Shares in InterContinental have more than doubled from a low of 434p in on recovery hopes with its shares trading on 201 times 2010 forecast earnings, but still at a discount to US rival Marriott International ( Marriot INT CL A ) on 293 times Analyst Simon Champion at Deutsche Bank said the outlook was slightly worse than expected and Wyn Ellis at Numis Securities detected a more cautious tone compared to Marriott last week The hotelier, which typically manages or franchises hotels instead of owning them, and earns 70 percent of its profit in the United States, posted 2009 operating profits of $363 million, ahead of a Thomson Reuters I/B/E/S consensus of $354 million and a company conducted consensus of $358 million It paid an unchanged full year dividend of 414 cents 
Share:  Shares in InterContinental have more than doubled from a low of 434p in on recovery hopes with its shares trading on 201 times 2010 forecast earnings, but still at a discount to US rival <span class="company">Marriott International</span> ( Marriot INT CL A ) on 293 times<span class="sent"> Analyst <span class="analyst">Simon Champion</span> at Deutsche Bank said the outlook was slightly worse than expected and Wyn Ellis at Numis Securities detected a more cautious tone compared to Marriott last week</span> The hotelier, which typically manages or franchises hotels instead of owning them, and earns 70 percent of its profit in the United States, posted 2009 operating profits of $363 million, ahead of a Thomson Reuters I/B/E/S consensus of $354 million and a company conducted consensus of $358 million It paid an unchanged full year dividend of 414 cents...Shares in InterContinental have more than doubled from a low of 434p in on recovery hopes with its shares trading on 201 times 2010 forecast earnings, but still at a discount to US rival <span class="company">Marriott</span> International ( Marriot INT CL A ) on 293 times<span class="sent"> Analyst <span class="analyst">Simon Champion</span> at Deutsche Bank said the outlook was slightly worse than expected and Wyn Ellis at Numis Securities detected a more cautious tone compared to <span class="company">Marriott</span> last week</span> The hotelier, which typically manages or franchises hotels instead of owning them, and earns 70 percent of its profit in the United States, posted 2009 ope Tweet this 

The group â€" which also owns the Thomson brand â€" said it had cut the amount of winter holidays on sale by 15 per cent to adjust to falling demand. TUI said it had taken a cautious approach to the season as winter holidays can be more discretionary because they are often second holidays following a main summer trip. Chief executive Peter Long said: "We anticipate market conditions will remain challenging and expect the later booking pattern to continue in the next financial year.". However, the firm added that the trend had improved in the past four weeks, with winter bookings only down 6 per cent. Deutsche Bank analyst Simon Champion said: "The surprise in the statement is weakness in winter 2009 trading in the UK activities.  
Share:  The group â€" which also owns the Thomson brand â€" said it had cut the amount of winter holidays on sale by 15 per cent to adjust to falling demand. <span class="company">TUI</span> said it had taken a cautious approach to the season as winter holidays can be more discretionary because they are often second holidays following a main summer trip. Chief executive Peter Long said: "We anticipate market conditions will remain challenging and expect the later booking pattern to continue in the next financial year.". However, the firm added that the trend had improved in the past four weeks, with winter bookings only down 6 per cent. <span class="sent"> Deutsche Bank analyst <span class="analyst">Simon Champion</span> said: "The surprise in the statement is weakness in winter 2009 trading in the UK activities. </span> Tweet this 

In the past four weeks, the trend had improved, with winter bookings down 6%. Shares in TUI Travel closed down 7.3p at 244.8p. Rival Thomas Cook, which is due to give a trading update today, gave up 6p at 230p. advertisement . "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst Simon Champion.  
Share:  In the past four weeks, the trend had improved, with winter bookings down 6%. Shares in <span class="company">TUI Travel</span> closed down 7.3p at 244.8p. Rival Thomas Cook, which is due to give a trading update today, gave up 6p at 230p. advertisement . <span class="sent"> "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst <span class="analyst">Simon Champion</span>. </span> Tweet this 

In the last four weeks, the trend had improved, with winter bookings down 6pc. Shares in TUI Travel, which have outperformed the FTSE All Share Travel & Leisure Index .FTASX5750 by 40 percent over the last year, fell 4.5pc as one stage in London. Rival Thomas Cook, which is due to give a trading update on Thursday, fell 3pc. "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst Simon Champion. "This is an early stage for the period, but nevertheless may put some pressure on underlying margins." 
Share:  In the last four weeks, the trend had improved, with winter bookings down 6pc. Shares in <span class="company">TUI</span> Travel, which have outperformed the FTSE All Share Travel & Leisure Index .FTASX5750 by 40 percent over the last year, fell 4.5pc as one stage in London. Rival Thomas Cook, which is due to give a trading update on Thursday, fell 3pc. <span class="sent"> "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst <span class="analyst">Simon Champion</span>. </span> "This is an early stage for the period, but nevertheless may put some pressure on underlying margins." Tweet this 

