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InterContinental FY'17 pretax profit climbs 14.7% YOY


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InterContinental FY'17 pretax profit climbs 14.7% YOY

InterContinental Hotels Group Plc said its pretax profit for the full 2017 year came to $678 million, a rise of 14.7% from $591 million in the prior-year period.

The hospitality giant noted a 20.3% incline in EPS to $2.45, compared to $2.03 logged during the 12-month term ended Dec. 31, 2016.

Revenue came to $1.78 billion, compared with approximately $1.72 billion in the year-earlier period, while operating profit amounted to $759 million, reflecting 7.4% growth from $707 million.

The company's net debt in the 12 months ended Dec. 31, 2017, increased 22.9% year over year to $1.85 billion from roughly $1.51 billion.

Additionally, the board of directors of InterContinental proposed a 10.9% increase in the final dividend for the 2017 year to 71 cents. The payment is expected to be made May 11, to shareholders on record as of April 3.

Effective Jan. 1, the company rolled out a new organizational structure to leverage its scale and accelerate growth, according to a release. Under the new design, its Europe and Asia, Middle East and Africa regions will be combined into a new region, dubbed Europe Middle East, Asia and Africa, which will be headed by EMEAA Regional CEO Kenneth Macpherson.

InterContinental further integrated technology with its business-to-business sales, booking channels and revenue management to improve revenue delivery. The company also created a global marketing organization and created three brand categories — mainstream, upscale and luxury — as part of the new structure.