PPHE Hotel Group has announced a significant increase in revenue for the third quarter, driven by strong occupancy growth. The company remains optimistic about its performance in the fourth quarter and has backed its full-year guidance.
Robust Performance in the UK and Netherlands
For the three months ended September 30, PPHE Hotel Group achieved revenue of £141.0 million ($170.8 million), compared to £129.6 million in the same period last year. The impressive growth can largely be attributed to the company’s operations in the UK and Netherlands.
Increased Revenue per Available Room
The London-listed group reported a 10% increase in revenue per available room, reaching £136.7. This growth was accompanied by an improvement in occupancy, which rose from 70.8% to 77.5%.
Strong Momentum and Continued Growth
Despite ongoing cost pressures across various regions, PPHE Hotel Group remains optimistic about its future performance. CEO Boris Ivesha expressed satisfaction with the continued year-on-year revenue growth and consistent momentum, predicting a positive outcome for the remainder of the year.
Guidance Remains Intact
PPHE Hotel Group expects to generate a minimum of £400 million in revenue for 2023. Additionally, the company anticipates earnings before interest, taxes, depreciation, and amortization (EBITDA) to be at least £120 million.