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Accor has solid growth in First-Half 2014 revenue : +2.8% like-for-like led by a good momentum in the second quarter

July 21, 2014 Financial No Comments Email Email

Business remained favorable in most of the Group’s markets in the first half, with revenue totaling €2,593 million, representing a 2.8% increase (pro forma) on a like-for-like basis and a 1.8% decline as reported.

  • HotelInvest, the Group’s hotel owner and investor unit:
    –  Like-for-like revenue up 1.6% to €2,286 million.
    –  Good revenue growth in every region except France (down 1.8%), where demand was particularly impacted by the increase by 3 points in VAT rate on January 1.
  • HotelServices, the Group’s hotel operator and franchiser unit:
    –  Business volume1 up 5.0%, excluding the currency impact, to €5.7 billion, led by expansion in emerging markets.
    –  A 5.7% like-for-like increase in revenue to €582 million, with sharp improvements in the Americas (up 10.8%), the Mediterranean-Middle East-Africa region (up 10.1%), Northern, Central and Eastern Europe (up 5.0%).
  • Opening of 12,284 new rooms (92 hotels) in the first half, of which 90% are under management and franchise agreements.

Sébastien Bazin, Chairman and Chief Executive Officer, said:

“Accor’s saw good momentum in the first half despite a French market that continued to be unfavorably
impacted by changes in tax legislation. HotelServices pursued its expansion in fast-growing regions and
HotelInvest strengthened its position as Europe’s leading hotel investor with the recently completed acquisition
of 97 hotels in Germany, Switzerland and the Netherlands.”

See more at http://www.accor.com/

 

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