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(Sharecast News) - PPHE Hotel Group reported a rise in first-half profit and revenue on Thursday as it hailed a strong performance from its UK properties.
In the six months to the end of June, total revenue rose 4.7% to £209.3m, driven by a strong performance from the group's UK properties, the maturing of recently opened properties, and a favourable euro to sterling exchange rate.
Revenue per available room was up 3.9% at £113.5, while earnings before interest, tax, depreciation and amortisation were 6.3% higher at £48.4m, reflecting revenue growth and a focus on costs, partially offset by higher business rate costs in the UK.
The company said it swung to a pre-tax profit of £135.1m from a loss of £10.2m in the same period a year earlier.
PPHE shares tumbled last month after it said that its strategic review had ended and it was not in receipt of any takeover approaches.
The company's co-chief executive, Greg Hegarty, said on Thursday that while the conclusion of the strategic review and offer period was a "significant moment", it has not distracted from the group's "core focus on delivering continued financial progress from our high-quality hotel and leisure assets".
He added: "The conclusion of the strategic review has re-affirmed our strategic priority to maximise shareholder value through a combination of operational delivery alongside balance sheet simplification.
"Further opportunities remain to enhance value, from within the balance sheet and development pipeline alongside our recently opened hotels as they become increasingly established in their markets."
At 1030 BST, the shares were down 1.4% at 1,617.28p.
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