InterContinental Hotels Group on Tuesday announced a return to first-half profits as vaccination rollouts and the lifting of lockdowns boosted travel demand.

InterContinental, whose brands also include Crowne Plaza and Holiday Inn, reported net profit of $48 million (€40.5m) compared with a loss after tax totalling $210 million in the first half of the previous year.

“Trading improved significantly during the first half of 2021, with travel demand returning strongly as vaccines roll out, restrictions ease, and economic activity rebuilds,” IHG chief executive Keith Barr said in the earnings statement.

Barr said domestic leisure bookings in the US and China had led the way, while the company also pointed to some recovery in business travel. But he warned of risk of volatility ahead as “business trips, group bookings and international travel will take time to fully recover”.

Domestic leisure bookings in the US and China had led the way, while the company also pointed to some recovery in business travel

The company decided against paying an interim dividend to shareholders.