PPHE Hotels 2017 interim results
Reported revenue increased by 27.0% to £141.8 million (H1 2016: £111.6 million), driven by a strong performance across all our operating regions, new openings, the consolidation of our Croatian operations and a currency exchange rate benefit. On a like-for-like basis1, revenue increased by 15.8% to £129.6 million (H1 2016: £111.9 million), showing a strong underlying performance.
As a result, EBITDA increased by 22.9% to £39.9 million (H1 2016: £32.5 million). On a like-for-like basis, EBITDA increased by 20.5% to £38.0 million (H1 2016: £31.5 million).
RevPAR increased by 14.6% to £83.6 (H1 2016: £73.0). Like-for-like RevPAR increased by 17.9% to £82.7 (H1 2016: £70.1). RevPAR growth was achieved through an 11.9% increase in average room rate to £115.8 (H1 2016: £103.5), with like-for-like average room rate increasing by 10.9% to £114.7 (H1 2016: £103.4). Occupancy during the period increased by 170 bps to 72.2% (H1 2016: 70.5%). On a like-for-like basis, occupancy increased by 430 bps to 72.1% (H1 2016: 67.8%).
Normalised profit before tax increased by 10.3% to £3.1 million (H1 2016: £2.8 million). Reported profit before tax decreased by 71.9%, mainly as a result of one-off benefits recorded in the six months ended 30 June 2016.
Normalised EPS was £0.08 (H1 2016: £0.09), reported EPS was £0.09 (H1 2016: £0.31).
Interim ordinary dividend of 11.0 pence per ordinary share, up 10% (H1 2016: 10.0 pence per share), which is in line with the Company's progressive dividend policy.
