30th Apr 2025 13:32
(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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PPHE Hotel Group Ltd - Amsterdam-based international hospitality real estate company - Reports revenue of GBP77.6 million for the first quarter of 2025, up 0.7% from GBP77.0 million a year ago. Says like-for-like revenue fell 5.6% due to the comparable leap year impact and Easter falling within the second quarter. The firm says like-for-like occupancy levels were stable, while the average room rate decreased by 3.6% to GBP134.30 from GBP139.30. PPHE Hotel says forward booking activity levels are positive, with overall pace and demand consistent with 2024 levels. It notes that the normalisation in industry room rates continues. "The group remains focused on cost control, with several ongoing projects to drive further efficiencies," PPHE Hotel says. It remains confident in meeting market expectations for 2025. "We are pleased with the group's progress during the first three months in what has been a fast evolving and challenging macroeconomic and geopolitical environment. We have maintained solid occupancy levels whilst proactively managing room rate," says Co-Chief Executive Officer Greg Hegarty. "The extent to which recent tariff-driven volatility will impact consumer purchasing and travel demand remains to be seen," he says.
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OSB Group PLC - Chatham, England-based mortgage lender, formerly known as OneSavings Bank - Says it is on track to meet its full year guidance, with its first quarter performance in line with expectations. Originations were GBP1.1 billion in the first quarter, up 10% from GBP1.0 billion a year ago. The firm says its net loan book was flat at the end of the first quarter at GBP25.2 billion as it "maintained pricing discipline and focus on higher-yielding specialist sub-segments". Says rental deposits remained broadly flat at GBP23.8 billion, while three months plus arrears balances were 1.7% at the end of March, unchanged from the end of 2024. "We continued to prioritise returns over growth when pricing new and retention mortgage products which led to a broadly flat net loan book compared to the end of 2024," says Chief Executive Officer Andy Golding. "We saw growth in originations in more complex buy-to-let and our higher-yielding specialist sub-segments and retail deposit pricing remained in line with our assumptions with an attractive blended front book margin... The group is well positioned to deliver on its guidance with attractive and sustainable returns for the shareholders and I look to the future with confidence."
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Dalata Hotel Group PLC - Dublin-based operator of the Maldron and Clayton hotel chains - Says trading in March was lower than projected due to a slower pick up than anticipated in transient leisure business. Revenue per available room on a like-for-like basis for the four month period to the end of April will be in line with the prior year, says Chair John Hennessy at its annual general meeting. Dalata says its year-to-date RevPAR for the UK portfolio is 2.5% behind the same period last year on a like-for-like basis. Says it has "made great progress" in expanding UK presence with four new Maldron hotels. "We continue to monitor any potential impact of global political events on Ireland but given what we know today, we remain confident in our outlook for the economy and the hospitality industry within it," Chair Hennessy says. "As of today, the outlook for London looks stronger as we enter the summer months. We have a very modern well invested and well-located portfolio of hotels in the UK and are confident of our ability to perform strongly within the UK market as we continue to grow our presence there." The firm says it has signed an agreement with Inmobiliaria del Sur SA to lease a new Clayton hotel in Madrid - its first in Spain. The 243-bedroom hotel is due to open in the first quarter of 2029 in the Valdebebas area of Madrid.
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Pacific Assets Trust PLC- Asia Pacific-focused investment company - Says its net asset value total return for the twelve months to the end of January was 9.7%. The return lagged the MSCI AC Asia ex Japan Index total return of 22.3% and its peer group of four other trusts and an exchange traded fund. "The year presented a number of challenges, in particular a strong market rally in China driven by stimulus measures and weaker performance in Indian equities towards the end of the year," says Chair Andrew Impey. Pacific Assets Trust's portfolio is underweight in China and overweight in India. The company declares a final dividend of 4.9 pence per share, up from 4.0 pence in the 2024 financial year. Looking ahead, the firm says the outlook for the Asia Pacific region has become more uncertain following renewed trade tensions. "While the region had been expected to see modest economic growth supported by easing inflation and proactive monetary policies, the re-emergence of a trade war poses fresh challenges to supply chains, investor sentiment, and export-led growth," Impey says. The company says long-term opportunities persist and it believes the portfolio manager's approach is well-suited to delivering value for shareholders.
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Serabi Gold PLC - Brazil-focused gold miner - Reports pretax profit of USD32.3 million in 2024, multiplied from USD8.2 million in the prior year. Revenue grew 48% to USD94.5 million from USD63.7 million, while total cost of sales grew 11% to GBP55.0 million from GBP49.7 million. Serabi reported total gold production of 37,520 ounces, up 13% from 33,153 ounces in 2023. The average gold price received increased 24% to USD2,407 per ounce from USD1,945. Cash costs for the full year were USD1,326 per ounce, up 2.0% from USD1,300 in 2023. Serabi will not pay a dividend for 2024, but it announces a new shareholder return policy, where it will target a return of between 20% and 30% of its free cash flow to shareholders through dividends or buybacks. The firm says it produced 10,013 ounces of gold in the first quarter of 2025, and is guiding for production to rise to between 44,000 ounces and 47,000 ounces for the calendar year. It is targeting production of 60,000 ounces by 2026 and is aiming to produce more than 100,000 ounces afterwards through its brownfield exploration programmes. "2024 was a year for investment and development and we will continue to look at both organic and inorganic growth opportunities which should help the group fulfil its potential of moving from the junior mining space into becoming a mid-tier producer in the medium term," says Chief Financial Officer Colm Howlin. Chair Michael Lynch-Bell comments: "Whilst I do not possess a crystal ball, our operations remain robust at current gold price levels and given we don't have any significant capital investment required for the year, one can reasonably expect the cash flow generation of our operations to remain strong."
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By Michael Hennessey, Alliance News reporter
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