The IHI Group has reported a 23 per cent increase in adjusted half-yearly EBITDA for the period up to June rising to €22 million, a company statement said.

In its half yearly report, the IHI Group stated that revenue for the first six months of 2016 also increased by €15.4 million over the 2015 comparative figure.

IHI Chairman Alfred Pisani said: “I am extremely pleased with our performance so far this year despite the challenging situation we continue to face in Libya. We are doing well and I am convinced we will do even better in future as we continue to position Corinthia as a global brand.”

The IHI Group’s flagship Corinthia Hotel London performed well despite a slow start to the year for the luxury London hotel market, and is on course to achieve positive results by the end of the year, although the devaluation of sterling following the Brexit referendum vote could impact income and profitability in euro terms.

The Corinthia Hotel St Petersburg, affected by a devaluation of the rouble, has also performed strongly – reporting an increase in occupancy and revenue following a concerted effort to focus on the domestic market and a strengthening of the local currency year-on-year. IHI’s property in Tripoli, however, remains affected by the situation in Libya.

The improved results are also partly attributable to IHI’s acquisition of the Island Hotels Group, which registered positive results at the Radisson Blu Resort in St Julian’s and its highly successful hotel and timeshare operation at the Golden Sands Resort.

The overall outlook for IHI’s hotels remains positive with year-on-year growth forecast in both turnover and operating profits.