InterContinental Hotels posts rise in annual profits and revenues

18th Feb 2014 07:04

- Revenue rises 3.7 per cent- Operating profit up 10 per cent- Dividend raised nine per centInterContinental Hotels Group posted a 3.7 per cent rise in 2013 revenue to 1.9bn dollars as the company opened 237 hotels and signed a further 444 into the pipeline. Operating profit grew 10% to $668m in the year through December, with growth in the Americas, Asian Middle East and Africa and Greater China offsetting a decline in Europe. Revenue per available room climbed 3.8%, driven by a strong performance in the US.The parent company of the Holiday Inn and Crowne Plaza hotels raised its dividend by 9% to 70 cents per share."Our decision to increase our ordinary dividend by 9% reflects our confidence in our proven strategy to deliver high quality growth," said Chief Executive Richard Solomons."Our preferred portfolio of brands, brought to life by talented people and best in class delivery systems, will enable us to continue to drive out-performance in an industry which has compelling long term prospects." During the period the group sold three of its Intercontinental hotels, with total gross proceeds of almost $830m. The disposals included the Intercontinental London Par Lane, Intercontinental New York Barclay and InterContinental Mark Hopkins, San Francisco which was announced alongside the group's results today. Looking to 2014, Solomons said while economic conditions in some markets remain uncertain, forward bookings data is "encouraging and we are confident that we will deliver another year of growth".RD