Accor has announced third quarter revenue figures up 4.6% like-for-like and confirmed its full-year EBIT target between €575 million and €595 million.
The vast majority of the Group’s markets reported solid third-quarter growth, for total revenue of €1,459 million, up 4.6% like-for-like pro forma and 3.3% as reported. This consolidates the positive trend observed in the first half of the year, resulting in a 3.4% like-for-like increase for the nine months to end-September.
Highlights
- Strong demand in most of the Group’s markets, particularly in the UK, Germany and Benelux, and in Europe generally.
- Slight improvement in France, especially in Paris thanks to favorable trends in August and September.
- Faster recovery in Southern Europe.
- First tangible signs of a slowdown in Africa.
- A total of 51 hotels or 7,529 rooms opened during the quarter.
Sébastien Bazin, Chairman and Chief Executive Officer, 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 lackluster 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.”
UK performance strong
In the United Kingdom, demand again improved strongly in the third quarter. This performance, led once more by the Midscale and Economy segments (up 8.8% and 10.5%, respectively) was due mainly to solid demand and the success of new openings during the period.
Business remained firm in London, with very strong occupancy rates and slightly higher prices (RevPAR up 3.7% in the third quarter versus 3.8% in the second quarter). Other cities turned in an excellent performance, with Britain’s vibrant economy and major events such as the Commonwealth Games in Glasgow, the Ryder Cup and the NATO Summit in Wales driving a 14.8% increase in RevPAR in the third quarter.