From November 2023 to April 2024, the Group recorded revenue at €33.7 million and an OR-Occupancy Rate of 70.3%.
The Board of Directors of HNH Hospitality S.p.A has presented the results of the first semester of 2024: from November 2023 to April 2024, the Group recorded an increase in revenue at €33.7 million euros, up compared to the previous financial year (30.6 million).
In addition, upon closing the first semester on 30 April, HNH achieved the following performance: the OR-Occupancy Rate is 70.3%, which is up from the same period last year (65%); there is also the ADR (average daily rate) of €123.50, compared to €116.60 in the first half of 2023.
In the first half of 2024, HNH Hospitality also recorded a negative EBITDA of € -3.693 million, a result mainly influenced by the effects of seasonality typical of the industry. Despite the negative EBITDA in the first half of the year, the outlook for the end of 2024 is decidedly positive. Total revenues are estimated at € 113.7 million, representing an increase of 7.6% over the previous year and 2.2% over the planned budget, reflecting the consolidation of the Group and its strengthening in the market.
EBITDA for the full year is also expected to grow to € 17.2 million, marking a further increase over 2023. These expected results confirm the opportunity to expand the development strategy also through the recent opening to real estate, with the goal of actively redeveloping buildings through the presence of co-investors, institutional and private such as family offices.
HNH Hospitality closed its 2023 financial year with record figures in the volume of overall operating revenue of €105.7 million, up 48 percent from the 2022 figure. EBITDA as of October 31, 2023 recorded by the HNH Group was 16.1 million euros, equal to 15%: a substantial increase when compared to 2022, when EBITDA Margin was 14%. Statutory EBITDA practically doubled from the previous year, with €10.5 million recorded net of government aid (it was €5.2 million in 2021) – while net profit reached €6.4 million.
“We are extremely pleased with our results in the first half of 2024. Despite negative EBITDA, which is typical in our industry in the first half of the year due to seasonality, our revenues and room occupancy rates are growing strongly. This demonstrates the soundness of our strategy and our ability to adapt to market challenges.” – stated Luca Boccato, CEO of HNH Hospitality. “The forecast for the end of the year is very promising, with revenues and EBITDA growing further from the record year 2023. Our recent opening to the real estate sector, for which we are confident of being able to announce a first investment soon, is an important step forward in our strategy of diversification and development”.