Accor : Solid revenue growth in 2014 of 3.8% like-for-like
2014 EBIT target revised upwards to around €600 million
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Accor : Solid revenue growth in 2014 of 3.8% like-for-like
2014 EBIT target revised upwards to around €600 million
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2015-01-28
The vast majority of the Group's markets reported solid growth in 2014, with revenue of €5,454 million, up 3.8% like-for-like and 0.5% as reported, buoyed by like-for-like growth of 4.8% in the second half and 5.1% in the fourth quarter.
• Strong increase in fourth-quarter revenue: up 5.1% like-for-like and 2.1% as reported.
• HotelInvest, hotel owner and investor:
- Like-for-like full-year revenue up 3.0% to €4,794 million.
- Solid growth in every geography except Asia-Pacific – down 0.5% owing to China – and France, where revenue fell 0.2% as the rise in VAT and a lackluster economic environment affected business.
• HotelServices, hotel operator and brand franchiser:
- Business volume1 up 3.9% excluding currency effects to €11.9 billion, notably powered by the development of emerging markets.
- Revenue up 5.5% like-for-like to €1,248 million, with strong gains in the Americas (up 11.3%), in the Mediterranean, Middle East and Africa region (MMEA, up 8.2%) and in Northern, Central and Eastern Europe (NCEE, up 6.1%).
• A total of 208 hotels were opened in 2014, representing 29,556 rooms.
• 2014 EBIT target revised upwards to around €600 million, from between €575 million and €595 million previously.
Sébastien Bazin, Accor Chairman and Chief Executive Officer, said: “Accor's growth in 2014 is even more remarkable in light of the mixed economic environment during the year and the fact that a major transformation was underway within the Group. The solid performance reflects the commitment of our teams, the strength of our brands, the trust we have built up with our guests and partners, and the vitality of our development. Thanks to the rigorous implementation of our new strategy and the faster pace of growth in the fourth quarter, we are raising our EBIT target to around €600 million.”
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