InterContinental Hotels Group PLC reported strong growth in revenue and profit as the rebound in travel post-pandemic continued.
The Holiday Inn-owner said group revenue in the half-year to 30 June 2023 totalled $2.23 billion, up 24% from $1.80 billion the year before, with operating profit of $584 million, up 62% from $361 million.
First-half revenue per available room (RevPAR) rose 24% year-on-year, with 17% growth in the second quarter, driven by particularly strong growth in Greater China, up 94%, reflecting the lifting of travel restrictions.
Elie Maalouf, chief executive officer, said: “Travel demand is very healthy, with RevPAR improving year-on-year across all our markets and exceeding 2019 pre-pandemic peaks for four consecutive quarters.
“In the Americas and EMEAA regions, leisure demand has remained buoyant and business and group travel continued to strengthen, while in Greater China, demand has rebounded rapidly.”
RevPAR in the Americas rose 11% in the first half while growth in EMEAA jumped 42%.
Average daily rate rose 7%, with occupancy up 9 percentage points and now 1.3 percentage points below 2019.
Basic EPS jumped 126% to $265.3 cents from $117.4 cents while the dividend was hiked 10% to $48.3 cents from $43.9 cents.