InterContinental Hotels Group

Ticker IHG

Today's data summary

Market open
% change
-0.04%
Price Pence
5013.00
Change
-2.00
As of 14:45 19 Sep 2019
Market cap. Pound sterling
9,125.33 million
As of 14:45 19 Sep 2019

Latest updates

Scrapping plastic is 'good move' from IHG

Toiletries
Getty Images

InterContinental Hotels saw its share price slump 2.04% today after it published its latest half-year results. The shares ended the day down 108 at 5,181.

However the company has come in for praise for announcing that it's scrapping plastic toiletries. Hargreaves Lansdown's Sophie Lund-Yates said:

It’s good to see InterContinental future-proofing the brand, and the planet, by phasing out its plastic miniature toiletries across all of its sites. A number of hotels, including some American Holiday Inn Express hotels are already using bulk dispensers. Travellers who like to pocket the novelty-sized shampoos and soaps might be disappointed, but this is a good move on IHG’s part. With regulation around single use plastic ramping up on both sides of the Atlantic, and rival chains like Marriot making similar changes, it makes perfect sense for InterContinental to get in on the environmentally friendly action.

InterContinental leads the FTSE losers

Crown Plaza Hotel
IHG

InterContinental Hotels, the owner of Holiday Inn and Crown Plaza Hotels, said this morning that its growth had stagnated in the US, its biggest market.

The company warned of "tough comparables from hurricane-related demand for hotel rooms" last year.

That hasn't pleased the market and the company's shares are the worst performing in the FTSE 100 so far this morning, falling 1.83% to 5,189.50.

InterContinental Hotels revenues climb

Doorman stands outside InterContinental hotel in London
Getty Images

InterContinental Hotels, which owns chains including Crowne Plaza and Holiday Inn, saw revenues increase by 12% to $1bn (£833m) in the first half of the year.

But the firm said fewer business travellers in China and protests in Hong Kong led to a decline in demand from Greater China.

Keith Barr, who took over as chief executive in July 2017, has steered the company towards affluent Chinese customers to lessen dependence on highly mature US markets.

"Whilst there are always macro-economic and geo-political uncertainties in some markets, our broad geographic spread and the resilient, cash-generative nature of our business gives us confidence in the outlook for the balance of the year," Mr Barr said in a statement.

IHG adds 56,000 rooms

Hotel
IHG

Intercontinental Hotels Group said it added 56,000 rooms last year, a rise of 17%.

It said revenue climbed 12% to $1.9bn (£1.47bn) and announced the launch of a new suite-only high end brand, which it said targeted “an $18bn industry segment”.

The owner of the Holiday Inn and Kimpton Hotels brands last week last week bought Six Senses, a 16-strong luxury hotel and resort company, from Pegasus Capital Advisors for $300m.

IHG’s chief executive Keith Barr said: “The investments we have made have had a significant impact, allowing us to further evolve our established brands, move quickly to strengthen our portfolio both organically and by acquisition.”

Greggs leads market winners

Taking a bite out of a Greggs pasty
Newscast

The stock market has responded positively to Greggs profit upgrade. Its shares climbed 9% before falling back a little in early trading.

McColl's has had another good day with its shares up more than 4%.

Looking at the FTSE 100, Tui is up 2.62% while IHG has climbed 1.81% after revealing it added 56,000 rooms last year.