Yum man checks in at InterContinental

published 22 August 2011

A director of Holiday Inn owner InterContinental Hotels has bumped up his stake in the company taking 5,000 American depository shares (ADS) for a total of nearly £50,000. The shares, each worth $15.90, or 965.74p, were purchased by non-executive director Graham Allan, bringing his total to 12,000 shares. ADS's are shares which have been purchased by American banks and are available to investors to buy on the US equity market. Allan, who took up his position at InterContinental at the start of 2010, boasts almost 20 years' experience in marketing and retail development, including his current role as chief executive officer of Yum! Restaurants International, a subsidiary of Yum! Brands, which operates KFC and Pizza Hut. InterContinental recently reported a 6.7% rise in its revenue per available room from a year earlier in the first half of 2011, driven by strong demand in Greater China and the US, where the Holiday Inn relaunch is delivering sustained outperformance. First half revenue rose 10.1%, or 8% using constant exchange rates (CER), to $850m from $772m last year. Regional revenue gains were: Americas 5.9%; Europe, Middle East and Africa (EMEA) 16.7%; Asia Pacific 13.9%; Central 8.0%. Operating profit jumped 23% (CER:21%) to $269m from $219m in the first half of 2010, while profit before tax rose 6.8% to $205m from $192m. Focusing on just the second quarter, however, profit before tax tumbled 11.9% to $111m from $126m the year before. Top Director BuysSable Mining Africa Ltd. (DI) (SBLM) Director name: Mr Phil EdmondsAmount purchased: 1,000,000 @ 13.75p Value: £137,500Sable Mining Africa Ltd. (DI) (SBLM) Director name: Mr Andrew Stuart GrovesAmount purchased: 1,000,000 @ 13.75p Value: £137,500InterContinental Hotels Group (IHG) Director name: Mr Graham AllanAmount purchased: 5,000 @ 965.74p Value: £48,287Great Portland Estates (GPOR) Director name: Mr Nick SandersonAmount purchased: 10,000 @ 357.50p Value: £35,750Sirius Petroleum (SRSP) Director name: Mr Jack PrydeAmount purchased: 1,000,000 @ 2.75p Value: £27,500Sirius Petroleum (SRSP) Director name: Mr Michael HirschfieldAmount purchased: 1,000,000 @ 2.75p Value: £27,500Sirius Petroleum (SRSP) Director name: Mr Toby HaywardAmount purchased: 1,000,000 @ 2.75p Value: £27,500Great Portland Estates (GPOR) Director name: Mr Nick SandersonAmount purchased: 4,000 @ 356.80p Value: £14,272