On 1 November 2017, International Hotel Investments plc issued an Interim Directors’ Statement updating the market on its performance since 30 June 2017.
The Company explained that it is on course to register a record operating profit for the twelve-month period ending 31 December 2017 on the back of solid underlying performances of all of its hotel operations in Europe and beyond. In fact, revenues and operating profits are ahead of budgets and also higher than the corresponding figures of FY2016. IHI noted that its performance is underpinned by buoyant market conditions in the countries where it has a presence as well as increased focus on quality and marketing. However, IHI also warned that its financial results may be impacted by exchange differences.
The announcement also made reference to IHI’s wholly-owned subsidiary QPM Limited which specialises in the field of design, engineering and management services. In this respect, IHI explained that QPM is also having a very solid performance for 2017 and its profits are currently surpassing budgets and are also expected to exceed those of FY2016.
Meanwhile, IHI is progressing with refurbishment works at its hotels in St Petersburg, Budapest and Lisbon as the initial phases of these projects are being completed within budget. Furthermore, as already communicated in a separate company announcement dated 18 September 2017, one of the last remaining vacant office spaces within the Tripoli Commercial Centre measuring 1,222 square metres was leased on a five-year contract worth over €1 million annually to a major European oil company.
On the corporate front, IHI also noted that the regulatory procedures for the merging of Island Hotels Group Holdings plc with IHI are currently in their final stages.