Intercontinental Hotels Group: Third Quarter Results to 30 September 2007
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Intercontinental Hotels Group: Third Quarter Results to 30 September 2007
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2007-11-07
Headlines
* Continuing revenue up 14% from £197m to £224m, up 20% at constant exchange rates.
* Continuing operating profit up 22% from £54m to £66m, up 31% at constant exchange rates.
* Total gross revenue* from all hotels in IHG’s system up 13% at constant exchange rates to $4.6bn.
* Global constant currency RevPAR growth of 6.1%; strongest growth in Asia Pacific, up 8.6%, driven by rate increases.
* Franchised operating profit up 8% to £68m, up 16% at constant exchange rates.
* Managed operating profit up 5% to £21m, up 15% at constant exchange rates.
* Adjusted continuing earnings per share (“EPS”) up 15% to 13.5p. Adjusted total EPS of 14.1p. Basic total EPS of 21.2p.
* Room count up by 7,395 rooms to 571,071 (3,863 hotels). Signings of 29,379 rooms (225 hotels), 18% higher than last year.
* Development pipeline of 201,776 rooms (1,533 hotels), equivalent to 35% of IHG’s existing hotel room count.
Commenting on the results and trading, Andrew Cosslett, Chief Executive of InterContinental Hotels Group PLC said:
“IHG has had a good third quarter, with strong performances across all our brands and the continuation of a record signings pace, which is seeing us sign two new hotels a day and keeping us on track to beat our net room additions target. Last month’s announcement of the global relaunch of Holiday Inn has been well received by our hotel owners and we look forward to opening our first rebranded hotel in spring next year. Our outlook for the rest of the year remains positive.”
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