Britain's Hilton Group posted a smaller-than-feared fall in first-half profit today amid a strong performance at its betting chain Ladbrokes.
Profit before tax, goodwill and exceptional items fell 15 per cent to £110.5 million sterling in the six months to June 30th, compared with a consensus forecast of £103 million. The interim dividend was kept at 3.4 pence per share.
"The trend is in the right direction, but it's perhaps just coming through a little slower," finance director Mr Brian Wallace said when asked about the recovery at Hilton's portfolio of almost 400 hotels.
Hotel groups across the world have had a torrid time as the war in Iraq and outbreak of the SARS virus exacerbated a drop in tourist and business travel in the global economy downturn.
Hilton has coped better than most thanks to its Ladbrokes betting shops, which have benefited from steps to deregulate the gaming industry in Britain and the Republic.