Accor has reported a revenue of €2.67bn ($2.90bn) in the first half of 2024, marking an 11% increase from the same period in the previous year.
This revenue growth is primarily driven by a 22% increase in the luxury and lifestyle division and a 4% rise in the premium, midscale, and economy division.
The company saw negative currency effects of €63m impact, primarily related to the Turkish lira, the Australian dollar, the Egyptian pound and the Argentine peso.
Net profit, group share stood at €253m, slightly up from €248m in the first half of 2023, with earnings per share increasing by 11% to €0.90.
The premium, midscale, and economy division generated €1.47bn in revenue while the luxury and lifestyle division's revenue stood at €1.24bn, boosted by the sector's robust performance and the integration of Potel & Chabot.
The group EBITDA saw a 13% rise to €504m, attributed to solid revenue, operational leverage, and stringent cost control.
Operating profit increased to €393m from €351m, with EBIT reaching €345m in H1 2024.
The share of net profit from equity investments jumped from €9m to €49m, largely due to the performance of AccorInvest, which signed an MOU last month with Covivo to merge the ownership of their jointly owned hotel operating and property companies.
Accor's net financial debt stood at €2.93bn as of 30 June 2024, compared to €2.07bn at 31 December 2023, due to the share buyback programme and dividend payments in the first half of this year.
Accor CEO and chairman Sébastien Bazin said: “Once again in this first half-year, Accor posted solid performances, in line with the medium-term outlook we presented to our investors last year. This demonstrates the strength of our model, the operational and financial discipline of our teams, and the strong momentum of the group and its brands.”
Looking ahead, Accor anticipates continued growth for the full year 2024, with expected RevPAR growth between 4% and 5%, network unit growth between 3% and 4%, and an EBITDA forecast of between €1bn and €1.12bn.
