Gamblers rescue Hilton results
Hilton Group has managed to report better than expected results – mainly because its Ladbrokes betting business offset the poor performance of its hotels division.
First half pre-tax profits for the group fell 15% to £110.5m in the period to the end of June.
But in the hotels division profits fell 42.6% to £56.1m due to the combined effects of the SARS virus, the Iraq conflict and continued economic uncertainty.
Chief executive David Michels said: “The complementary nature of Hilton and Ladbrokes, two of the world’s best known brands is part of the strength of Hilton Group.
“Like all businesses they move through cycles. A few years ago Hilton Hotels were performing better than Ladbrokes, today the opposite is true. Over the past six months the already frayed confidence of travellers was undermined further by the Iraq War and SARS. In these extreme circumstances the hotel sector takes the brunt of the pain.”
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