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Announcement of the Interim Results for the 28 weeks ended 14 April 2001

Announcement of the Interim Results for the 28 weeks ended 14 April 2001
Financial highlights:

Turnover* up 19.7 per cent to £2,093 million

Operating profit* up 9.6 per cent to £365 million

  • Bass Hotels & Resorts up 26.7 per cent
  • Bass Leisure Retail up 2.3 per cent in the ongoing estate
  • Britvic Soft Drinks up 22.2 per cent

Profit before tax and major exceptional items up 4.0 per cent to £337 million

Adjusted earnings per share up 5.6 per cent to 28.3 pence

Dividend per share up 3.0 per cent to 10.4 pence

Repurchased 15 million shares for £103 million

*continuing operations

Operational highlights:

Acquisition of 79 Posthouse hotels for £810 million

Disposal of 988 smaller unbranded pubs for £625 million

Acquisition of the Regent Hong Kong Hotel for £241 million

Bass Hotels & Resorts

  • System size grown to 3,200 hotels
  • 510,000 hotel rooms
  • 578 hotels in EMEA

Bass Leisure Retail

  • Underlying profit growth of 8.7 per cent
  • Over 50 per cent sales uplift from conversions of former Allied Domecq pubs
  • Continued high returns from investment in successful retail brands
  • Margins maintained

Bass PLC announced today, Thursday 24 May, operating profit from continuing operations up 9.6 per cent to £365 million on turnover from continuing operations up 19.7 per cent at £2,093 million. Profit before tax and major exceptional items was up 4.0 per cent to £337 million. Adjusted earnings per share were up 5.6 per cent to 28.3 pence. An interim dividend of 10.4 pence, up 3.0 per cent on last year is recommended for payment on 31 July 2001.

Commenting on the results, Sir Ian Prosser, Chairman, Bass PLC said:

"We have continued to realign the business to further increase our focus on the growing international hotel business and the high return UK retail business. In both of these businesses we have leading market positions."

Tim Clarke, Chief Executive, Bass PLC said:

"We have continued to deliver high growth in distribution for each of our five international hotel brands having added a net 146 hotels in the half year.

The acquisition of Posthouse is an important move forward in our mid-scale strategy of international growth based on strong positions in the world's leading economies.

The acquisition of the Regent Hong Kong Hotel provides a high profile flagship for Inter-Continental in this rapidly growing market, which enhances our leading position in China and will drive further growth throughout the region.

In our retail division we continue to develop our strong brand portfolio and have disposed of 988 smaller declining outlets which were not suitable for conversion to our proven brands.

We continue to raise the average weekly takes in the retail estate which are now over £13,000 and our 900 branded outlets are over £17,000.

We have now converted 178 of the 550 former Allied Domecq sites and are realising average weekly take uplifts of over 50 per cent. This leaves a very substantial pipeline which underpins our future growth.

Our financial strength is enabling us to drive growth both through organic investment and acquisitions. We are applying our strict financial criteria successfully."

He concluded,

"We have strong brands and infrastructure which, combined with experienced people, provide scale economies and superior efficiency."

-- ends --

Notes to editors:

Bass is an international leisure hospitality group operating in hotels, leisure retail and branded drinks.

  • Bass Hotels & Resorts is the world's leading global hotel group whose brands include Inter-Continental Hotels and Resorts, Crowne Plaza Hotels and Resorts, Holiday Inn, Express by Holiday Inn and Staybridge Suites. It owns, operates or franchises more than 3,200 hotels and 510,000 guest rooms in nearly 100 countries around the world.
  • Bass Leisure Retail is the UK's leading managed restaurant, pubs and bars group with over 2,000 outlets including brands such as Vintage Inns, Harvester, Toby, Browns, All Bar One, It's A Scream, O'Neill's, Edwards, Ember Inns and Goose.
  • Britvic Soft Drinks is one of the leading UK producers and distributors of branded soft drinks with brands such as Tango, Robinsons, Britvic and the UK franchise for Pepsi.

Photographs can be accessed from www.newscast.co.uk

For further information, please contact:

Bass PLC Switchboard 020 7409 1919
Mark Rigby, Media Relations 020 7409 8105
Jonathan Atack, Investor Relations 020 7409 8153
Richard North, Finance Director 020 7409 1919

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