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Interim Results

InterContinental Hotels divi up 10%

08 August 2017 08:16

InterContinental Hotels Group's underlying revenues rose by 4% to $788m in the six months to the end of June.

Underlying operating profits were up 7% at $365m.

The group has declared an interim dividend of 33.0 cents per share - up 10%.

Chief executive Keith Barr said: "We have had a good first half. RevPAR growth of 2.1% and net system size growth of 3.7% delivered a 7% increase in underlying operating profit and a 27% increase in underlying EPS, underpinning the Board's decision to increase the interim dividend by 10%.

"We continue to make good progress in executing our well-established strategy to deliver high quality sustainable growth, and during the half we passed the landmark of over 1 million open or pipeline rooms.

"In June, we announced a new, midscale brand to address a $20 billion underserved segment in the US.

"We believe this will become another brand of scale for IHG that will deliver superior returns to our owners.

"Other highlights include the continued roll-out of new design formats across our Holiday Inn Brand Family and the ongoing repositioning of Crowne Plaza.

"Leveraging our technological capabilities, we are on track to begin roll out of our next generation cloud-based Guest Reservation System in late 2017."

At 8:16am: (LON:IHG) InterContinental Hotels Group PLC share price was -147.5p at 4263.5p

Story provided by StockMarketWire.com

Related Company: IHG

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