Last checked at 27 Sep 2023 07:00
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it forms part of domestic law by virtue of The European Union (Withdrawal) Act 2018. On publication of this information such information shall be considered to be in the public domain.
27 September 2023
PPHE Hotel Group Limited
("PPHE" or the "Group")
Update on capital returns policy and payment of Interim dividend
PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, provides an update on its capital returns policy and announces the payment of an interim dividend of 16 pence per share, a year-on-year increase of 13 pence per share.
As announced on 31 August 2023, PPHE's unaudited Interim Results for the six months ended 30 June 2023 demonstrated strong operational and financial progress, with revenue growth of 59% to £180.0 million and EBITDA growth of 166% to £45.2 million, with EBITDA now recovered to pre-pandemic levels. Against this context of strong trading results and positive business momentum, the Group announced that it was in a position to return to its historic capital returns policy of distributing approximately 30% of adjusted EPRA earnings (reported at £1.06 per share for the 12-month period to 30 June 2023) and would therefore be consulting with shareholders around the most appropriate and effective means for such a distribution to take place.
The Group has now completed this consultation process and wishes to update all shareholders on the outcome. The Group discussed a range of potential capital return mechanisms; including dividends, share buybacks, tender offers or a combination thereof. A broad range of opinions and preferences were expressed by shareholders during this exercise.
The Group has listened carefully to all the viewpoints provided and wishes to thank shareholders for their engagement in this process.
Following the above, the Board has taken the decision to approve the payment of an interim dividend of 16 pence per share, for the period ended 30 June 2023, to all shareholders who are on the register on 6 October 2023. This represents a year-on-year increase of 13 pence per share (H1 2022: 3 pence per share). The interim dividend is to be paid on 27 October 2023.
The Board will continue to have the capital returns policy under review.
Boris Ivesha, President & Chief Executive Officer, PPHE Hotel Group, commented:
"We are pleased that our strong performance enables us to reward our shareholders for their continued trust and support by returning to our historical capital returns policy. We would like to thank our shareholders for sharing their views, which the Board have considered in detail. We are delighted to approve an enhanced interim dividend of 16 pence per share. The Board will continue to keep its options under active review as it moves forward."
The person responsible for making this announcement is Daniel Kos (Chief Financial Officer & Executive Director).
Enquiries:
PPHE Hotel Group Limited | ||
Daniel Kos, Chief Financial Officer & Executive Director | ||
Robert Henke Executive Vice President of Commercial Affairs | Tel: +31 (0)20 717 8600 | |
Hudson Sandler |
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Wendy Baker / Charlotte Cobb / India Laidlaw | Tel: +44 (0)20 7796 4133 Email: pphe@hudsonsandler.com |
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Notes to Editors
PPHE Hotel Group is an international hospitality real estate company, with a £2.0 billion portfolio, valued as at December 2022 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily prime freehold and long leasehold assets in Europe.
Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its portfolio includes full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations. The Group's strategy is to grow its portfolio of core upper upscale city centre hotels, leisure and outdoor hospitality and hospitality management platform.
PPHE Hotel Group benefits from having an exclusive and perpetual licence from the Radisson Hotel Group, one of the world's largest hotel groups, to develop and operate Park Plaza® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® brands.
PPHE Hotel Group is a Guernsey registered company with shares listed on the London Stock Exchange. PPHE Hotel Group also holds a controlling ownership interest in Arena Hospitality Group, whose shares are listed on the Prime market of the Zagreb Stock Exchange.
Company websites: www.pphe.com | www.arenahospitalitygroup.com
For reservations: www.parkplaza.com | www.artotel.com | www.arenahotels.com | www.arenacampsites.com