IHG interim profits rise 62% as travel rebounds from pandemic

(Sharecast News) - Hotels operator IHG on Tuesday reported a sharp jump in half-year profit as the travel sector continued to rebound from the Covid pandemic. Operating profit at the Crowne Plaza and Holiday Inn owner rose 62% to $584m, with revenue per available room (RevPAR) - a key industry metric - up 24% year on year. Group revenues increased 24% to $2.2bn.

"In the Americas and EMEAA regions, leisure demand has remained buoyant and business and group travel continued to strengthen, while in Greater China, demand has rebounded rapidly," the company said in a statement.

Reporting by Frank Prenesti for Sharecast.com