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PPHE revenue plunges after pandemic hit
StockMarketWire.com
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Park Plaza hotels owner PPHE Hotel reported a big fall in revenue and occupancy in its third quarter after it revealed the impact the coronavirus pandemic had on the business.
Total revenue in the three months to 30 September fell 74.2% to £31.2 million, compared to £121 million in the same period a year ago, while total room revenue fell 77.8% to £18.6 million.
The firm's occupancy rate plunged to 28.6% compared to 86.7% in the same period last year, while revenue per available room (RevPAR) dropped 75.2% to £28.80, compared to £116.30 in the third quarter of 2019.
PPHE insisted its balance sheet 'remains strong and positions the group well to weather this challenging period.'
As at 30 September 2020, the cash position throughout the Group was £132.4 million, compared to £137.0 million at 30 June, while the company has an undrawn overdraft facility of £63.0 million.
Boris Ivesha, president and chief executive officer of PPHE Hotel Group said, 'While our operations continue to be impacted by ongoing uncertainty across markets, the group has clearly proven its ability to anticipate, react, adapt, and has ultimately, demonstrated resilience.
'Looking ahead, we remain focused on positioning the business well for long-term growth, underpinned by our unique model, well-invested portfolio and strong customer proposition.'
At 8:17am: (LON:PPH) Pphe Hotel Group Limited share price was 0p at 1005p
Story provided by StockMarketWire.com
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