International Hotel Group eyes listing on JSE’s main board

International Hotel Group (IHL)‚ which recently released its half-year financial results, plans to move from the AltX to the JSE’s main board.

The group, listed on AltX in October last year, declared its maiden dividend of 2.5p.

It has grown to own eight hotels in the UK, which generated £1.2m in revenue during the six months to end-February, it said in its first interim results.

Including rental and finance income, total interim revenue was £1.7m.

It paid the dividend despite a 7.98p diluted headline loss per share.

"As anticipated, we have continued to incur certain one-off establishment costs which have led to the loss of £979,181, but it is expected that such costs will no longer apply going forward," chairman Helder Pereira said in the results statement.

"The board is pleased to announce IHL’s maiden dividend of 2.5p per share, reflecting its confidence in the future profitability of the company," he said.

Holiday Inn Express Dunstable had performed well since its acquisition in August and was ahead of expectations at the half-year, the company said.

After the reporting period, IHL completed the development of Travelodge Belvedere, bringing the number of third-party leased Travelodges owned by the group to four.

Looking foward, International Hotel Group CEO, Jon Colley said the company intended moving to the JSE’s main board from the AltX to give the group access to a wider investor base and liquidity.