|12 months to 31 Dec 2003£m||12 months to 31 Dec 2002£m||%change||15 months to 31 Dec 2003£m||12 months to 30 Sept 2002£m|
|- Operating profit||200||239||(16.3)%||251||266|
|- Operating profit||83||68||22.1%||95||63|
|- Operating profit||283||307||(7.8)%||483||618|
|- Exceptional Items|
|- Profit before tax||244||258||(5.4)%||36||534|
|Earnings per share - Basic (pence)||-||-||-||2.6||62.5|
|Earnings per share - Adjusted (pence)||20.8||21.9||(5.0)%||48.4||51.4|
|NB. The unaudited pro forma results and audited operating profit and EBItdA are shown before exceptional items. The audited results include the results of Mitchells & Butlers until Separation.|
Commenting on the results, David Webster, chairman, InterContinental Hotels Group PLC, said:
"Following the successful Separation of the Six Continents' businesses in April 2003, InterContinental has established itself as a powerful independent hotels company. In the fifteen months to 31 December 2003 we faced very testing trading conditions but our results were sound.
I am delighted and excited to be part of an organisation with such a formidable portfolio of brands and an unmatched presence in world markets and I am confident that the company is well positioned to grow strongly as more stable conditions return."
Commenting on the results, Richard North, chief executive, InterContinental Hotels Group PLC, said:
"The fifteen months to 31 December 2003 was probably the most difficult period experienced in the hotel industry in living memory.
In many ways, however, we have had a great year. Last spring we set out in our listing particulars a series of actions designed to improve the overall performance of the company. We are delivering on those promises. We have reorganised the company, greatly strengthened management, radically reduced costs beating our published targets, significantly cut capital expenditure, started an asset disposal programme and today we are now announcing a share buy back.
Commenting on current trading, he continued:
"We have for some time been cautious when commenting on current trading. However, trading over the last six months now gives us some confidence to say that we believe conditions are improving steadily in both the Americas and the UK. Furthermore, trading in Asia Pacific has recovered substantially since the SARS scare. However, continental Europe remains difficult and this is being exacerbated by the weakness of the US dollar."
For further information, please contact:
|Karen Whitworth, Investor Relations||Office: 01753 410177
Mobile: 07808 095638
|Dee Cayhill, Corporate Affairs||01753 410423|
|Kathryn Holland, Corporate Affairs||01753 410425|
A teleconference, including a web cast of the teleconference presentation slides, will commence at 4.00 pm (London time) on 11 March. The conference call will conclude at approximately 4.30 pm (London time).
To join us for this conference call please dial the
relevant number below by 4.00 pm
|International dial-in||Tel: +44 (0) 1452 562 716|
|UK dial-in||Tel: 0800 073 8967|
There will be a live audio web cast of the presentation of the results on the web address www.ihgplc.com . A video and audio web cast of the presentation is expected to be on this website later on today and will remain on this website for the foreseeable future.
An Interim dividend of 4.05 pence per share was paid in October 2003. The Board proposes, subject to shareholder approval at the AGM on 1 June 2004, to pay a final dividend of 9.45 pence per share on 7 June 2004. The ex dividend date for this payment will be 24 March 2004 and the record date 26 March 2004.
Last updated 25 January 2008