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Intercontinental Hotels Group (IHG)

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daveh
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Intercontinental Hotels Group (IHG)

#202240

Postby daveh » February 19th, 2019, 8:24 am


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Re: Intercontinental Hotels Group (IHG)

#219145

Postby daveh » May 3rd, 2019, 8:48 am

1st qtr results:
www.investegate.co.uk/article.aspx?id=2 ... 9604X&fe=1

Highlights
· 5.4% YoY net system size growth to 843k rooms, 12k rooms opened
· 24k rooms signed, strongest Q1 pace for 12 years, including 2.7k rooms from acquisition of Six Senses
· Global Q1 comparable RevPAR[1] up 0.3% with US RevPAR up 0.6%


Looks like a decent set of results, though there does seem to be a bit of a headwind from Forex changes.
The strengthening of the US dollar against many major currencies globally decreased group RevPAR to a decline of 2.0% in the quarter, when reported at actual exchange rates.

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Re: Intercontinental Hotels Group (IHG)

#242029

Postby daveh » August 6th, 2019, 9:12 am

I've posted on the half year results on the HYP-P board here:
viewtopic.php?f=15&t=18895

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Re: Intercontinental Hotels Group (IHG)

#258659

Postby daveh » October 18th, 2019, 8:06 am

Third Quarter Trading Update
http://www.investegate.co.uk/article.as ... 3079Q&fe=1

Highlights
· 4.7% YOY net system size growth to 865k rooms; on track to exceed 5% for full year 2019
· 13k rooms opened, taking the total to 42k rooms YTD
· Signed 25k rooms in the quarter, 73k rooms YTD
· Group Q3 comparable RevPAR1 down 0.8%, flat for Q3 YTD
Keith Barr, Chief Executive Officer, InterContinental Hotels Group PLC, said:
"Our continued strategic focus on driving net rooms growth enabled us to deliver a 4.7% increase in net system size despite a strong comparable. This will accelerate in the coming quarter and we are on track to deliver industry leading net system growth over the medium term. Third quarter Group RevPAR was down 0.8%, impacted by tougher trading conditions in the US and China, and ongoing unrest in the Hong Kong SAR.

We have made further progress executing against our strategic initiatives, with the first franchise applications already received for Atwell Suites, our new upper midscale brand which was launched for franchise sales at the end of the quarter. We also strengthened our loyalty offer through an exclusive partnership with world-renowned travel club and boutique hotel specialists, Mr & Mrs Smith. This will more than double our luxury and boutique offering to IHG Rewards Club members in new and iconic locations and enhance the loyalty member value proposition.

Despite the weaker RevPAR environment, and the challenges some of our markets are currently experiencing, we remain confident in our financial outcome for the rest of the year. Our broad geographical spread combined with the resilience of our asset-light, cash generative model, our disciplined approach to cost management and the continued execution against our strategic initiatives, positions us well for the future."

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Re: Intercontinental Hotels Group (IHG)

#285100

Postby daveh » February 18th, 2020, 8:57 am

Full year results are here:
https://www.investegate.co.uk/interco-- ... 00312819D/

I've posted on the HYP board here:
viewtopic.php?f=15&t=21854


They don't look too bad with increases in profit EPS, dividend, but also net debt, but they are signalling worries going ahead over the Corona virus outbreak.

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Re: Intercontinental Hotels Group (IHG)

#332336

Postby daveh » August 11th, 2020, 8:56 am

Interims cab found here:
https://www.investegate.co.uk/interco-- ... 00077134V/


· H1 Comparable RevPAR: Global (52)%. Q2: Global (75)%; Americas (71)%; EMEAA (88)%; Greater China (59)%.

· Net system size growth of 3.2% YoY. In H1, 12k room additions and 12k removals, including 2k relating to a previously flagged portfolio of hotels in Germany. Global estate now 883k rooms, over 5,900 hotels.

· First half signings of 26k rooms (181 hotels). Total pipeline now stands at 288k rooms (1,932 hotels).

