InterContinental Hotels Group has introduced a share buyback programme of $500m (£414m) and resumed its interim dividend after reporting wholesome earnings.
The Holiday Inn and Crowne Plaza proprietor mentioned that its second-quarter income per accessible room for the Americas – its largest section – was 3.5% above pre-pandemic ranges.
Operating revenue for the six months ending 30 June rose to $361m (£298m), in contrast with $138m (£114m) final yr.
Keith Barr, IHG chief government, mentioned: “Having reinstated a final dividend in respect of 2021 six months ago, the strong performance seen in 2022 to date, together with the confidence we have in continued progress, has led us to reintroduce an interim dividend at a level 10% higher than when last paid and launch an initial $500m share buyback.”
It comes because the journey business experiences regular demand after the lifting of COVID-19-related journey restrictions.
Mr Barr mentioned that even China had seen a “strong recovery” after a interval of strict pandemic lockdowns.
But he famous that the “risk of further volatility in the region still remains”.
“Our overall performance reflects a continued focus to build a stronger business for our guests and owners,” he mentioned.
“We have significantly enhanced and expanded our brand portfolio in recent years, and invested in our enterprise platform to drive performance and accelerate our growth.”
The group opened nearly 100 new lodges throughout the six-month interval, which means it now has greater than 6,000 worldwide.
It mentioned that conversions represented greater than 1 / 4 of these openings.
Mr Barr added: “Whilst the economic outlook faces uncertainties as central banks and governments take action to manage inflation, we remain confident in our business model and the attractive industry fundamentals that will drive long-term sustainable growth.”
Source: information.sky.com”