8th Aug 2023 08:54
(Alliance News) - InterContinental Hotels Group PLC on Tuesday said higher demand drove its half-year profit and revenue up.
The Windsor, Berkshire-based operator of InterContinental, Holiday Inn and Crowne Plaza hotel chains said in the six months to June 30, pretax profit grew by 90% to USD567 million from USD299 million a year prior, as revenue rose by 25% to USD2.23 billion from USD1.79 billion the year before.
This was driven by an improved performance following the impact of the Omicron variant at the same time a year ago, as well as stronger leisure demand in the Americas, which was supported by larger corporate and group bookings, the company said.
Additionally, Intercontinental noted improved trading in the Europe, Middle East and Africa region, as well as in China following the lifting of travel restrictions.
The hotel operator upped its interim dividend by 10% to 48.3 cents from 43.9 cents in the first half of 2022.
Chief Executive Officer Elie Maalouf said: "As we continue to grow our brand portfolio, we're excited to announce we will soon launch a new brand targeted at midscale conversion opportunities. We're proud of our industry-leading position in upper midscale with Holiday Inn and Holiday Inn Express. Our aim is that this new conversion brand will become the first choice for guests and owners in the midscale segment, accelerating our growth in a space that is already worth USD14 billion in the US market alone."
Shares in Intercontinental were up 2.1% at 5,776.00 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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