Park Plaza parent PPHE reports strong trading

Park Plaza parent PPHE reports strong trading

Park Plaza parent PPHE Hotel Group expects revenues for the first half of the year to be up by 12% to around €140 million over the same period in 2014.

The increased revenues are expected to result in higher margins and profits than the prior year, the company said in a trading update this morning.

Improved occupancy and room rates help boost revenues at hotels in Holland, Germany and Hungary by 9%.

The group's UK hotels contributed growth in revenues of approximately 1% on a constant currency basis, which equates to an approximate 14% rise in euro-denominated revenues.

Trading in the second half of the year is also expected to be ahead of previous expectations, helped by the ongoing strength of the pound against the euro and the delay of planned refurbishment work on a number of hotels until 2016.

President and chief executive, Boris Ivesha, said: "We are pleased to announce that as a result of strong trading during the first half and the significant progress against our strategy we expect our half year results to be ahead of the board's expectations."

PPHE expects to publish its interim results on August 27.

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