Intercontinental hotels hails strong Q3

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.

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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.