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Boom Time For London Hotels

Intl. Con. Airlines IAG saw first quarter profit after tax fall by 74% as passenger revenue declined by 4.2% and total revenue by 2.8%. But this did not stop it being a record breaking first quarter if you decide to select operating profit before exceptionals as your measure That comes in at £170m. compared to £155m last year and creates the new first quarter record.

Interco Hotels Grp IHG For once London led the way with first quarter Rev PAR growing by 12% compared to a meagre 1.9% for the US and 2.7% for the group as a whole, which is regarded as a good start to the year. The quarter produced growth in both rates and occupancy leading to a year on year  net system size growth of 3.4%. Confidence is expressed in the outlook for the full year.

Smith & Nephew SN. First quarter revenue grew by 3% with a good performance from Emerging Markets which returned to double digit growth, with China leading the way at 14%. Knee implants in particular did well which is not surprising when US figures show that some 50% of  knee replacement operations in the US are unnecessary. For the full year, underlying revenue growth of between 3 and 4% is expected.

Millennium & Copthorne Hotels MLC reflected very much the trading performance of its big brother above with growth in both rates and occupancy for the quarter to the 31st March. Profit before tax however, fell by 27.8% despite a rise in RevPAR of 4.6% and London steaming ahead with a rise of 14.5% as the lower pound boosted tourism in the capital. Also the US performance was less than impressive and has raised such concerns that the management structure is being reviewed.

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