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AccorHotels sees revenue grow to €1.5b in first half of 2018

26 July 2018 by
AccorHotels sees revenue grow to €1.5b in first half of 2018

AccorHotels has seen revenue grow to €1.5b (£1.3b) in the first half of 2018 as it continues the "deep-seated transformation of its business model".

The growth in revenue is reflective of a 8% increase in like-for-like sales, with €70m delivered by new business linked to the acquisitions of VeryChic, Availpro, Mantra, Mantis, Gekko, ResDiary and Adoria.

Currency impacts during the period had a negative impact on revenue of €113m (£100m).

EBITDA was at €291m (£259m), up 4.2% like-for-like, with the company reporting a net profit of €2.2b (£1.9b).

Including acquisitions the period saw the opening of 301 hotels, amounting to an extra 45,150 rooms. This brings the number of hotels operated by AccorHotels worldwide to more than 4,530.

HotelServices, the operating and franchising division of AccorHotels, reported an increase in business volumes of 10.3% with revenue of €1.2b (£1.1b).

Revpar rose by 5.1% worldwide with gains in economy, midscale and luxury/upscale.

In the UK, revpar rose by more modest 1.3% with the provinces driving growth.

Sébastien Bazin, chairman and CEO of AccorHotels, said: "The first half of 2018 saw AccorHotels continue the deep-seated transformation of its business model, with the sale of a majority stake in the capital of AccorInvest, the integration of Mantra in Australia and Mantis in South Africa, and the acquisition of Gekko in France. The second half of the year will see Mövenpick in Middle East, Atton in South America and sbe in the US join our network, enabling us to consolidate our market shares and the vast array of choices we offer our customers. The group's strong operating performance delivered solid results in first-half 2018 and record organic growth with the opening of 20,000 rooms over the period.

"Today, AccorHotels operates more than 4,500 hotels and 650,000 rooms around the world, the majority of which are located outside Europe. Underpinned by a reinforced pipeline, the group's strong prospects mean it is firmly on track to achieving its medium-term targets.

"AccorHotels benefited from solid business levels in most of its key markets in the first half of 2018. With the opening of 45,150 rooms (301 hotels) during the period, of which 19,757 through organic growth and 25,393 via the acquisitions of Mantra and Mantis, at 30 June 2018 the Group had a portfolio of 652,939 rooms (4,530 hotels) and a pipeline of 167,000 rooms (959 hotels), of which 79% in emerging markets."

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