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25/05/2000

Six Continents PLC announces today, Thursday 23 May 2002, its interim results.

Six Continents PLC announces today, Thursday 23 May 2002, its interim results.
Announcement of the Interim Results for the 28 Weeks Ended 15 April 2000 (Six Months Ended 31 March 2000 for Bass Hotels & Resorts)

Bass Strategy Delivers 13.6 per cent Earnings per Share Growth*

Financial Highlights

  • Turnover up 11.2 per cent to £2.5 billion
  • Operating profit up 21.2 per cent* to £406 million
     - Bass Hotels & Resorts up 21 per cent
     - Bass Leisure Retail up 31 per cent
     - Bass Brewers up 3 per cent
     - Britvic Soft Drinks up 13 per cent
  • Adjusted earnings per share up 13.6 per cent* to 26.8 pence
  • Dividend per share up 3.1 per cent to 10.1 pence
  • Profit before tax up 25 per cent* at £324 million compared with £259 million in 1999 before major exceptional items

*On an equivalent post FRS 15 basis

Bass PLC announced today, Thursday 25 May, adjusted earnings per share growth of 13.6 per cent to 26.8 pence (23.6 pence in 1999). Operating profit was up 21.2 per cent to £406 million (£335 million, 1999) on turnover up 11.2 per cent at £2,541 million (£2,286 million in 1999). A half year dividend of 10.1 pence is recommended for payment on 31 July 2000, an increase of 3.1 per cent over 1999.

Bass Hotels & Resorts, the world's leading international hotel company, has made progress in a number of key areas:

  • Inter-Continental continues to grow profits - up 60 per cent since acquisition
  • Acquisition of SPHC makes Bass the number one hotel operator in Asia Pacific
  • Improved e-commerce generating revenue at a rate of over $100 million a year
  • Number of hotel rooms up 5 per cent net
Bass Leisure Retail, the UK's leading restaurant and pub group, has again outperformed its market competition with turnover rising by 21 per cent and:
  • 14 per cent growth in profits from branded estate
  • Total food sales up 11.5 per cent
  • 37 per cent of sales from buoyant south east region
Bass Brewers has again increased market share with all core brands outperforming their market categories:
  • Carling volume up 11 per cent
  • Worthington volume up nearly 7 per cent
Britvic Soft Drinks has had an outstanding start to the year:
  • Turnover up 6 per cent
  • Sales volumes up 8 per cent
  • Robinsons volume up nearly 13 per cent

Commenting on the results, Sir Ian Prosser, Chairman, Bass PLC said,
"This has been an excellent first half for Bass. We remain focused on our strategy, which underlies these figures, of delivering growth through our brands and infrastructure."

With regard to the branded drinks business, he commented,
"Over the last several months the pace of consolidation in the European beer market has been accelerating.

Against this background we announced in February that we were conducting a strategic review of Bass Brewers with shareholder value as our ultimate criterion for selecting from the several options available to us.

This is a long, detailed and thorough process which is not yet complete. Nonetheless I can report that the more likely outcome is a sale of the business and that we are in confidential discussions."

He concluded,
"We have a winning combination of leading businesses, strong brands and excellent management. We also have the ability to continue to invest behind them. We are, therefore, well positioned to capitalise on the growth opportunities in our chosen markets that will create value for our shareholders."

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For further information, please contact:

Bass PLC, switchboard 020 7409 1919
Pugh Phillips, Director of Group Communication   020 7409 1919
Mark Rigby, Media Relations 020 7409 8571

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 most global hotel company 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 2,900 hotels and over 480,000 guest rooms in more than 95 countries around the world.
  • Bass Leisure Retail operates about 3,000 managed pubs, restaurants and leisure venues including brands such as Vintage Inns, Harvester, Toby, Browns, All Bar One, It's A Scream, O'Neill's, Edwards, Goose and Hollywood Bowl.
  • Bass Brewers is one of the UK's leading producers of branded drinks including Carling, the UK's No 1 consumer brand, Tennent's, Worthington, Caffrey's, Grolsch, Bass Ale and Hooper's Hooch. Britvic Soft Drinks is one of the leading UK producers of branded soft drinks with brands such as Tango, Robinsons and Pepsi.

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