The vast majority of the Group’s markets reported solid third-quarter growth, for total revenue of €1,459 million, up 4.6% like-for-like pro forma and 3.3% as reported. This consolidates the positive trend observed in the first half of the year, resulting in a 3.4% like-for-like increase for the nine months to end-September.
Strong demand in most of the Group’s markets, particularly in the UK, Germany and Benelux, and in Europe generally.
Slight improvement in France, especially in Paris thanks to favorable trends in August and September.
Faster recovery in Southern Europe.
First tangible signs of a slowdown in Africa.
A total of 51 hotels or 7,529 rooms opened during the quarter
Sébastien Bazin, Chairman and Chief Executive Officer, said:
“This strong third-quarter performance enables us to confirm the full-year EBIT target set for 2014. Obviously, we will continue to pay close attention to changes in the persistently lackluster French market, and to the situation in Africa. The strong demand in Europe, including in Southern Europe, and in emerging markets will provide the growth necessary for HotelInvest and HotelServices to continue to implement their strategic roadmaps.”
€575-€595 million EBIT target confirmed
Accor turned in a robust third-quarter performance supported by satisfactory RevPAR growth, which was linked to both demand and prices.
Business in France benefited from a certain improvement in August and September that should continue in October, thanks to the Paris Motor Show, being held in the capital. However, the situation in the French market remains uncertain over the medium term in a constrained economic and tax environment.
The other large European countries are on an upward trend, with good business levels in the United Kingdom (up 9.2%), Germany (up 7.4%) and Southern Europe (Spain up 13.8%, Portugal up 15.7% and Italy up 5.9%), which has returned to strong growth.
Performance in the Americas (up 8.2%), led by Brazil (up 10.1%), was satisfactory overall, with a sharp contrast between the excellent month of July (buoyed by the FIFA World Cup) and, as expected, significantly weaker business in August and September. This slower trend should be confirmed in the fourth quarter.
The Group remains extremely vigilant concerning the situation in Africa, and its potential consequences for international tourism.
In light of these factors, the Group confirms its EBIT target of between €575 and €595 million for full year 2014.