Pandox has become the latest travel and hospitality company to highlight improved trading and indications of pent-up demand at the start of 2022.
The hotel owner saw the revenue it makes from property management, which comprises hotel properties leased on a long-term basis to hotel operators, increase 14% to MSEK 648 in the three months to the end of December. Profit at the EBITDA level rose 38% to MSEK 521.
More importantly the outlook for the business has improved even with the impact of the Omicron variant.
“The development experienced in the fourth quarter is a clear indication that underlying demand is strong and that there is substantial pent-up demand among both leisure and business travellers to travel and meet in person – and this demand is growing with each new round of restrictions,” CEO Liia Nõu said in her accompanying comments.