Accor reports 3.3% increase in Q3 like-for-like revenue

17 October 2014 by
Accor reports 3.3% increase in Q3 like-for-like revenue

Accor has reported a 3.3% increase to €1,459m (£1,164m) in like-for-like revenue during the third-quarter of the year, thanks to a solid performance across its worldwide market.

Demand for hotel bedrooms in the UK improved strongly between July and September, led by the midscale and economy segments, with revenue up 8.8% and 10.5% respectively.

Business was particularly strong in the regions, driven by the Commonwealth Games in Glasgow, the Ryder Cup in Perthshire and the NATO Summit in South Wales, with a 14.8% increase in revenue per available room (revpar).

Meanwhile, revpar in London was up 3.7% in the third quarter, compared with 3.8% in the second quarter.

Like-for-like revenue across Accor's HotelInvest business, which represents 1,359 of the company's owned properties worldwide, grew by 4.6% to €1,293 (£1,030m), while its portfolio of HotelServices (comprising 3,675 hotels globally) increased 2.7% to €325m (£249m).

Sébastien Bazin, chairman and chief executive, said: "This strong third-quarter performance enables us to confirm the full-year EBIT target set for 2014. Obviously, we will continue to pay close attention to changes in the persistently lacklustre French market, and to the situation in Africa. The strong demand in Europe, including in southern Europe, and in emerging markets will provide the growth necessary for HotelInvest and HotelServices to continue to implement their strategic roadmaps."

Accor's full-year EBIT target has now been confirmed at between €575m (£458m) and €595m (£474m).

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