Hotel group Intercontinental to pay dividend after a recovery in traveller numbers
The hotelier behind Holiday Inn and Crowne Plaza will pay a dividend after a recovery in traveller numbers.
Intercontinental Hotels Group said revenue rose 40 per cent to £1billion in 2021 with strong growth in the last three months.
Revenues per available room – a key measure in the sector – were 70 per cent of pre-pandemic levels, and 83 per cent between October and the end of December.
Bookings up: Intercontinental Hotels Group said revenue rose 40% to £1bn in 2021 with strong growth in the last three months
It recorded a pre-tax profit of £266million compared with a £206million loss a year earlier.
There was a particularly strong recovery in the US, with a weaker performance in Europe due to Covid restrictions.
In the UK, revenues per available room were down 41 per cent on 2019 levels, although these improved in the final three months of the year to being down just 16 per cent.
Chief executive Keith Barr said the improvement and a reduction in debts by 26 per cent to £1.4billion means a dividend of 63.1p per share will be paid out.