PPHE has issued an unscheduled, but positive trading update ahead of its interim results to be published on 27th August. We are therefore upgrading our numbers for this year by c.10%.
Improved occupancy and room rates in Continental Europe (the Netherlands, Germany and Hungary) - revenues up c.9% yoy in H1
Stronger Sterling vs the Euro leading to better Euro reported results from the London-based hotels. H1 revenue growth in sterling was c.1%, and fx gives a further boost to 14% in Euro revenues
Consequently, 1H’15 should see revenues 12% ahead of the prior year at around €140 million (June 2014: €125 million)
The increased revenues are expected to result in higher margins and profits compared to those seen in 1H’14