· Operating profit from reportable segments down 82% to $74m before System Fund result of $(52)m and operating exceptional items of $(255)m predominantly comprising non-cash impairments to owned and leased hotels and acquired management agreements, together with impairments of trade deposits and receivables.

· On track to reduce Fee Business costs by ~$150m in 2020; targeting around half this level to be sustainable into 2021.

· Q2 free cash flow broadly neutral, resulting from strong cash management; H1 outflow of $66m.

· Total available liquidity of $2.0bn at end of June and end of July.

· July comparable RevPAR expected to be ~(58)%; occupancy levels in comparable open hotels improved to ~45%. 317 hotels or 5% of the estate closed as at end of July; 3% of Americas, 16% of EMEAA and <1% of Greater China.



Shareholder returns

On 20 March 2020, IHG's Board withdrew its recommendation of a final dividend in respect of 2019 of 85.9¢ per share, a payment of which would have resulted in a cash outflow of ~$150m in the first half of 2020.

An interim dividend in respect of 2020 will not be paid. The Board will continue to defer consideration of further dividends until visibility of the pace and scale of market recovery has improved.

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Re: Intercontinental Hotels Group (IHG)

#350010

Postby daveh » October 23rd, 2020, 9:14 am

3rd qtr trading update:
https://www.investegate.co.uk/interco-- ... 00049799C/

Highlights

· Group Q3 RevPAR down 53.4%; continued outperformance in key markets; YTD down 52.3%

· RevPAR reflects a 30%pts reduction in occupancy YoY, with rate holding at ~80% of prior year levels

· Occupancy improved to 44% from 25% in Q2; 199 hotels (3% of estate) remained closed at 30 September

· Net system size growth of 2.9% YoY; global estate now 890k rooms (5,977 hotels)

· 11k rooms opened (82 hotels), 23k YTD; 6.7k added across mainstream brands, 4.2k in upscale and luxury

· Signed a further 14k rooms (82 hotels), 40k YTD; total pipeline now 286k rooms (1,899 hotels)

· Fee Business costs on track to reduce by ~$150m in 2020; targeting half this level to be sustainable into 2021

· Positive cash flow in Q3, leading to total available liquidity at end of September increasing to $2.1bn

· After issuance of new bonds and partial repayment of 2022 bonds in early October, on a pro forma basis, liquidity increased further to $2.9bn


Not exactly brilliant, but not unexpected considering the situation, good to hear they were cashflow positive.

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Re: Intercontinental Hotels Group (IHG)

#389017

Postby daveh » February 23rd, 2021, 8:17 am

Final results can be found here:
https://www.investegate.co.uk/interco-- ... 00039629P/

●FY RevPAR (52.5)%; variation by region reflects local market Covid-19 restrictions and recovery pace; Greater China recovery most advanced with Q4 RevPAR (18.2)%, Americas (49.5)%, EMEAA (70.5)%.

●Continued outperformance in key markets, driven by portfolio mix and resilience of our business model.

●$150m reduction in fee business costs; targeting ~$75m to be sustainable into 2021, while still investing for growth.

●Operating profit from reportable segments down 75% to $219m before System Fund result of $(102)m and operating exceptionals of $(270)m, predominantly comprising charges already taken in H1 2020, including impairments to owned and leased hotels and acquired management agreements.

●Strong cash management, resulting in free cash inflow of $29m, with an inflow in H2. Total available liquidity of $2.1bn (on pro forma basis for repayment of £600m UK Government CCFF at March 2021 maturity).

●Global estate now 886k rooms (5,964 hotels), with +0.3% net system size growth (+2.2% excluding impact of SVC portfolio termination); opened 39k rooms (285 hotels), +4.5% gross growth.

●Signed 56k rooms (360 hotels); Holiday Inn Brand Family half of all signings; conversions ~25% of all signings.

●Global pipeline now 272k rooms (1,815 hotels); 11% share of industry pipeline vs 4% current market share.

●Long-term attractiveness of our markets and segments remains; strategic priorities evolved to drive future growth.

●New 2030 Responsible Business Plan, Journey to Tomorrow, sets out ambitious commitments including our environmental targets, support for communities and championing diversity, inclusion and equality.


