PPHE Hotel Group shares (LON: PPH) were down almost 7% on Monday morning after the group revealed a sharp fall in revenue.

In the three months ended September 30, the group’s revenue was 74% from £121m to £31.2m.

Most properties were closed between March and May and demand for the following months fell amid the travel restrictions.

For the nine months to September, total revenue was down 66% at £93.1 million from GBP276.3 million the year previously.

“Following the onset of COVID-19 and its unprecedented impact on the trading environment, including enforced lockdowns in some of our markets, we were pleased with the Group’s improved performance throughout the summer months which was driven predominantly by domestic leisure travel and resulted in market outperformance,” Boris Ivesha, President and chief executive of the group said.

“Whilst this demand unfortunately slowed following further government restrictions imposed during the second half of August and September, the performance during this period is testament to the Group’s excellent customer proposition, flexible model and readiness to capitalise on customer demand once the trading environment normalises.

“While our operations continue to be impacted by ongoing uncertainty across markets, the Group has clearly proven its ability to anticipate, react, adapt, and has ultimately, demonstrated resilience.

“Looking ahead, we remain focused on positioning the business well for long-term growth, underpinned by our unique model, well-invested portfolio and strong customer proposition,” added Ivesha.

PPHE Hotel Group shares (LON: PPH) are trading -6.67% at 938,00 (1621GMT).