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Hilton group – interim results announced
The Hilton group has released interim results for the six months to 30 June showing a 42.6 per cent fall in operating profits at its hotels arm.
Group chief executive, David Michaels, said: "The ongoing threat of terrorist activity compounded by war, SARS and economic uncertainty had a dramatic impact on travel patterns, in particular the continued reluctance of US citizens to travel outside of the US as well as a reduction in corporate travel. There was no escape for the industry.’
Hotel profit for the half year was £56.1m, compared with £97.8m for the same period in 2002. Worldwide, Revpar fell by 4.9 per cent with occupancy down 2.9 per cent.
Ladbrokes, the group’s gambling division, had a much better time of it, with operating profit climbing 33 per cent to £101.8m. However, a judicial review into the company’s fixed-odds betting terminals could affect results in the future.
Hilton’s health club concept, Living Well, had a good first half in the UK. Development of new sites continued in Australia and six Living Well Express clubs opened in five countries. Details: www.hilton.co.uk
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