No dividends - as I expected.
Shareholder returns

On 20 March 2020, IHG's Board withdrew its recommendation of a final dividend in respect of 2019 of 85.9¢ per share, a payment of which would have had a cash outflow of ~$150m in the first half of 2020.



A final dividend in respect of 2020 is not proposed and there was no interim dividend for the year. The Board will consider future dividends once visibility of the pace and scale of market recovery has improved.


Actually the results don't look that bad considering the situation .

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Re: Intercontinental Hotels Group (IHG)

#410037

Postby daveh » May 7th, 2021, 11:28 am

Trading statement:
https://www.investegate.co.uk/interco.- ... 00038470X/

Highlights


· Improvement in demand within the first quarter, led by the Americas and Greater China.

· Group RevPAR down 50.6% vs 2019 (down 33.7% vs 2020); continued industry outperformance in key markets.

· RevPAR reflects a 23%pts reduction in occupancy, with rate sustained at ~80% of 2019 levels.

· Occupancy of 40.0%, improving through the quarter; 223 hotels (4% of estate) closed at 31 March.

· Net system size growth broadly flat YTD; global estate 884k rooms (5,959 hotels).

· Opened 7.3k rooms (56 hotels); 5.8k added to Essentials and Suites brands, 1.5k in Premium, Luxury & Lifestyle.

· Removed 9.5k rooms (61 hotels); 6.3k (31 hotels) for Holiday Inn and Crowne Plaza in Americas and EMEAA.

· Signed 14.5k rooms (92 hotels), ahead of Q1 last year; total pipeline increased to 274k rooms (1,820 hotels).

· Repaid £600m UK Government CCFF at maturity; total available liquidity at 31 March of $2.1bn.

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Re: Intercontinental Hotels Group (IHG)

#433688

Postby daveh » August 10th, 2021, 12:37 pm

Half year results:
https://www.investegate.co.uk/interco.- ... 00050768I/

● Significant improvement in demand over the course of H1, resulting in RevPAR (43)% vs 2019 and +20% vs 2020

● Recovery most advanced in Greater China with Q2 RevPAR (16)% vs 2019; continued improvement in the Americas to (26)%; EMEAA still most challenged at (65)%. Regional performance reflects variations in both vaccine rollout progress and travel restrictions

● Group Q2 RevPAR (36)% vs 2019 , reflecting occupancy 19%pts lower and rate sustained at 87% of 2019 levels; Q2 occupancy of 53% improved through the quarter; June 69% in the US; 54% Greater China; and 40% EMEAA

● Operating profit from reportable segments of $188m, +262% vs 2020, (down 54% vs 2019); reported operating profit of $138m, after System Fund result of $(46)m and operating exceptionals of $(4)m

● Cost reductions in the fee business this year of ~$75m vs 2019 on track, and sustainable whilst still investing for growth; majority of these savings delivered in H1; higher investment for growth expected in H2

● Strong cash conversion resulting in adjusted free cash flow1 of $147m (2020: outflow of $66m), and net cash from operating activities of $173m (2020: outflow of $14m)

● Gross system growth of +5.1% YOY; after removals, including SVC portfolio termination in Q4 2020 and Holiday Inn and Crowne Plaza review in H1 2021, net system size growth +0.1% YOY

● Opened 17.4k rooms (132 hotels) in H1 , +46% vs 2020; global estate now at 884k rooms (5,994 hotels)

● Signed 32.6k rooms (203 hotels) in H1, +24% vs 2020; global pipeline now at 274k rooms (1,805 hotels)

● New collection brand launching to capture the increasing opportunities of conversions and further strengthen our position in Luxury & Lifestyle


These don't look bad considering the situation. They were cash positive for the first half and made a profit. As an income investor I'm interested in the dividend, but no interim is to be paid (not unexpected), but the quote below suggest resumption may happen sooner rather than later (a small final or restart this time next year?).

Earnings per share

The Group's basic earnings per ordinary share is 26.2¢ (H1 2020: basic loss per ordinary share: 115.4¢). Adjusted earnings per ordinary share2,3 increased by 724.5% to 40.4¢.

