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Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.

#1. PPHE Hotel Group Q3 RevPAR down 50% on 2019 levels

There’s a Q3 trading update out from PPHE Hotel Group [LON:PPH] this morning, which paints an interesting picture. Average room rates are 87% of the Q3 ’19 level, yet total revenues are 62.5% of those achieved two years back. That plots to a RevPAR figure which is just over 50% of the corresponding 2019 print. Whilst the company remains in a strong financial position and has more cash on hand now than it did three months ago, investors may be left feeling subdued by the momentum here.

#2. Foxtons Q3 sales revenues are significantly higher

Foxtons [LON:FOXT]have also updated the market with Q3 numbers today. For the year to date, revenues are up by 28% and the underlying market has evidently been through something of a cycle, with the post-pandemic glut of rental properties which was widely reported as depressing rents now having been absorbed. Rental prices are now back at pre-pandemic levels, whilst sales revenues are significantly higher too – up 60% on the 2019 number. With a strong pipeline the company notes it has good momentum heading into Q4.


#3. Lloyds Banking Group Q3 numbers around 20% higher than analyst forecasts

Finally, Q3 numbers from Lloyds Banking Group [LON:LLOY] beat expectations this morning, thanks to the pace of post-pandemic recovery. Profits came in around 20% higher than analyst forecasts, thanking part to a meaningful reduction in the bad debt provision being made for COVID-related defaults. The much watched RoTE (Return on Tangible Equity) figure is now expected to be over 10% for the full year.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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