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6C to go ahead with demerger despite profits warning
Six Continents has been criticised by shareholders following a trading update in which it revealed 'substantially lower' profits for its hotels division and growth of just 1 per cent for its pub and restaurant arm.
Chair, Sir Ian Prosser, said hotel profits for the three months to 31 December 2002 were lower due to refurbishment programmes and pressure on room rates, saying RevPAR is below the same period two years ago.
Figures for the retail division for the 16 weeks to 18 January 2003 show that although there is some improvement on the same period last year, the company was still seeing weaker trading in Greater London and the High Street.
The trading update comes just days before Six Continents is expected to release details of its proposed demerger.
Despite the poor trading figures revealed, the company's share price jumped 11p to 531p, mainly due to speculation that the demerger will attract a number of bidders.
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