Dividends

An interim dividend in respect of 2021 will not be paid. Trading has improved significantly during the first half of the year leading to profitability rebounding, and the Board is confident that the proven highly cash generative nature of our business model will allow resumption of dividend payments in due course. Our perspectives on the uses of cash generated by the business are unchanged: ensuring the business is appropriately invested in to optimise growth, funding a sustainably growing dividend and then returning excess funds to shareholders, whilst maintaining our leverage ratio within a range of 2.5-3.0x net debt:adjusted EBITDA.

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Re: Intercontinental Hotels Group (IHG)

#474040

Postby daveh » January 18th, 2022, 11:02 am

New Chair at IHG:
https://www.investegate.co.uk/interco.- ... 00057423Y/

InterContinental Hotels Group ("IHG") [LON:IHG, NYSE:IHG (ADRs)] today announces:

- The retirement of Non-Executive Chair Patrick Cescau from the IHG Board, effective 31 August 2022

- The appointment of Deanna Oppenheimer as Non-Executive Director and Chair Designate, effective 1 June 2022, to succeed Patrick Cescau as Non-Executive Chair from 1 September 2022 upon his retirement

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Re: Intercontinental Hotels Group (IHG)

#482031

Postby daveh » February 22nd, 2022, 8:49 am

Final results:
https://www.investegate.co.uk/interco.- ... 00103534C/


● Significant improvement in trading during the year, with RevPAR recovering to 70% of 2019 levels (83% in Q4)

● Particularly strong recovery in the US, resulting in Americas FY RevPAR (20)% vs 2019, with Greater China (29)% and EMEAA (52)%; in Q4, Americas improved to (7)% vs 2019, with Greater China (33)% and EMEAA (33)%

● Global Q4 RevPAR of (17)% vs 2019 reflected rate attained broadly in line with 2019 levels and occupancy 11%pts lower; Q4 occupancy was 56% (53% FY), with the US reaching 61% (61% FY)

● Operating profit from reportable segments of $534m, +144% vs 2020, (down 38% vs 2019); reported operating profit of $494m, after System Fund result of $(11)m and operating exceptionals of $(29)m

● Fee business cost savings of $75m vs 2019 achieved and sustainable in future years; additional temporary reductions in the 2021 cost base of $25m are not expected to be retained

● Net cash from operating activities of $636m (2020: $137m), with adjusted free cash flow1 of $571m (2020: $29m); result includes strong cash conversion and a System Fund inflow following an outflow in the prior year

● Leverage substantially reduced, with our net debt:adjusted EBITDA ratio now 3.0x

● Final dividend of 85.9¢ proposed, equivalent to the withdrawn final payment in respect of 2019

● Gross system growth of +5.0% YOY; net (0.6)% YOY, after 49.7k rooms removed; ~70% of removals were across Holiday Inn and Crowne Plaza, driven by the completion of the estate review for these two brands

● Opened 44.0k rooms (291 hotels) over the year, +12% vs 2020; global estate now at 880k rooms (5,991 hotels)

● Significant acceleration in signings in Q4 at 23.7k, close to levels achieved in 2019; strongest increase in EMEAA

● Signed 68.9k rooms (437 hotels) in total in 2021, +23% vs 2020; global pipeline now at 271k rooms (1,797 hotels)

● Conversions ~25% of openings; first six properties secured for new Luxury & Lifestyle brand, Vignette Collection



Restoration of the dividend, payment of the equivalent of the cancelled 2019 final:

Our asset-light business model is highly cash generative through the cycle and enables us to invest in our brands and strengthen our enterprise. We have a disciplined approach to capital allocation which ensures that the business is appropriately invested in, whilst looking to maintain an efficient and conservative balance sheet.

IHG has a strong track record of paying shareholders a sustainably growing ordinary dividend, and additionally returning surplus funds to shareholders when these are not required to invest in the business for optimising growth and long-term shareholder value creation. Since demerger in 2003, IHG has returned some $13.6bn to shareholders, $2.4bn through ordinary dividends and $11.2bn via additional returns.

