PPHE Hotel Sees FY22 Results Ahead Of Previous Upgraded View; Says Confident Of FY23; Stock Up
January 26, 2023Shares of PPHE Hotel Group (PPH.L) were gaining around 8 percent in the early morning trading in London after the company said Thursday that its fiscal 2022 performance is ahead of previously upgraded expectations.
In its trading update, the Dutch hospitality real estate group said it now sees EBITDA of at least 93 million pounds, on revenue of at least 325 million pounds for the full year.
PPHE compiled analyst consensus forecast range for the year shows EBITDA of 85.1 million pounds to 90.2 million pounds, on revenue of 310 million pounds to 315 million pounds.
The strong trading performance is supported by firm leisure demand, particularly in London and Croatia during the summer, corporate travel returning, and strong demand for meetings and events in the final quarter.
Reported Group room revenue for the year was at 237.8 million pounds, up 181.6 percent from last year’s 84.4 million pounds. Reported RevPAR was 96.2 pounds, up 168 percent from 2021.
The average room rate also increased to 160.4 pounds from 117 pounds of 2021.
Looking ahead, for the fiscal 2023, Boris Ivesha, CEO of the Group said: “While macroeconomic pressures remain heading into 2023, we are confident in the Group’s ability to continue to grow its revenues and EBITDA. Our many exciting new hotel openings alongside further recoveries in travel and business in our key markets will continue to help us position ourselves strongly to deliver on our ambitious growth strategy.”
The hospitality company intends to report its full-year audited results on March 2.
In London, PPHE Hotel shares were trading at 1,248.50 pence, up 8.10 percent.
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