Pierre & Vacances, one of the leading providers of accommodation in French ski resorts, with a market value of around €500 million, has reported that first quarter sales rose 10.7% to €329.3 million from €297.4 million a year ago.

However tourism sales fell 4.8% to €207.3 million from €217.7 million last year and accommodation turnover is down 3.5% to €106.7 million from €110.5 in 2009.

Sales were also down slightly for the Pierre & Vacances Tourisme Europe division but property development turnover was up more than 53% to €122 million from just under €80 million in 2009.

The company’s share value has increased by more than half from a low of €35.51 last March to around €4 Euros today.

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