PPHE Expects Revenue of £475 Million to £483 Million in 2026
Key Facts
PPHE set October 29, 2026, as the date for publishing its third-quarter trading update for the period ended September 30, according to an announcement cited by 6ix from the company’s statement via RNS. The date follows the group’s announcement in August of its unaudited interim results for the six months ended June 30. In those results, total revenue rose 4.7% to £209.3 million, while like-for-like revenue increased 5.5%. The company said at the time that it expected full-year 2026 results to be in line with market expectations. The documented figures here do not include third-quarter results, so the new update remains separate from the first-half data.
The first-half results showed revenue growth alongside a slight decline in occupancy. Room revenue reached £147.2 million, up 2.2%, while occupancy was 72.1%, compared with 72.4% in the corresponding period of 2025. Revenue per available room rose 3.9% to £113.5. The company attributed this to a 4.2% increase in the average room rate to £157.3, with occupancy stable. These metrics indicate that improved yield in the first half was driven more by pricing than by an increase in the share of rooms occupied.
The revenue improvement extended to earnings before interest, tax, depreciation and amortisation, which rose 6.3% to £48.4 million in the first half. The margin on these earnings also increased 40 basis points to 23.1%. The co-chief executives said that “growth in revenue per available room and a meaningful increase in average room rates led to an improvement in earnings performance.” They added that this was achieved “despite continued economic and financial headwinds.” This assessment links pricing strength to improved profitability, while the company said its UK properties continued to perform strongly.
Across the first and second quarters, total revenue rose 8.0% to £83.8 million in the first, then grew at a slower pace of 2.6% to £125.5 million in the second. This divergence places the first-half results in the context of mixed quarterly performance, without itself providing a third-quarter figure. The group’s revenue in 2025 was £466.4 million, up 5.3% year on year. Like-for-like revenue was £456.9 million, an increase of 3.7%. These annual results provide a reference point for comparison with the growth trajectory the group reported in 2026.
On its assets, PPHE said the sale of its Manhattan development site for $33.5 million was completed after the first-half balance-sheet date. The company allocated $6.75 million of the proceeds to repay debt related to the site, and said the balance would be deployed in line with its capital allocation strategy. The sale was therefore not part of third-quarter operations, as stated in the initial version of the news report, but took place after June 30. On trading, the company said in its first-half update that city-centre properties remained consistent with trends during that period, while its UK properties continued to perform strongly. It also expected gradual improvement in the momentum of its Croatia business during the summer season.
In its forecast published on August 27, the company said the board expected full-year results for the year ended December 31, 2026, to be in line with market expectations. The statement gave the analyst consensus range as of August 26: revenue of £475.0 million to £483.0 million, and earnings before interest, tax, depreciation and amortisation of £140.0 million to £147.0 million. The forecast precedes the trading update scheduled for October 29. The August statement does not establish whether management left its forecast unchanged in the subsequent update. The third-quarter update will be the next milestone for presenting trading developments after the first-half results.