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PPHE revenues diminished by Covid restrictions

By BFN News | 10:02 AM | Thursday 28 January, 2021


Hotel and resort operator PPHE has released an end of year trading update ahead of it's audited full year results on March 2, 2021. The group reported an occupancy rate of 28.0%, down from 80.6% in 2019, resulting in a revenue of £63.3 million, down from £250.6 million in 2019. £197.6m cash was available as of December 31, 2020. In the statement, the company said that its financial performance was severely impacted by the COVID-19 pandemic and ever-changing government lockdowns as well as travel restrictions across its markets. Boris Ivesha, president & CEO said: 'Whilst the near-term trading environment remains challenging, mired by further government-imposed lockdowns to stem the spread of the virus, we are encouraged that vaccine programmes are being rolled out in all the markets in which we operate. As restrictions are eased, we anticipate a phased recovery driven by strong consumer demand for leisure travel, which we experienced in the summer of 2020.' Development progress is continuing, as planning has been granted for development of a hotel in London, on the site adjacent to Park Plaza London Park Royal.   Story provided by StockMarketWire.com

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