InterContinental Hotels H1 Profit Down, Hikes Dividend; Names New Director

(RTTNews) - InterContinental Hotels Group Plc (IHG, IHG.L) reported Tuesday lower profit in its first-half, impacted by weak revenues. The company also announced higher dividend.

For the period, pre-tax profit fell to $377 million from $462 million last year. Adjusted pre-tax profit, which excluded certain items, was $271 million, compared to $302 million a year ago.

Profit attributable to equity holders of the parent was $238 million or 91.9 cents per share, compared to $340 million or 126.4 cents per share last year.

Adjusted attributable profit was $181 million or 69.9 cents per share, compared to $208 million or $77.3 cents per share a year ago.

Revenue for the first half dropped 3 percent to $908 million from $936 million last year. On an underlying basis, revenues grew 4 percent year-over-year to $788 million.

Global comparable RevPAR growth was 5.8 percent.

The Board has proposed an interim dividend per ordinary share of 25 cents or 14.8 pence, representing growth of 9 percent on the 2013 interim dividend.

Looking ahead, the company noted that it is encouraged by current trading trends, whilst several of its key markets continue to experience some political or economic uncertainty.

Separately, InterContinental Hotels announced that Jo Harlow is to be appointed as an independent Non-Executive Director. She will join the IHG Board with effect from September 1.