Annual report and summary financial statements 2006 

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Operating and financial review


Central results 12 months ended 31 December
Revenue   55 42 31.0
Gross central costs   (136) (107) 27.1
Net central costs m (81) (65) 24.6
Dollar equivalent $m (149) (118) 26.3

Net central costs increased by £16m to £81m and included significant investment in new global research, designed to enable higher quality brand development and enhance IHG’s franchising capability; the increase also included higher IT infrastructure costs.

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