Holiday Inn owner sees group profit more than double after hotel demand returns

Holiday Inn owner InterContinental Hotels Group has seen group profit more than double versus 2021 after a recovery in demand for travel. The London-listed firm said it was also reintroducing an inter...
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City AM
2022-08-09T06:19:31Z
Holiday Inn owner InterContinental Hotels Group has seen group profit more than double versus 2021 after a recovery in demand for travel.
The London-listed firm said it was also reintroducing an interim dividend at a level 10 per cent higher than when last paid and launching an initial $500m share buyback.
Revenue for the first half of the year hit $1,794m, compared to $1,179m in the same period in 2021.
What’s more, operating profit for the year stood at $361m, versus $138m the year prior.
“We saw continued strong trading in the first half of 2022 with increased demand for travel in most of our markets,” Keith Barr, chief executive officer for IHG Hotels & Resorts, said.
He added: “This brought group RevPAR very close to pre-pandemic levels in the second quarter. Alongside leisure stays, the return of business and group travel demand continued to build over the period, and our hotels are seeing increased pricing power due to the strength of IHG’s brands, loyalty programme and technology platform.”
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