Home » News and Views » Ian Pollard – Intercontinental Hotels #IHG strong first half

Ian Pollard – Intercontinental Hotels #IHG strong first half

Interco.Hotels Grp IHG produced a strong first half performance across all regions with underlying operating profit up 8% and underlying EPS up 25%. The interim dividend is increased by 10%. Hotel demand in the US is strong but momentum is led by Greater China, where double digit growth has been achieved in both RevPAR and net system size, as well as record signings. 9,000 rooms were opened during the half year to the 30th June, more than two thirds of them being covered by the Holiday Inn brand.

Meggitt plc MGGT claims to have produced strong first half trading, with orders up by 24% and revenue by 9%. However on a statutory basis, pprofit before tax fell by 39% and basic earnings per share by 40%. On an underlying basis the figures looked a bit more healthy but growth was still in negative territory on most measures. The interim dividend is being increased by 5%

Intertek Group plc ITRK is increasing its interim dividend by 35% in line with its new dividend policy and after claiming it is on  track on its ‘good to great’ journey. If it is, then perhaps it needs a new transport manager. Revenue fell by 1.8%, organic revenue by 2.3% at actual rates although operating profit and diluted earnings per share both managed tiny rises of 0.8% and 0.9% respectively. At constant rates profit before tax looked somewhat healthier with a rise of 7.5% but on a statutory basis it fell back down to 3%.

Dominos Pizza Grp DOM admits that its 8% rise in the interim dividend is justified by its confidence in the future rather than by its actual half year results, which on a statutory basis saw profit before tax fall by 9.7% and basic earnings per share by 6.5%. Group sales however grew by a healthy 12.8% leading to a rise in underlying profit before tax of 2.5% and 6.8% in basic earnings per share. UK like for like system sales in the six months to the 1st July rose by 8.3% and  22 new UK stores, were opened. For the full year profit before tax is expected to be in line.

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