InterContinental Hotels 2013 Pre-tax Profit Up - Quick Facts

(RTTNews) - InterContinental Hotels Group Plc (IHG, IHG.L) reported a 9.7% improvement in full-year 2013 pre-tax profit to $600 million, from $547 million a year before. Excluding exceptional items, pre-tax profit amounted to $595 million during the latest year.

On the other hand, profit attributable to equity holders of the parent was $372 million this year, versus $537 million last year. Earnings per ordinary share were 139.3 cents in 2013, lower than 183.9 cents reported in 2012. However, on an adjusted basis, annual earnings per ordinary share grew 13.9% year-on-year to 158.3 cents, from 139.0 cents.

Operating profit before items increased by $63 million, or 10.4% to $668 million in 2013, the company said.

The firm clocked revenues of $1.9 billion for the year, a 3.7% increase, compared with the prior-year figure of $1.835 billion. In addition, the Group reported global comparable RevPAR growth of 3.8%, with rate up 1.8% and occupancy up 1.3% pts.

On May 1, 2013, IHG completed the sale of its leasehold interest in the InterContinental London Park Lane for gross proceeds of $469 million and inked a 30-year management contract with three 10-year extension rights.

In a separate press release, InterContinental Hotels announced the sale of the 383 room InterContinental San Francisco Mark Hopkins to a joint venture between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P. for $120 million gross cash proceeds. IHG would continue to manage the Hotel under a long-term management contract.

Further, IHG said that David Kappler would retire from the board and his role as an independent Non-Executive Director of IHG on May 31, 2014. David was appointed to IHG's Board on June 21, 2004.

David would resign as Chairman of the Audit Committee with effect from April 1, 2014 and would be succeeded by Ian Dyson, a Director of IHG and a member of IHG's Audit, Remuneration and Nomination Committees. Dale Morrison, a Director of IHG and a member of IHG's Audit, Corporate Responsibility and Nomination Committees, would be named Senior Independent Director, effective May 31, 2014.