Accor: Confident for 2024 after a ‘record’ 2023 financial year

( – Accor declared Thursday that it was confident about its growth prospects for 2024 after posting ‘record’ results last year.

The hotel group indicates that it has crossed the threshold of one billion euros in gross operating surplus (EBE) for the first time in its history during the past financial year.

This stood at 1,003 million euros in 2023, up 49% based on published data and 55% at constant scope and exchange rates.

In a press release, Accor underlines that all of its performance indicators came out in line or better than the forecasts it had previously provided.

He explains this good performance by the strong recovery in activity, combined with strict cost discipline.

For the 2023 financial year, its turnover increased by 18% at constant scope and exchange rates to reach 5,056 million euros.

Regarding its prospects, the group confirmed its medium-term objectives unveiled last year, which include, among other things, EBITDA growth of between 9% and 12% per year over the period 2023-2027.

In addition, a share buyback program amounting to approximately 400 million euros will be launched during the 2024 financial year.

For Stifel analysts, the French group has ‘checked all the right boxes’ with this publication.

‘We believe that this announcement should be received favorably and drive the share price upwards, especially given the significant discount that Accor is taking compared to its closest comparable, InterContinental Hotels Group (IHG)’, they emphasize.

On the Paris Stock Exchange, Accor shares rose almost 4% on Thursday morning, marking one of the strongest gains in the SBF 120 index.

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