Accor full year net profit up 76 percent
03/04/2008|11:08:00 AM|Etravelblackboardsia
Monday, 3 March 2008: Accor has just reported a full-year profit of  EUR883 million a 76.2% increase on 2006 figures, attributed to growth in revenue and the sell off of properties and non-core assents.

Revenue jumped to EUR8.12 billion for the year ending 31st of December, 2007, an increase of 6.8% from 2006 figures, as the business saw a upturn in the European hotel cycle.

“2007 was a very good year for Accor. Excellent results thanks to solid operating performances,” said Gilles Pélisson, Accor CEO.

“We continued to achieve the milestones in our roadmap. We start 2008 with a good month of January in our two core businesses and our group’s profile is more resilient to business cycles”

Mr Pélisson did note that there did seem to be a slowdown in the US, where the hotel group’s presence has been diminished due to the sell off of the Red Roof Inn company.

In spite of this, growth is high, with the group claiming that “Accor has opened more than 50,000 new rooms since early 2006, of which 28,000 were in 2007.

“There are another 93,000 rooms in the pipeline, in keeping with the expansion program target of 200,000 new rooms between 2006 and 2010.”