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PPHE continues to please, with resilient H1 operating results complemented by first-time disclosure of EPRA reporting, which highlights its real estate business with EPRA NAV of £24.21 at June 2018, significantly ahead of the current share price. A fine record of value creation (21% CAGR in NAV over the seven years to end-2017, as newly presented) should underpin the company’s ability to leverage on its assets, in addition to reinvestment potential from £152m excess cash. H1 saw maintained like-for-like EBITDA against a “very strong” comparative in London, PPHE's major market, and renovations in the Netherlands. Encouraging trading in its seasonally stronger H2 supports guidance that 2018 expectations are unchanged. The interim dividend is raised by 45%.

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