Accor revenues down 5.5% in Q1 2014

Accor reported yesterday that it achieved €1.135 billion revenue in Q1 2014, down 5.5% from €1.23 billion reported last year at the same period. At comparable scope of consolidation and exchange rates or like-for-like, revenue rose by 2.1% compared to last year.

HotelServices revenue was up 4.7% y-o-y and amounted to €262 million on a like-for –like basis (pro forma and including expansion). Most geographical areas showed strong gain except for France which declined by 3.7% compared to last year.

Hotelinvest revenue amounted to €992 million in Q1 2014, reflecting a 1.2% like-for-like increase. The NCEE region accounted for 44% of the revenues while performance in France contracted by 3.9% like-for-like due to the increase in VAT from 7% to 10% since January 1st, poor weather conditions throughout the year and the recent municipal elections.

Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “Accor’s performance continued to improve in first-quarter 2014, despite a tough French market. HotelServices confirmed its high potential and is expanding quickly in fast growing geographies, while HotelInvest consolidated its position as the leading hotel investor in Europe, benefiting in particular from strong dynamics in the United Kingdom and Germany. These trends should continue in the coming months. At the same time, the Group is pursuing deployment of its new strategy at a fast pace”

Source: Accor Group

Related News