Leading hospitality group Accor will rejoin the CAC 40, the benchmark index of the Euronext Paris stock exchange, effective from 15 March 2024. The decision follows a quarterly review by the exchange’s Expert Indices Committee.
This marks a significant comeback for Accor, which had been a member of the CAC 40 since its inception in 1987 but exited temporarily in 2020 due to the challenges of the Covid-19 pandemic.
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CAC 40, a key benchmark for the French stock market, tracks the performance of the 40 largest companies listed on Euronext Paris. Launched in 1987, the index initially tracked total market capitalisation. In a 2003 update, the methodology was refined to utilise free-float adjusted market capitalisation. The change brings the CAC 40 into alignment with other leading indices.
Resilience and results paved the way for re-inclusion
The company attributed its success to its focus on operational efficiency, profitable growth strategies and a strong leadership position within the hospitality sector, demonstrating remarkable resilience to achieve record results in 2023.
Accor surpassed €1bn ($1.09bn) in earnings before interest, taxation, depreciation and amortisation for the first time in 2023.
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The hospitality group reported total revenue of €5.05bn for the full year 2023, a 19.69% rise from €4.22bn in 2022.
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By GlobalDataLooking ahead: continued growth and market leadership
Accor remains confident about its prospects. The company plans to leverage its extensive network of more than 5,500 properties and 10,000 food and beverage venues across 110 countries, combining this with its talented workforce and strong brand portfolio to maintain its position as a leader in the global hospitality market.
Sébastien Bazin, chairman and CEO of Accor, said in a statement: “We are proud of Accor’s re-inclusion in the CAC 40, marking an important milestone in our journey and a testament to the hard work and commitment of our team. It reflects the group’s sustained growth and market leadership in the dynamic landscape of the global hospitality sector.
“After a record year in 2023, the group has also made a solid start to 2024, driven by higher occupancy and demand, and we look forward to the coming years with optimism.”