In the last four weeks, the trend had improved, with winter bookings down 6pc. Shares in TUI Travel, which have outperformed the FTSE All Share Travel & Leisure Index .FTASX5750 by 40 percent over the last year, fell 4.5pc as one stage in London. Rival Thomas Cook, which is due to give a trading update on Thursday, fell 3pc. "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst Simon Champion. "This is an early stage for the period, but nevertheless may put some pressure on underlying margins." 
Share:  In the last four weeks, the trend had improved, with winter bookings down 6pc. Shares in <span class="company">TUI Travel</span>, which have outperformed the FTSE All Share Travel & Leisure Index .FTASX5750 by 40 percent over the last year, fell 4.5pc as one stage in London. Rival Thomas Cook, which is due to give a trading update on Thursday, fell 3pc. <span class="sent"> "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst <span class="analyst">Simon Champion</span>. </span> "This is an early stage for the period, but nevertheless may put some pressure on underlying margins." Tweet this 

This was offset by the impact on trading of the Mexican swine flu outbreak, which resulted in a £7m hit in the third quarter due to repatriation and compensation costs, increased cancellations and lower load factors when the Mexico flying programme resumed in May. Shares in TUI Travel, which have outperformed the FTSE All Share Travel & Leisure Index by 40 per cent over the last year, were down 2.8 per cent at 245p today. Rival Thomas Cook, which is due to give a trading update tomorrow, was down 2.1 per cent at 231p. "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst Simon Champion. Receive the business newsletter every weekday direct to your inbox. 
Share:  This was offset by the impact on trading of the Mexican swine flu outbreak, which resulted in a £7m hit in the third quarter due to repatriation and compensation costs, increased cancellations and lower load factors when the Mexico flying programme resumed in May. Shares in <span class="company">TUI Travel</span>, which have outperformed the FTSE All Share Travel & Leisure Index by 40 per cent over the last year, were down 2.8 per cent at 245p today. Rival Thomas Cook, which is due to give a trading update tomorrow, was down 2.1 per cent at 231p. <span class="sent"> "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst <span class="analyst">Simon Champion</span>. </span> Receive the business newsletter every weekday direct to your inbox. Tweet this 

In the last four weeks, the trend had improved, with winter bookings down 6 per cent. Rival Thomas Cook, which is due to give a trading update tomorrow, was down 2.1 per cent at 231 pence. "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst Simon Champion. "This is an early stage for the period, but nevertheless may put some pressure on underlying margins." 
Share:  In the last four weeks, the trend had improved, with winter bookings down 6 per cent. Rival <span class="company">Thomas Cook</span>, which is due to give a trading update tomorrow, was down 2.1 per cent at 231 pence. <span class="sent"> "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst <span class="analyst">Simon Champion</span>. </span> "This is an early stage for the period, but nevertheless may put some pressure on underlying margins." Tweet this 

In the last four weeks, the trend had improved, with winter bookings down 6 per cent. Rival Thomas Cook, which is due to give a trading update tomorrow, was down 2.1 per cent at 231 pence. "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst Simon Champion. "This is an early stage for the period, but nevertheless may put some pressure on underlying margins." 
Share:  In the last four weeks, the trend had improved, with winter bookings down 6 per cent. Rival <span class="company">Thomas Cook</span>, which is due to give a trading update tomorrow, was down 2.1 per cent at 231 pence. <span class="sent"> "The surprise in today's statement is weakness in winter 2009 trading in the UK activities," said Deutsche Bank analyst <span class="analyst">Simon Champion</span>. </span> "This is an early stage for the period, but nevertheless may put some pressure on underlying margins." Tweet this 

It also cuts its 2009 adjusted EBITDA forecast to 96 million euros from 124 million and its 2010 expectation to 111 million euros from 147 million. Deutsche Bank analyst Simon Champion says that integration issues related to William Hill Online, which Playtech took a 29 percent stake in following a deal last October, were the main reason for the performance being below expectations. 'Integration has been slower than expected across the business. We have also adjusted our expectations for the group's core business downwards to reflect a difficult underlying market in poker, which we believe is being seen across the industry,' he said. 
Share:  It also cuts its 2009 adjusted EBITDA forecast to 96 million euros from 124 million and its 2010 expectation to 111 million euros from 147 million. <span class="sent"> Deutsche Bank analyst <span class="analyst">Simon Champion</span> says that integration issues related to <span class="company">William Hill</span> Online, which Playtech took a 29 percent stake in following a deal last October, were the main reason for the performance being below expectations. </span> 'Integration has been slower than expected across the business. We have also adjusted our expectations for the group's core business downwards to reflect a difficult underlying market in poker, which we believe is being seen across the industry,' he said. Tweet this 

It also cuts its 2009 adjusted EBITDA forecast to 96 million euros from 124 million and its 2010 expectation to 111 million euros from 147 million. Deutsche Bank analyst Simon Champion says that integration issues related to William Hill Online, which Playtech took a 29 percent stake in following a deal last October, were the main reason for the performance being below expectations. 'Integration has been slower than expected across the business. We have also adjusted our expectations for the group's core business downwards to reflect a difficult underlying market in poker, which we believe is being seen across the industry,' he said. 
Share:  It also cuts its 2009 adjusted EBITDA forecast to 96 million euros from 124 million and its 2010 expectation to 111 million euros from 147 million. <span class="sent"> Deutsche Bank analyst <span class="analyst">Simon Champion</span> says that integration issues related to <span class="company">William Hill</span> Online, which Playtech took a 29 percent stake in following a deal last October, were the main reason for the performance being below expectations. </span> 'Integration has been slower than expected across the business. We have also adjusted our expectations for the group's core business downwards to reflect a difficult underlying market in poker, which we believe is being seen across the industry,' he said. Tweet this