Analyses

plus

InterContinental Hotels Group Publishes Half Year Results

2 min reading time

Published on 14/08/12 - Updated on 17/03/22

IHG has published results for the first half of the year, ended 30 June 2012. The group reports a rise in operating profit of 6% and RevPAR growth of 6.5%.

Total gross revenue from hotels in IHG’s system was $10.3bn in the first half of 2012, that is, an increase of 7.3% with regards to the same period last year. The company’s operating profit stood at $286m compared to $269m which equates to a rise of 6%, and RevPAR growth was 6.5% (6.1% in the second quarter), up 3.5%.Richard Solomons, Chief Executive of InterContinental Hotels Group, said, “We have delivered good results in the first half with RevPAR growth from all regions through gains in both occupancy and rate. Our brands continue to perform well and we have achieved solid underlying margin growth, resulting in increased profits and strong cash flows.”The group also announced a $1bn return of capital, to be partially funded by the disposal of the InterContinental New York Barclay hotel, worth an estimated $350m. This will be returned to shareholders via a $500m special dividend with share consolidation to be paid in the fourth quarter of 2012 and a $500m share buyback programme. The move is part of the company’s “asset-light strategy” and enables IHG to maintain its BBB investment grade credit rating. It takes total funds returned to shareholders since demerger to $8.9bn, including $1.2bn of ordinary dividends.The IHG global system (the number of hotels which are franchised, managed, owned or leased) increased in the first half of 2012 by 62 hotels to 4,542, with openings of 112 hotels and removals of 50 hotels. 122 hotels joined the system in the same period last year.http://www.youtube.com/watch?v=drZV...

InterContinental Hotels Group

InterContinental Hotels Group

Hotel Group

  • InterContinental Hotels Group United Kingdom
  • Offres d'emplois 107 currents job offers
SEE THE NOTE
For further

Every week, the HON team brings you an expert look at the world of hospitality. By becoming a member, you will have access to a complete ecosystem: exclusive content, jobs, etc.

BECOME A MEMBER

Sign up to add topics in favorite. Sign up to add categories in favorite. Sign up to add content in favorite. Register for free to vote for the application.

Already signed up? Already signed up? Already signed up? Already registered?