Intercontinental Hotels announced strong profits for the third quarter, driven by revenues in the US and China.
Pre-tax profits came in at £194m in the three months to the end of September, up from £126m the previous year. This was at the top end of analysts expectations.
Basic earnings per share came in at 61.4, compared with 35.8 the year before.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Global revenue per available room (RevPAR) was up 6.4%, during the period, with room rates rising 2.8%.
This was led by 10.8% RevPAR growth in Greater China and 8.0% in the US where the firm said it continued to outperform the industry driven by sustained results from its Holiday Inn relaunch.
Revenues rose 11% to $467m from $421m for the same quarter of last year.
"The economic environment continues to be uncertain, but we remain confident in our future due to our resilient business model, robust balance sheet and powerful brand portfolio, combined with low medium supply growth in many markets," Chief Executive Richard Solomons said in a statement.
-
Do you qualify for the Winter Fuel Payment if you live abroad?The Winter Fuel Payment will be means tested for expats living in Europe, in line with the new rules impacting those in the UK. But a quirk in the system means not all countries are eligible.
-
What the Employment Rights Bill means for your jobNew workplace reforms are set to give employees new rights to benefits and flexible working
