These were a complex set of interim results from hotel group PPHE Hotel Group (PPH). Let's start on home soil. UK-based revenues fell 3 per cent as revenue per available room (RevPAR) dropped 5 per cent - the result of lower occupancy levels. Management blamed factors including the increased number of global terrorist incidents for the drop-off in demand, which resulted in a 13.9 per cent decline in cash profits to £21m.
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