InterContinental Hotels books interim profit growth

30th Jul 2015 09:39

(ShareCast News) - Hotel operator InterContinental Hotels Group reported solid interim profit growth thanks to an increase in revenue per available room across its regions.For the six months to 30 June, the FTSE 100 group posted a 21.5% year-on-year rise in pre-tax profit to $458m, while total revenue edged 0.8% higher to $915m.The group, which owns brands including Holiday Inn, Crowne Plaza and InterContinental Hotels, reported growth in revenue per available room across its operations in the Americas, Europe, Asia, Africa, the Middle East and China.Overall revenue per average room rose 5.1% in the period, the group said on Thursday, adding it will pay an interim dividend of 27.5 cents, a 10% increase year-on-year."Looking forward, based on current trading trends, we remain confident in the outlook for the rest of the year," said group chief executive Richard Solomons.Analysts at Panmure Gordon & Co reiterated their 'hold' rating on the stock."IHG is our preferred hotel pick but with the stock trading at/near fair value, we remain on 'hold'," they said in a note.IHG shares were up 0.14% to 417.02p at 0854 BST on Thursday.