PPHE Hotel Group - Leisure demand recovering

PPHE’s H120 results, more notably those from Q220, reflect the full impact of COVID-19 lockdowns on demand, and the substantial progress that management has made in managing the cost base and cash burn. Demand from the leisure sector has returned relatively strongly but the rate of potential recovery in business travel remains uncertain. In recent weeks, the group’s average occupancy level of c 35% is above the 30% required for operational break-even with government support for jobs and business rates, but below the c 40% required in the absence of government support.