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Richard Solomons, Chief Executive of InterContinental Hotels Group PLC, said: |
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"We have delivered a good performance in the first half, with our preferred brands driving RevPAR growth of 3.7%, including 4.0% in the second quarter. Our global scale has allowed us to reinvest in the business whilst growing margins, resulting in solid underlying profit gains led by our Americas region, and strong cash flows. Consistent with our long track record of returning value to shareholders, we today announce a $350m special dividend. In addition we are increasing the interim dividend by 10% reflecting our good first half results and the confidence we have in the future prospects of the business. We continue to strengthen our foundation for future growth, signing more than 200 hotels into our pipeline, a notable increase on H1 2012 reflecting our owners' confidence in both IHG and the industry demand drivers. Our high quality pipeline, broad geographic spread and fee based model give us confidence in the outlook, despite the ongoing challenging economic conditions in some of our markets." Under the $500m share buyback programme announced on 7 August 2012, 4,777,504 shares were repurchased in the six months to 30 June 2013 for a consideration of $136m (before transaction costs), increasing the total amount repurchased to $243m. All of the shares repurchased in 2013 were held as Treasury Shares at 30 June 2013, the cost of which has been deducted from retained earnings. There were no Treasury Shares held at 31 December 2012 or earlier. On 6 August 2013, the Group also announced a special dividend of 133.0 cents per share amounting to approximately $350m payable on 4 October 2013 on shares in issue on 23 August 2013. |
