China travel rebound helps IHG interim profits rise 62%
By Frank Prenesti
Date: Tuesday 08 Aug 2023
(Sharecast News) - Hotels operator IHG on Tuesday reported a sharp jump in half-year profit as the travel sector continued to rebound from the Covid pandemic.
Operating profit at the Crowne Plaza and Holiday Inn owner rose 62% to $584m, with revenue per available room (RevPAR) - a key industry metric - up 24% year on year. Group revenues increased 24% to $2.2bn.
"In the Americas and EMEAA regions, leisure demand has remained buoyant and business and group travel continued to strengthen, while in Greater China, demand has rebounded rapidly," the company said in a statement.
The FTSE 100 group's RevPAR in Greater China was up by 94%, while sales in Europe, the Middle East and Africa were up 42% and sales in the Americas 11%.
IHG opened 21,000 new rooms across its 108 hotels in the first half and completed 47% of an ongoing $750m share buyback programme.
Reporting by Frank Prenesti for Sharecast.com
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