IHG Swaps Pounds for Dollars
InterContinental Hotels Group has changed the reporting currency of its group accounts from pounds sterling to US dollars. The move reflects the profile of revenue and operating profit, which are now primarily generated in US dollars or US dollar-linked currencies. The change
InterContinental Hotels Group has changed the reporting currency of its group accounts from pounds sterling to US dollars.
The move reflects the profile of revenue and operating profit, which are now primarily generated in US dollars or US dollar-linked currencies.
The change will be effective from the results for the six months to 30 June 2008, which will be reported on 12 August 2008 in US dollars, IHG says.
IHG, which is registered and has its headquarters in England, will maintain its primary listing on the London Stock Exchange, with the shares quoted in sterling.
It will also maintain its ADR listing on the New York Stock Exchange, with the American Depositary Receipts quoted in US dollars.
By staff writer