The PPHE Board has declared an interim dividend of 3 pence per share in respect of the six months ended 30 June 2022. This is payable to all shareholders who are on the register as at 16 September 2022 and will be paid to qualifying shareholders on 14 October 2022.
Other financial highlights include:
Total revenue was up 339.4% year-on-year at £113.2 million (H1 2021: £25.8 million), which represented 73% of the pre-pandemic levels reported in H1 2019. Quarter-on-quarter momentum in the Period saw Q2 2022 trading at 87.5% of Q2 2019 levels compared with 51% of these levels in Q1 2022.
Revenue growth was driven by both strong rate growth as well as a good recovery in occupancy rates. Average room rate was £141.1, up 48.2% compared with H1 2021 and up 16% on H1 2019. Occupancy grew to 48% compared with 12.8% in H1 2021 and 76.8% in H1 2019.
EBITDA improved to £17.0 million compared to an EBITDA loss of £14.0 million in H1 2021, driven by the recovery in demand. Notwithstanding the labour market constraints, wage inflation and Group-wide reopening programme, EBITDA margins are improving year-on-year.
EPRA NRV per share at 30 June 2022 was £21.88 (31 December 2021: £22.15), a slight year-on-year reduction due to the reported loss for H1. Revaluations will be completed at the year end, as per usual course of business.