Accor Group raises 2007 operating profit forecast to EUR 900 million
Tuesday, 22 January 2008: The leading international hotel group, Accor, has reported a 6.8% rise in its revenue for 2007 compared to the previous year, with consolidated revenue reaching EUR 8,121.
The group’s 2007 fourth quarter revenue rose to EUR 2, 002 million, a 1.9% increase from the same period in the previous year. This figure reflects the sustained demand in Accor’s hotels, with revenue at 6.9% in the 2007 fourth quarter.
The European hotel sector also recorded EUR 16 million in revenue during 2007 Rugby World Cup, a 5.8% increase from the same period in the previous year.
The hotel’s services sector experienced a 16.5% increase in its revenue. The group also acquired France’s leading gift card and voucher business, Kadéos, which pushed its revenue growth to 6.0%.
As a result of the rapid growth in the European hotel market’s fourth quarter and the steady growth in the hotel’s services business, the Accor group has raised its earnings forecast for 2007.
It is anticipating a EUR 900 million operating profit before tax and non-recurring items, compared with the original figure announced in August last year at EUR 870 million to EUR 890 million.