February 20, 2018 / 7:20 AM / 3 months ago

BRIEF-Intercontinental Hotels Says FY Underlying Operating Profit Rose 7.4 Pct

Feb 20 (Reuters) - Intercontinental Hotels Group Plc :

* FY UNDERLYING OPERATING PROFIT ROSE 7.4 PERCENT TO 759 MILLION USD

* FY ‍GLOBAL COMPARABLE REVPAR GROWTH OF 2.7%, WITH 4.0% IN Q4​

* ‍FY REVENUE $1,784 MILLION VERSUS $1,715 MILLION YEAR AGO​

* FY ‍NET SYSTEM SIZE OF 798K ROOMS, UP 4.0% (HIGHEST ORGANIC GROWTH SINCE 2009); 48K ROOMS ADDED,17K REMOVED​

* FY ‍ROOM SIGNINGS OF 83K, (HIGHEST FOR NINE YEARS) TAKES PIPELINE TO 244K ROOMS. ABOUT 45% UNDER CONSTRUCTION​

* ‍PROPOSED 10.9% INCREASE IN FINAL DIVIDEND TO 71.0 CENTS​

* ‍YEAR-END NET DEBT OF $1,851M​

* ‍AS PART OF STRATEGIC UPDATE, “AUGMENT PORTFOLIO WITH NEW BRANDS TO MATCH IDENTIFIED OPPORTUNITIES”​

* AS PART OF STRATEGIC UPDATE, “‍LAUNCH AN UPSCALE CONVERSION BRAND IN 2018”​

* ‍TARGETING ABOUT $125M IN ANNUAL SAVINGS, INCLUDING SYSTEM FUND, BY 2020 FOR REINVESTMENT TO DRIVE GROWTH​

* ‍SEES $200M EXCEPTIONAL CASH COSTS TO ACHIEVE TARGETTED SAVINGS; $31M IN 2017 WITH MAJORITY OF REMAINDER IN 2018​

* ‍REMAIN POSITIVE IN OUTLOOK FOR YEAR AHEAD​

* ‍GIVEN INVESTMENT TO DRIVE GROWTH, NO ADDITIONAL CAPITAL RETURN WILL BE PAID IN CALENDAR YEAR 2018​

* ‍CAPEX GUIDANCE OF UP TO $350M GROSS PER ANNUM UNCHANGED​

* ‍GROWTH INITIATIVES EXPECTED TO MAINTAIN FUTURE FEE MARGIN PROGRESSION BROADLY IN LINE WITH LONG TERM AVERAGE (ABOUT 135BPS PER ANNUM)​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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