Whitbread pockets £2.6bn revenue: Premier Inn owner’s shares soar five per cent despite ‘most challenging’ period
Whitbread said its earnings returned to pre-pandemic levels with the Premier Inn owner’s bottom line boosted by Brits embracing more leisure and travel.
Whitbread, which also owns restaurants Beefeater and Bar+Block, reported revenues of £2.6bn for the year to March 2023, up 54 per cent from £1.7bn the previous year.
Whitbread (WTB) shares soared nearly five per cent to 3,280p in early FTSE trade.
Adjusted profit before tax also reached £413m versus a £16m loss last year, as the group was bolstered by the opening of new Premier Inn hotels in Germany and the UK.
As the market fully reopened post-Covid, UK Premier Inn sales were up 55 per cent ahead of its full year 2022 and 37 per cent ahead of 2020’s total.
Whitbread sees through challenging period
Food and beverage sales across its restaurant chains were up 40 per cent ahead of last year figures, however lagged four per cent behind pre-pandemic levels.
Dominic Paul, Whitbread chief executive, said: “These results reflect the strength of our business model and our persistent focus on delivering an excellent and consistent guest experience across all of our hotels and restaurants.
“That focus is embedded within our business strategy, that my predecessor, Alison Brittain and the whole executive team executed brilliantly through one of the group’s most challenging trading periods.
“It has also created a platform for future growth, both in the UK and in Germany. This sets us apart from our competitors as we continue to invest through the cycle with a clear focus on capital discipline and operational excellence.”
Premier Inn operates across 840 hotels in the UK, and has over 120 sites across London.