Results Round Up
Hotel giant InterContinental Hotels Group posted a decline in first quarter pre-tax profit but says it is well positioned for continued growth.
Pre-tax profit fell to £42m in the three months ended 31 March from £56m the year before. Revenue for the period rose to £226m from £196m.
"Even in a less certain economic environment our broad market coverage, record pipeline, strong brands and resilient fee based business model position us well for continued growth, said chief executive Andrew Cosslett.
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Today's first quarter results from property group Liberty International largely repeated last month's trading update, with adjusted net asset value (NAV) per share slipping to 1,181p.
NAV as at 31 March, down from 1,264p at the end of 2007 and 1,376p a year ago, reflected unsettled property market conditions in the UK, said the group.
