Shares of PPHE Hotel Group Limited (PPH.L) were gaining around 3 percent in the early morning trading in London after the hospitality real estate company reported Thursday a profit in its fiscal 2022, compared to last year’s loss with strong demand growth. The company also reinstated dividend payments, and said it expects higher results in fiscal 2023.
Fiscal 2022 profit before tax was 11.5 million pounds, compared to last year’s loss of 57.6 million pounds.
Earnings per share were 24.0 pence, compared to loss of 123 pence a year ago.
Normalised profit before tax was 8.3 million pounds, compared to last year’s loss of 47.5 million pounds. Adjusted EPRA earnings improved to 50 pence per share from last year’s loss of 44 pence.
Reported EBITDA improved 277.4 percent to 94.6 million pounds. EBITDA margin was 28.7 percent, up from 17.7 percent a year earlier.
Total revenue increased 133.5 percent to 330.1 million pounds from 141.4 million pounds in the prior year, exceeding previously upgraded market expectations.
The company said demand for leisure and corporate travel and meetings and events continued to strengthen across all markets, despite ongoing macroeconomic challenges globally.
Further, PPHE Hotel reinstated dividend payments, with an interim dividend of 3.0p per share and a recommended final dividend of 12p per share, bringing the total dividend for the year to 15p per share.
Looking ahead, the Board expects to continue to grow revenue and EBITDA in FY23.
PPHE Hotel noted that booking momentum has continued into January and February, supporting the Board’s confidence in the outlook despite the ongoing challenging macroeconomic environment.
In London, PPHE Hotel shares were trading at 1,150 pence, up 2.68 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Source: Read Full Article