In 2020, in response to the onset of Covid and as part of our actions to preserve cash in order to maintain substantial liquidity and support our conservative balance sheet approach, IHG's Board withdrew its recommendation of a final dividend in respect of 2019, a payment of which would have had a cash outflow of ~$150m in the first half of 2020.

Since then, trading has improved significantly in 2021, leading to profitability rebounding, accompanied by strong cash flow and a reduction in net debt. The Board's perspectives on the uses of cash generated by the business are unchanged: ensuring the business is appropriately invested in to optimise growth, funding a sustainably growing dividend, and then returning excess funds to shareholders, whilst maintaining our leverage ratio within a range of 2.5‑3.0x net debt:adjusted EBITDA. This ratio was 3.0x at 31 December 2021.

The Board is therefore proposing a final dividend of 85.9¢ in respect of 2021, an amount equivalent to the withdrawn final payment in respect of 2019. No interim dividend was paid in respect of 2021. Going forward, dividend payments will be reflective of IHG's prior approach to sustainably grow the ordinary dividend whilst targeting a level of leverage that maintains an investment grade credit rating, and ensuring careful consideration of our responsibilities to all stakeholders. The Board will also continue to actively assess the opportunity for any surplus capital to be additionally returned through special dividends or share buybacks.

The ex-dividend date is Thursday 31 March 2022 and the Record date is Friday 1 April. Subject to shareholder approval at the AGM on Friday 6 May, the dividend will be paid on Tuesday 17 May.



Results look decent and I the restoration of the dividend is a good sign that IHG think the worst of the pandemic is over.

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Re: Intercontinental Hotels Group (IHG)

#497213

Postby daveh » April 28th, 2022, 12:29 pm

Sterling dividend announcement:
https://www.investegate.co.uk/interco.- ... 00075592J/

Accordingly, the Pence Sterling amount payable to Shareholders in relation to the final dividend will be 67.50 pence per ordinary share.

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Re: Intercontinental Hotels Group (IHG)

#498805

Postby daveh » May 6th, 2022, 8:51 am

1st qtr trading update:
https://www.investegate.co.uk/interco.- ... 00065347K/

Highlights



●Q1 group RevPAR up 61% vs 2021 and attaining 82% of 2019's level

●Average daily rate up 27% vs 2021 and in line with 2019

●Americas and EMEAA saw sequentially improved trading in February and March after a challenging January

●Greater China trading in March impacted by tightening of localised travel restrictions

●Gross system size growth of +4.9% YOY, +0.7% YTD; opened 6.6k rooms (45 hotels) in Q1, broadly similar to 2021

●Net system size growth of +3.4% YOY (adjusted for Holiday Inn and Crowne Plaza removals in 2021), +0.5% YTD

●Global system of 885k rooms (6,028 hotels); 68% across midscale segments, 32% across upscale and luxury

●Signed 16.6k rooms (120 hotels) in Q1, ~15% more than 2021 and 2020; global pipeline increased to 278k rooms



Keith Barr, Chief Executive Officer, IHG Hotels & Resorts, said:

"We've seen very positive trading conditions in the first quarter with travel demand continuing to increase in almost all of our key markets around the world. The high level of demand we have seen for leisure travel continues to drive increased rates and occupancy. We also continue to see a return of business and group travel, further supporting RevPAR improvements in many of our key urban markets. As occupancy levels rise and due to the strength of our brands, our hotels are seeing increased pricing power; in March, our hotels in the US achieved leisure rates up by more than 10% on 2019 levels and rate across the whole of the US business was 4% ahead. Trading in Greater China continues to be impacted by restrictions put in place to control rising Covid cases.

Our strategic focus on strengthening and expanding our brand portfolio continues to drive growth. We signed 17 thousand rooms into our development pipeline in the first quarter, 15% more than in 2021. Our pipeline of 278 thousand rooms increased 2.4%. Of the 120 hotels signed, there was a particularly strong performance in the Americas with a near-doubling of signings from 39 to 73. Luxury & Lifestyle brands now account for around 20% of all signings, and following the completion of our quality review in 2021 there were 52 signings across the Holiday Inn brand family and 14 for Crowne Plaza, together up 22% on last year. Our net system size is expanding, and we are pleased with the progress towards our ambition of delivering an industry-leading level of net rooms growth."

