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Hilton Profits Up, Second Half Uncertain30 August 2001LONDON –– As reported by Reuters: "British hotel and gaming company Hilton Group Plc reported a 32.6 percent jump in first half profit on Thursday, shrugging off a slowing economy and foot-and-mouth, but it faces a more uncertain second half. "The group, which operates all Hilton hotels outside the United States as well as the Ladbroke gaming business, said despite short-term fears for the second half from economic uncertainties it was optimistic for the longer term. "…The group, which operates almost 400 hotels and 1,900 betting shops, reported higher-than-expected pre-tax profit of 144.3 million pounds ($209.7 million) before goodwill, amortization and exceptional items for the six months to June 30, compared with expectations of 120-135 million pounds. " …[Chief Executive David Michels] said the results reflected a strong performance from its European betting operations and an earlier move into profit from eGaming than expected, and good trading at its hotels. "Hilton shares rose 1/4 penny to 242p by 1255 GMT, having outperformed the FTSE All Share index by 28 percent over the last 12 months and beaten UK sector peers by 12 percent. "…Its Ladbroke betting business saw profits up 24.4 percent despite the cancellation of 169 horse race meetings in the UK due to foot-and-mouth and bad weather. "[Deputy Chief Executive Brian Wallace] said its betting business had switched quickly to cover race meetings in Italy, Dubai and South Africa and saw a strong rise in UK retail gross margin by 2.1 percentage points due to increased competition in remaining horse races…" |