INTERCONTINENTAL HOTELS GROUP PLC
Pro forma Results for the Six Months to 31 March 2003
|6 months to
31 March 2003
|6 months to
31 March 2002
|- Operating Profit||79||109||(27.5)|
|- Operating Profit||20||16||25.0|
|Earnings per share||6.0p||8.9p||(32.6)|
Richard North, Chief Executive, InterContinental Hotels Group PLC, said:
“It is difficult to imagine a worse trading environment, moreover visibility is still poor and we remain cautious.
We have not been passive. We have redesigned our organisation, substantially strengthened the senior management team and are taking out significant levels of cost. At the same time we are cutting back on capital expenditure and are progressing the sale of a number of assets. All this will stand us in good stead now and leaves us well placed to benefit from recovery.”
INTERCONTINENTAL HOTELS GROUP
This operating review discusses the performance in the six months ended 31 March 2003 of the elements of Six Continents PLC that form the ongoing business of InterContinental Hotels Group PLC (IHG) following completion of the separation on 15 April 2003.
IHG Group turnover increased by 0.4% on the same period in the prior year, with Hotels turnover increasing by 7.5% in US dollar terms but declining by 2.0% to £724m in sterling terms. Total Hotels operating profit of £79m was 27.5% down on last year.
Within Soft Drinks, sales volumes and profit were both ahead of the prior year, a year in which the business saw record results.
Last updated 25 January 2008