Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Intercontinental Hotels Group PLC
  6. News
  7. Summary
    IHG   GB00BHJYC057

INTERCONTINENTAL HOTELS GROUP PLC

(IHG)
  Report
Delayed London Stock Exchange  -  11:35 2022-10-04 am EDT
4515.00 GBX   +3.75%
09/29ADRs End Lower, Porsche and RWE Trade Actively
DJ
09/29Sector Update: Consumer Stocks Lean Lower Premarket Thursday
MT
09/29Intercontinental Hotels Group Reactivates Booking System Following Disruption
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

TUI's disruption-hit quarter takes shine off strong summer bookings

08/10/2022 | 02:19am EDT

* Q3 underlying operating loss of 27 mln euros

* Summer 2022 bookings in qtr at 90% of 2019 levels

* Incoming CEO sees stable demand in challenging environment

Aug 10 (Reuters) - TUI, one of the world's largest tour operators, took a 75 million euros ($77 million) hit in the third quarter from flight disruption across Europe, pushing it to a loss on Wednesday.

Incoming Chief Executive Sebastian Ebel said there would be significant but lower costs related to air disruption in the fourth quarter, with air traffic normalizing in recent days.

"The whole system is still very fragile, and we have days with hardly any disruptions, and we have weeks and days with a lot of disruptions," Ebel, who is replacing long-time chief Friedrich Joussen in October, told journalists.

The extra costs however come as demand holds up, with summer holiday bookings on track to reach near pre-pandemic levels in 2022. The group still expects to return to significant profits this year.

The German company, which runs tour operators, travel agencies, airlines, hotels and cruise liners in holiday destinations across the world, reported an underlying operating loss of 27 million euros for the three months to June 30.

Without the costs related to the roughly 200 flight cancellations the company suffered, mainly affecting departures from Manchester airport in northwest England, TUI said it would have made an adjusted operating profit of 48 million euros in the quarter.

Its shares were down 0.6% in Frankfurt and London by 0827 GMT.

Airports across Europe have seen chaotic scenes in the past few months as staff shortages led to long queues and flight cancellations, while labor strife added to the travel sector's woes.

TUI said summer bookings in the quarter stood at 90% of 2019 levels, and had risen to 93% in July and August as people reserve hotels at short notice, stay longer and splurge on their trips.

Average selling prices in the quarter were 18% ahead of three years ago and the group said it would moderately increase hotel prices in coming years.

Hoteliers such as IHG, Marriott and Hilton have also seen strong demand in the quarter and profitability inching closer to pre-crisis levels.

Bookings for the winter are at an early stage, TUI said, with only the UK market starting to take reservations. Volumes there were up 16% versus winter 2018/19.

Rising inflation that has tightened the cost of living crisis could lead to lower bookings, Ebel said, so the group is cautious when it comes to capacity, but he added he expects stable demand in a more challenging environment.

($1 = 0.9788 euros) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich and David Holmes)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
INTERCONTINENTAL HOTELS GROUP PLC 3.75% 4515 Delayed Quote.-8.97%
MARRIOTT INTERNATIONAL, INC. 5.40% 148.37 Delayed Quote.-14.79%
TUI AG 8.15% 1.313 Delayed Quote.-55.05%
All news about INTERCONTINENTAL HOTELS GROUP PLC
09/29ADRs End Lower, Porsche and RWE Trade Actively
DJ
09/29Sector Update: Consumer Stocks Lean Lower Premarket Thursday
MT
09/29Intercontinental Hotels Group Reactivates Booking System Following Disruption
MT
09/29Update regarding unauthorised access to technology systems
AQ
09/29Intercontinental Hotels : IHG Hotels & Resorts continues Nordic expansion with a new signi..
PU
09/29InterContinental Hotels Says No Unauthorized Access to Guest Data in Tech Systems Breac..
MT
09/22INTERCONTINENTAL HOTELS GROUP PLC : Security operation..
CO
09/21Intercontinental Hotels : IHG expands lifestyle portfolio in Saudi Arabia, with Hotel Indi..
PU
09/21INTERCONTINENTAL HOTELS GROUP PLC : Security operation..
CO
09/19INTERCONTINENTAL HOTELS GROUP PLC : Security operation..
CO
More news
Analyst Recommendations on INTERCONTINENTAL HOTELS GROUP PLC
More recommendations
Financials (USD)
Sales 2022 1 826 M - -
Net income 2022 478 M - -
Net Debt 2022 1 869 M - -
P/E ratio 2022 18,9x
Yield 2022 2,39%
Capitalization 8 819 M 8 819 M -
EV / Sales 2022 5,85x
EV / Sales 2023 5,04x
Nbr of Employees 11 161
Free-Float 93,9%
Chart INTERCONTINENTAL HOTELS GROUP PLC
Duration : Period :
Intercontinental Hotels Group PLC Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends INTERCONTINENTAL HOTELS GROUP PLC
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 49,20 $
Average target price 66,50 $
Spread / Average Target 35,2%
EPS Revisions
Managers and Directors
Keith Barr Chief Executive Officer & Executive Director
Paul Edgecliffe-Johnson Chief Financial Officer & Executive Director
Deanna Watson Oppenheimer Non-Executive Chairman
George Turner Chief Commercial & Technology Officer
Jill McDonald Independent Non-Executive Director
Sector and Competitors