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Re: Intercontinental Hotels Group (IHG)

#520912

Postby daveh » August 9th, 2022, 9:01 am

Interims
https://www.investegate.co.uk/interco.- ... 00043300V/



●Further significant improvement in trading: Americas Q2 RevPAR vs 2019 +3.5%, strong sequential improvement also in EMEAA to (10.3)%; Greater China (48.9)% due to localised travel restrictions

●H1 average daily rate +24% vs 2021, up +4% vs 2019; occupancy +10%pts vs 2021, (10)%pts vs 2019

●Gross system growth +4.8% YOY, net +3.0% YOY (adjusted for Holiday Inn and Crowne Plaza removals in H2 2021, and the impact of exiting Russia in H1 2022)

●Opened 14.9k rooms (96 hotels) in H1; global estate now at 883k rooms (6,028 hotels)

●Signed 30.7k rooms (210 hotels) in H1; global pipeline now at 278k rooms (1,858 hotels)

●Luxury & Lifestyle portfolio now 445 hotels, 12% of system size; a further 287 hotels represent 19% of group pipeline

●IHG One Rewards transforms our loyalty programme; further developments to enhance our digital advantage

●Operating profit from reportable segments of $377m, +101% vs 2021, (down (8)% vs 2019); reported operating profit of $361m, after System Fund result of $3m and operating exceptionals of $(19)m

●Net cash from operating activities of $175m (2021: $173m), with adjusted free cash flow1 of $142m (2021: $147m); net debt reduction of $163m since start of the year includes $227m of net foreign exchange benefit

●Trailing 12-month adjusted EBITDA1 of $812m, +78% on a year earlier; net debt:adjusted EBITDA reduced to 2.1x

●Resumption of interim dividend at 43.9¢, +10% on prior interim payment in 2019

●Additional $500m of surplus capital to be returned via new share buyback programme



Seem a decent set of results and the dividend is resumed with a big share buyback too.

In February, we announced the results for 2021 showing that trading had improved significantly, leading to profitability rebounding, accompanied by strong cash flow and a reduction in net debt. This resulted in our net debt:adjusted EBITDA ratio returning to 3.0x at 31 December 2021. As a consequence, a final dividend of 85.9¢ in respect of 2021 was proposed by the Board and subsequently paid in May 2022, resulting in a cash outflow of $154m. This dividend was equivalent to the final payment in respect of 2019 that was withdrawn in 2020 in response to the onset of Covid.

With the further improvement in profitability and reduction in net debt in the first half of 2022, our net debt:adjusted EBITDA ratio reduced to 2.1x at 30 June 2022. The Board is therefore recommending an interim dividend of 43.9¢, which represents growth of 10% on the 39.9¢ interim dividend paid in 2019 (no interim dividend was paid in respect of 2020 or 2021). The ex-dividend date is Thursday 1 September 2022 and the Record date is Friday 2 September 2022. The dividend will be paid on Thursday 6 October 2022, resulting in a cash outflow of around $80m. This will result in total dividends paid to shareholders in 2022 amounting to approximately $235m.

Furthermore, the Board has reviewed the opportunity to return surplus capital to shareholders. As a result, an additional $500m is expected to be returned through a share buyback programme that will commence immediately and end no later than 31 January 2023. This initial additional return is considered appropriate in the current environment, maintaining our disciplined approach to investing in the business to drive future growth, which in 2022 includes significant increases in capital expenditure as well as substantial operating cost investment to deliver our strategic priorities.

It is expected that substantial additional capacity will be generated in the coming years to enable continued investment to drive growth, the funding of a sustainably growing ordinary dividend, and further surplus capital to be returned to shareholders. The Board will continue to actively assess these opportunities as the trading environment further evolves.


and details of the commencement of the share buyback:
https://www.investegate.co.uk/interco.- ... 01013304V/

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Re: Intercontinental Hotels Group (IHG)

#528145

Postby daveh » September 7th, 2022, 8:40 am

Hacked!!

https://www.investegate.co.uk/interco.- ... 45024891Y/

Unauthorised access to technology systems



InterContinental Hotels Group PLC (IHG or the Company) reports that parts of the Company's technology systems have been subject to unauthorised activity. IHG's booking channels and other applications have been significantly disrupted since yesterday, and this is ongoing.



