Accor names new CEO, swings to profit

H1 €34mn net profit compares to earlier €532mn loss

The hotel group Accor has appointed Sebastien Bazin as its new chief executive. Bazin is joining from the US private equity group Colony Capital and replaces Yann Caillere who will leave the company.

Confirmation of the appointment comes as the company moved into profit for the first half of 2013. It reported a net profit of €34 million compared with a net loss of €532 million for the same period last year.

Revenue was up 1.8% to €2.7 billion, while operating profit fell by €42 million to €148 million.

Accor is targeting earnings before interest and taxes of between €510 million and €530 million, compared with the €526 million reported in 2012.

TTG Digital

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