Accor sees revenue reach €1.5bn for H1 2018

AccorHotels has seen its revenue for the first half of 2018 almost reach €1.5bn (£1.3bn) following a year of “deep-seated transformation”.

Accor reported revenue of €1,459m, up 8% like-for-like when compared with the same period last year.

The group attributed the increase to changes in the scope of consolidation (acquisitions and disposals) and the positive contribution of €42m (£37m) linked to the acquisitions of VeryChic, Availpro, Mantra, Mantis, Gekko, ResDiary and Adoria.

Accor also saw a 4% increase in EBITDA as it reached €291m. Following the sale of AccorInvest net profit was reported to be €2.1bn (£1.86bn).

HotelServices reported business volumes of €8.9bn (£7.9bn), up 10.3% at constant exchange rates, and revenue of €1.25bn (£1.1bn) up 6.8% like-for-like thanks to “healthy growth and the fast pace of development”.

It also reported the opening of 45,150 rooms (301 hotels) during the period, of which 19,757 through organic growth and 25,393 via the acquisitions of Mantra and Mantis.

Sébastien Bazin, chairman and CEO of AccorHotels, said: “The first half of 2018 saw AccorHotels continue the deep-seated transformation of its business model, with the sale of a majority stake in the capital of AccorInvest, the integration of Mantra in Australia and Mantis in South Africa, and the acquisition of Gekko in France.

“The second half of the year will see Mövenpick in Middle East, Atton in South America and sbe in the US join our network, enabling us to consolidate our market shares and the vast array of choices we offer our customers.

He added: “The group’s strong operating performance delivered solid results in first-half 2018 and record organic growth with the opening of 20,000 rooms over the period. Underpinned by a reinforced pipeline, the group’s strong prospects mean it is firmly on track to achieving its medium-term targets.”