Holiday Inn owner InterContinental Hotels Group (LSE: IHG) reported an 87% jump in 2023 pretax profit to over $1 billion and launched a new $800 million share buyback programme.
IHG’s revenue rose 19% to $4.62 billion, with growth seen across all regions. The company proposed a 10% higher final dividend of 104.0 US cents per share.
IHG cited “strong trading and financial performances” in 2023, with revenue per available room up 16% and 275 new hotels opened.
Read More News:
Superdry buyout rumours see shares soar
It expects further growth ahead, forecasting a 4.0% compound annual expansion in the US through 2033 and 4.2% in China. “Current conditions remain supportive of industry growth,” IHG stated, eyeing a recovery in room rates and demand outpacing supply.
It targets high-single digit percentage increases in fee revenue annually amid positive trends.