recovery. As previously
announced, the German region had a slower start to the year but has
seen an improving trend in bookings through Q2.
FY 2023 outlook
The Group is now entering its strongest trading period with the
onset of the summer leisure season, in particular for its Croatian
hotel and camping assets. Forward booking momentum remains
encouraging, and the revenue contribution from the recently
refurbished and relaunched properties, including Grand Hotel Brioni
in Pula, are expected to be significant. The PPHE management team
recently hosted an analyst site visit to the Group's Croatian
assets, which highlighted the breadth of the portfolio and the
extensive programme of investment (EUR200 million in total since
2008 and EUR50 million in the last two years) that the Group has
undertaken.
As previously announced, the Group's EBITDA margins have been
impacted by both broader operating cost inflation and,
particularly, energy cost inflation over the last six months.
Although FY 2023 will also see a margin impact from elevated energy
costs, it is anticipated that this effect will diminish through FY
2024 and beyond, as forward energy cost hedges flow through at
substantially lower levels than those fixed for FY 2023.
Consequently, the Board expects EBITDA margins to normalise
following FY 2023, notwithstanding the broader cost inflation that
has been successfully absorbed over the last 12 months.
Taking all of these factors into account, the Group now expects
to deliver FY 2023 revenue of at least GBP400 million and EBITDA of
at least GBP120 million.
(1) As at 28 June 2023, PPHE compiled analyst consensus forecast
range for the FY 2023 showed total revenue range of GBP352.0
million to GBP370.0 million and EBITDA range of GBP106.3 million to
GBP111.0 million.
Boris Ivesha, President & Chief Executive Officer, PPHE
Hotel Group said:
"We are delighted with the strong momentum in the business
during the first half which has enabled us to upgrade our outlook
for the remainder of the year. Our teams have continued to focus on
driving performance and delivering exemplary service to our guests,
and our strategic property investments prior to - and during - the
pandemic have put us in an excellent position to deliver further
growth across all our markets in the future.
"As we enter the second half of the year, we are preparing to
launch four new property concepts, scheduled to open between
September 2023 and the first half of 2024. These will be exciting
new propositions for our customers, including our first Radisson
RED property in Belgrade, Serbia as well as three new art'otels
stretching from Zagreb to Rome and London. We remain committed to
delivering significant value for shareholders, and we look forward
to sharing more detail at the H1 2023 results in August."
The Group will report its interim results for the six months
ended 30 June 2023 on 31 August 2023.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of domestic law by virtue of The European Union
(Withdrawal) Act 2018. On publication of this information such
information shall be considered to be in the public domain.
Enquiries:
PPHE Hotel Group Limited Tel: +31 (0)20 717 8600
Daniel Kos, Chief Financial Officer & Executive
Director
Robert Henke, Executive Vice President
of Commercial Affairs
Radnor Capital Partners Ltd - Investor Tel: +44 (0)20 3897
Relations 1830
Joshua Cryer / Iain Daly
Hudson Sandler - Financial PR Tel: +44 (0)20 7796
4133
Wendy Baker / Charlotte Cobb / Ben Wilson pphe@hudsonsandler.com
/ India Laidlaw
Notes to Editors:
PPHE Hotel Group is an international hospitality real estate
company, with a GBP2.0 billion portfolio, valued as at December
2022 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily
prime freehold and long leasehold assets in Europe.
Through its subsidiaries, jointly controlled entities and
associates it owns, co-owns, develops, leases, operates and
franchises hospitality real estate. Its portfolio includes
full-service upscale, upper upscale and lifestyle hotels in major
gateway cities and regional centres, as well as hotel, resort and
campsite properties in select resort destinations. The Group's
strategy is to grow its portfolio of core upper upscale city centre
hotels, leisure and outdoor hospitality and hospitality management
platform.
PPHE Hotel Group benefits from having an exclusive and perpetual
licence from the Radisson Hotel Group, one of the world's largest
hotel groups, to develop and operate Park Plaza(R) branded hotels
and resorts in Europe, the Middle East and Africa. In addition,
PPHE Hotel Group wholly owns, and operates under, the art'otel(R)
brand and its Croatian subsidiary owns, and operates under, the
Arena Hotels & Apartments(R) and Arena Campsites(R) brands.
PPHE Hotel Group is a Guernsey registered company with shares
listed on the London Stock Exchange. PPHE Hotel Group also holds a
controlling ownership interest in Arena Hospitality Group, whose
shares are listed on the Prime market of the Zagreb Stock
Exchange.
Company websites: www.pphe.com |
www.arenahospitalitygroup.com
For reservations:
www.parkplaza.com | www.artotel.com | www.arenahotels.com |
www.arenacampsites.com
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