Accor Reports 9.3 Percent Drop in Revenue for First Half of 2009

Accor announced that, for the first half of 2009, consolidated revenue totaled 3.41 billion euros, down 9.3 percent on a reported basis and 8.1 percent like-for-like over first-half 2008.

First-half 2009 revenue performance was shaped by the expansion strategy, which added 4.3 percent to growth for the quarter (of which 104 million euros from the full consolidation of Orbis).

At the same time, the strategic refocusing on hotels and prepaid services (with the disposal of the Brazilian food services business) and ongoing deployment of the asset-right strategy had a 4.5 percent negative impact on revenue for the period.

Second-quarter revenue came to 1.794 billion euros, down 9 percent on the year-earlier period on a reported basis and down 10.1 percent like-for-like. Prepaid services revenue was up 5.7 percent like-for-like in the first half.

Further deterioration was reported in the hotels business, down 11.4 percent like-for-like. Hotels revenue amounted to 2.534 billion euros in the first half, a period-on-period decline of 9.6 percent as reported.

This figure takes into account the impact of the expansion strategy, which added 4.4 percent to growth thanks to the opening of 12,100 rooms in first-half 2009 versus 11,000 in the year-earlier period, including 4,240 rooms in franchised hotels, an increase of 26 percent over first-half 2008.