IHG has implemented its response plans, is notifying relevant regulatory authorities and is working closely with its technology suppliers. External specialists have also been engaged to investigate the incident.

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Re: Intercontinental Hotels Group (IHG)

#530196

Postby daveh » September 16th, 2022, 10:28 am

Sterling rate for the dividend:
https://www.investegate.co.uk/interco.- ... 00016318Z/

The Pence Sterling amount payable in respect of the interim dividend has been determined with reference to the average of the market exchange rates on the three working days commencing 12 September 2022, using the WM/Reuters closing mid-point spot rate as at 4:00pm (London time), as published in the Financial Times, resulting in an applicable exchange rate of £1:US$ 1.1609.

Accordingly, the Pence Sterling amount payable to Shareholders in relation to the interim dividend will be 37.8 pence per ordinary share.

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Re: Intercontinental Hotels Group (IHG)

#533252

Postby daveh » September 29th, 2022, 10:49 am

Hack update:
https://www.investegate.co.uk/interco.- ... 00131326B/

InterContinental Hotels Group PLC (IHG or the Company) provides an update further to its announcement on 6 September that parts of the Company's technology systems had been subject to unauthorised activity causing disruption to IHG's booking channels and other applications.



Following a period of disruption, by Wednesday 7 September IHG had re-activated its booking websites and mobile app together with most of its other booking channels and revenue-generating systems. Subsequently, service at our Reservation and Customer Care call centres has been recovered and all our systems restored. During the disruption in our central systems, IHG-branded hotels continued to operate and were able to take reservations directly.



We have continued to carry out additional steps as part of our recovery and assurance plans to review and further enhance our security measures. External specialists were engaged to investigate the incident, and no evidence of unauthorised access to systems storing guest data has been identified. We have also reported the criminal activity to law enforcement. We continue to work closely with our hotels and owners throughout this time.

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Re: Intercontinental Hotels Group (IHG)

#539733

Postby daveh » October 21st, 2022, 9:05 am

3rd Qtr trading update:
https://www.investegate.co.uk/interco.- ... 00026352D/

· Q3 group RevPARa +28% vs 2021; +2.7% vs 2019, with Americas +6.8%, EMEAA (0.1)% and Greater China (20.0)%

· Average daily rate +13% vs 2021, +11% vs 2019; occupancy +8%pts vs 2021, -6%pts vs 2019

· Gross system size growth +4.3% YOY; opened 8.0k rooms (51 hotels) in Q3, similar to Q2 and ahead of Q1

· Underlying removal rate -1.7% YOY; removals YTD equate to an annualised underlying rate of -1.3%

· Net system size growth +2.6% YOY on an adjustedb basis

· Global system of 888k rooms (6,061 hotels); 67% across midscale segments, 33% across upscale and luxury

· Signed 13.2k rooms (89 hotels) in Q3, similar to Q2 and last year; global pipeline of 278k rooms, +2.9% YOY


Looks to be a decent performance.

daveh
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Re: Intercontinental Hotels Group (IHG)

#569959

Postby daveh » February 21st, 2023, 11:20 am

Final results:

https://www.investegate.co.uk/interco.- ... 00075063Q/

● Further significant improvement in trading: sequential improvement each quarter in global RevPAR vs 2019

● Strongest recovery in Americas, with RevPAR +3.3% vs 2019 (Q4 +9.0%); EMEAA improving to (7.5)% (Q4 +8.8%); Greater China (38)% (Q4 (42)%) due to the scale of travel restrictions that were still in place

● Average daily rate +18% vs 2021, +8% vs 2019; occupancy +9%pts vs 2021, (7)%pts vs 2019

● Iberostar Beachfront Resorts agreement signed in November 2022, with first 12.4k rooms added to IHG's system in December 2022; continue to explore further opportunities with Exclusive Partners to drive additional system growth

