Intl. Con. Airlines IAG saw first quarter profit after tax fall by 74% as passenger revenue declined by 4.2% and total revenue by 2.8%. But this did not stop it being a record breaking first quarter if you decide to select operating profit before exceptionals as your measure That comes in at £170m. compared to £155m last year and creates the new first quarter record.
Interco Hotels Grp IHG For once London led the way with first quarter Rev PAR growing by 12% compared to a meagre 1.9% for the US and 2.7% for the group as a whole, which is regarded as a good start to the year. The quarter produced growth in both rates and occupancy leading to a year on year net system size growth of 3.4%. Confidence is expressed in the outlook for the full year.
Smith & Nephew SN. First quarter revenue grew by 3% with a good performance from Emerging Markets which returned to double digit growth, with China leading the way at 14%. Knee implants in particular did well which is not surprising when US figures show that some 50% of knee replacement operations in the US are unnecessary. For the full year, underlying revenue growth of between 3 and 4% is expected.
