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AccorHotels' half-year results show revenue up 33.5%

27 July 2017 by
AccorHotels' half-year results show revenue up 33.5%

AccorHotels' revenue was up 33.5% to €922m (£824m) in the first half of 2017, according to its half-year report, a figure that shows an increase of 8.3% like-for-like.

The company also revealed earnings before interest and taxes (EBIT) was up 68% to €226m (£202m, an increase of 33.9% like-for-like), with a full-year 2017 EBIT target of between €460m and €480m (£411m and £428m).

The group's revpar was up 3.8% overall and its Europe business specifically saw like-for-like revenue growth of 8.1% thanks to revpar growth of 5.9%. The UK saw revpar increase 7.1%, with business in the UK described as "extremely strong" and "a market that remains attractive to British and foreign tourists, especially London".

AccorHotels' acquisitions in the first half of the year included luxury serviced home rental platform TravelKeys, booking solution Availpro and distribution platform VeryChic, as well as 40% of event company Potel & Chabot and 31% of event, foodservice and entertainment firm Noctis.

Sébastien Bazin, chairman and chief executive of AccorHotels, said: "AccorHotels' results for the first half of 2017 are particularly solid. They reflect growth in our hotel business, the rapid integration of recently acquired brands, our persistently dynamic development and the ramp-up of our new businesses. In this way, we are increasing our market share and consolidating our global leadership while profoundly transforming our business model.

"The separation of AccorInvest into a standalone legal entity has been completed. Discussions about the opening of this business to outside investors are ongoing. Our pursuit of this growth strategy enables us to aim for another year of record growth in 2017."

At the end of June, the group had a portfolio of 4,195 hotels, representing 597,132 rooms, of which 115 hotels with a total of 23,000 rooms opened during the first half of the year, including 7,000 rooms from the company's joint venture partnership with Rixos Hotels. The group also a pipeline of 910 hotels (167,000 rooms).

AccorHotels to consolidate Travel Keys, Squarebreak and Onefinestay >>

AccorHotels and Rixos Hotels to sign joint venture management agreement >>

Strong first quarter performance in the UK for AccorHotels >>

AccorHotels reports "strong growth" and record development >>

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