● Gross system growth +5.6% YOY; adjusted net system size growth of +4.3% YOY

● Opened and added 49.4k rooms (269 hotels); global estate now at 912k rooms (6,164 hotels)

● Signed 80.3k rooms (467 hotels); global pipeline now at 281k rooms (1,859 hotels), +3.9% YOY

● Fee margin of 56.2%, +6.6%pts vs 2021 (+2.1%pts vs 2019's 54.1%)

● Operating profit from reportable segments of $828m, +55% vs 2021; this was held back by $17m adverse currency impact and included $5m of costs related to Iberostar agreement

● Reported operating profit of $628m, after $105m System Fund reported loss and $95m net exceptional charges

● Net cash from operating activities of $646m (2021: $636m), with adjusted free cash flow1 of $565m (2021: $571m); net debt movement includes $482m share buybacks, $233m dividends and a $230m net foreign exchange benefit

● Adjusted EBITDA1 of $896m, +42% vs 2021; net debt:adjusted EBITDA ratio reduced to 2.1x

● Final dividend of 94.5¢ proposed, +10% vs 2021, resulting in a total dividend for the year of 138.4¢

● Share buyback programme to return an additional $750m of surplus capital in 2023



and comments on the dividend:

Capital allocation: growing the ordinary dividend and returning surplus capital through buybacks

IHG's asset-light business model is highly cash generative through the cycle and enables us to invest in our brands and strengthen our enterprise platform. We have a disciplined approach to capital allocation which ensures that the business is appropriately invested in, whilst looking to maintain an efficient and conservative balance sheet.

The Board's perspectives on the uses of cash generated by the business are unchanged: ensuring the business is investing to optimise growth that will drive long-term shareholder value creation, funding a sustainably growing dividend, and then returning surplus capital to shareholders, whilst targeting our leverage ratio within a range of 2.5-3.0x net debt:adjusted EBITDA to maintain an investment grade credit rating.

The Board is proposing a final dividend of 94.5¢ in respect of 2022, which is growth of +10% on 2021. An interim dividend of 43.9¢ was resumed and paid in October 2022. The total dividend for the year would therefore be 138.4¢, representing an increase of +61% on 2021 as no interim dividend was paid in the prior year. The ex-dividend date is Thursday 30 March 2023 and the Record date is Friday 31 March. Subject to shareholder approval at the AGM on Friday 5 May, the dividend will be paid on Tuesday 16 May.

The proposed total dividend for 2022 is covered 2.0x by Adjusted EPS. Over the coming years the Board aims to see dividend cover revert to around the prior level that has averaged 2.3x in the 2012-2019 period.

The dividend payments for 2022 will have returned close to $250m to IHG's shareholders. An additional $500m of surplus capital was returned to shareholders through a share buyback programme that concluded in January 2023. This repurchased 9,272,994 shares at an average price of £46.57 per share, and reduced the total number of voting rights in the Company by 5.0%.

A new share buyback programme will commence immediately, targeted to return $750m over the course of 2023. With the further improvement in profitability and strong cash generation achieved in 2022, IHG's net debt:adjusted EBITDA ratio reduced to 2.1x at 31 December 2022. With adjusted EBITDA of $896m in 2022, this new buyback programme to return another $750m of surplus capital to shareholders would increase pro forma leverage by 0.8x and therefore resets it on this basis towards the upper end of our target range of 2.5-3.0x.

The Board expects IHG's business model to continue its strong long-term track record of generating substantial capacity to enable our investment plans that drive growth, to fund a sustainably growing ordinary dividend, and to return surplus capital to our shareholders.


Look to be a decent set of results and a good increase in the dividend, though for the dividend to continue increasing we will need to see continuing progress on profit as they are aiming to increase cover from 2.0x to ~2.3x I hope they stick to buybacks rather than capital returns with a share consolidation as they did in the past as my holding has steadily decreased with time. (I know I could have reinvested the money returned in new shares if I'd wanted too).

Hope this is of interest as I seem to be talking to myself as every post on this thread is mine.


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