InterContinental Hotels reports H1 profit rise and dividend hike
InterContinental Hotels Group PLC have announced a 9.4% rise in half year pretax profit thanks to strong revenue growth.
Revenue rose 2% to US$857mn from US$838mn last year.
The British multinational hotel group - whose brands include Holiday Inn, Crowne Plaza, and Hotel Indigo - says it has benefitted from an improved revenue per room or RevPAR, a popular performance metric used in the hotel industry.
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InterContinental Hotels generated a global comparable RevPAR growth of 2.1%, led by improved occupancy which contributed 0.9 percentage points.
Keith Barr has been CEO of InterContinental Hotels Group PLC since July 2017.
He said: “We continue to make good progress in executing our well-established strategy to deliver high-quality sustainable growth, and during the half we passed the landmark of over 1mn open or pipeline rooms.
“I feel privileged to be the new CEO of IHG and to have the opportunity to build on the strong performance we have delivered.”
Additionally, the company has decided to increase the interim dividend for investors from 30.00 cents to 33.00 cents.
The CEO also reaffirmed the company’s plans to push forward with technological innovation, which includes the development of a new online booking system for Holiday Inn, among other projects.