I managed to get it working by placing a script in the following location: `/lib/systemd/system-sleep/`. The script contained the following:
#!/bin/sh
DBUS_SESSION_BUS_ADDRESS=unix:path=/usr/user/UID/bus su USER -c "xfconf-query -c xfce4-power-manager -p /xfce4-power-manager/presentation-mode -s false"
UID should be replaced by the relevant user id (`$ id -u`), and USER by the name of the user the script is for (`$ whoami`).
I tested jbrock's answer, and that also seemed to work, although I find the systemd option slightly cleaner since it doesn't redirect any command references.