PPHE 2018 interim results
Solid first half performance delivering year-on-year revenue growth, with trading maturing across recently opened hotels in 2016 and 2017 and improved trading across several operating regions
Reported total revenue increased by 5.0%, to £148.8 million (H1 2017: £141.8 million). On a like-for-like basis1 total revenue increased by 4.4% to £148.0 million (H1 2017: £141.8 million)
EBITDA increased by 1.7% to £40.6 million (H1 2017: £39.9 million). On a like-for-like basis1 EBITDA increased by 0.5% to £40.6 million (H1 2017: £40.4 million)
RevPAR increased by 2.5% to £85.7 (H1 2017: £83.6). Like-for-like1 RevPAR increased by 2.9% to £86.0 (H1 2017: £83.6)
Normalised profit before tax increased by 62.4% to £5.1 million (H1 2017: £3.1 million). Reported profit before tax2 increased by 384.6% to £16.4 million (H1 2017: £3.4 million)
Normalised EPS3 was £0.15 (H1 2017: £0.08), reported EPS was £0.42 (H1 2017: £0.09)
First time disclosure of The European Public Real Estate Association (EPRA) performance measurements to aid investors in analysing the Group's real estate business:
o The EPRA NAV per share as at 30 June 2018 was £24.21 per share, which is a 0.8% increase since 31 December 2017 (£24.02 per share)
o Last 12 months (LTM) adjusted EPRA Earnings per share to 30 June 2018 increased by 3.8% to £1.08 per share (12 months ending 31 December 2017: £1.04)
Interim ordinary dividend of 16.0 pence per share, up 45% from last year (H1 2017: 11.0 pence per share), which is in line with the Company's progressive dividend policy
