|Three months to|
|31 March 2004
|31 March 2003
|- Operating profit||44||29||51.7%|
|- Operating profit||10||8||25.0%|
|- Operating profit||54||37||45.9%|
|- Profit before tax||50||25||100.0%|
|Earnings per share (pence)|
|* EBItdA, operating profit, profit before tax and adjusted earnings per share are stated before exceptional items.|
We are experiencing an encouraging recovery in both North America and the UK, with April showing continued strong performance across these two areas. We are also seeing tentative signs of the beginning of a recovery in Europe. Trading in Asia Pacific has returned to pre-SARS levels. Growth remains occupancy driven in all regions with early evidence of potential rate recovery in some US markets and London.
Commenting on the results, Richard North, Chief Executive, InterContinental Hotels Group PLC said:
" We are sharpening our focus on driving revenues in all our hotels and improving our hotel operations performance. We are planning to concentrate our development efforts on countries, such as the US, UK and China, where demographic trends and market characteristics will allow us to grow more successfully our franchise and management business using our well-established brands. We have further strengthened our business in the US through organic brand development (Hotel Indigo), and a selective brand acquisition at a very attractive price (Candlewood Suites).
"Whilst we are encouraged by the results this quarter, we continue to concentrate on improving business efficiency in order to unlock more potential and further enhance returns."
David Webster, Chairman, InterContinental Hotels Group PLC said:
"The management team continue to deliver on the commitments they have made. During our first year as a separate company, we have made good progress against our priorities. We have reorganised the group, strengthened management, cut overheads and lowered capital expenditure. At the same time the process of reducing asset intensity and returning funds to shareholders has begun. Executing the optimum strategy to deliver shareholder value and to meet shareholder expectations remains the Board's priority in the coming months"
Appendix 1: Selected RevPAR performance (comparable, year on year change)
|CP Brands North America||6.1%||1.2%||9.1%||5.7%||7.9%||6.3%|
|HI Brands North America||2.4%||1.8%||8.0%||4.3%||9.1%||5.5%|
|Express Brands North America||6.8%||6.1%||9.6%||7.6%||8.5%||7.9%|
|HI UK Regions||4.9%||4.4%||14.3%||8.2%||-0.2%||6.0%|
|HI UK London||7.5%||12.3%||32.2%||17.3%||38.0%||21.9%|
For further information, please contact:
|Gavin Flynn, Investor Relations||+44 (0) 1753 410 238|
|Dee Cayhill, Corporate Affairs||+44 (0) 1753 410 423|
Teleconference for Analysts and Shareholders
A teleconference with Richard North (Chief Executive) and Richard Solomons (Finance Director) will commence at 9.00 am (London time) on 27th May. There will be an opportunity to ask questions. The conference call will conclude at approximately 9.30 am (London time). To join us for this conference call please dial the relevant number below at the appropriate time:
|International dial-in||Tel: +44 (0)1452 562 716|
|UK dial-in||Tel: 0845 245 5000|
A recording of the conference call will be available for 7 days. To access this please dial the relevant number below and use the access number 1344892#
|International dial in||Tel: +44 (0)1452 55 00 00|
|UK dial in||Tel: 0845 245 5205|
Note to Editors:
InterContinental Hotels Group PLC of the United Kingdom [LON:IHG, NYSE:IHG (ADRs)] is the world's most global hotel company and the largest by number of rooms. InterContinental Hotels Group owns, manages, leases or franchises, through various subsidiaries, more than 3,500 hotels and 538,000 guest rooms in nearly 100 countries and territories around the world (www.ichotelsgroup.com). The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn ® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, and Hotel Indigo®, and also has a controlling interest in Britvic, the second largest soft drinks manufacturer in the UK.
InterContinental Hotels Group offers information and reservations capability on the Internet - www.intercontinental.com for InterContinental Hotels & Resorts, www.crowneplaza.com for Crowne Plaza Hotels & Resorts, www.holiday-inn.com for Holiday Inn hotels, www.hiexpress.com for Holiday Inn Express hotels, www.staybridge.com for Staybridge Suites by Holiday Inn hotels, and www.candlewoodsuites.com for Candlewood Suites, and for the Group's rewards programme, www.priorityclub.com.
For the latest news from InterContinental Hotels Group, visit our online Press Office at www.ihgplc.com/media.
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Last updated 25 January 2008