The French hotel group Accor has revealed a net profit of 32 million euros for the first six months of 2022. In the second quarter, Accor has also returned to a turnover that “exceeds its pre-crisis levels for the first time”, the group announced on Thursday.
The Accor group, which owns Ibis, Mercure, Sofitel and Fairmont Hotels and Resorts, among others, saw its turnover rise by 109% to €1.72 billion in the first half of 2022 and gross operating surplus now stands at €205 million.
However, on a like-for-like basis, revenue is still down 10% on pre-pandemic 2019 levels, the group said.
The second quarter saw Accor return to higher than pre-Covid levels of activity. In other words, the group has “returned to levels close to or above 2019 levels in almost all of our geographies”.
This recovery can be explained by the return of domestic business and leisure customers, as well as the reopening of borders leading to an acceleration in the recovery of international customers. It is also accompanied by a strong rise in prices, driven by demand and accentuated by inflation.
Sébastien Bazin, Chairman and Chief Executive Officer of Accor, commented: “This rebound is marked in all our regions and for all our brands. The summer will confirm these trends and the autumn promises to be solid with the return of major seminars and conferences. However, the group remains attentive to the evolution of the geopolitical and economic environment. At this stage, the group should post strong growth in Ebitda with a target of over €550 million for 2022.”
The group stated that “Only China, impacted by travel restrictions linked to the strict application of a “zero-Covid” policy Only China, impacted by travel restrictions due to the strict enforcement of a zero-covid policy, and Southeast Asia, which is highly dependent on Chinese customers, are lagging behind.”
In the first half of the year, Accor opened 85 hotels corresponding to 11,700 rooms, representing growth of 1.8% over the last 12 months, and expects growth of around 3.5% for the current year.
Featured photos : © Accor