Whitbread profit exceeds pre-pandemic levels
Premier Inn owner Whitbread has said that its full-year profit is above pre-pandemic levels, boosted by strong demand for travel and leisure.
Pretax profit at the company stood at £375m, up from just £58m in 2022 and an equivalent of £218m in 2020. Statutory revenue grew to £2.6bn, from £1.7bn last year and roughly £2.1bn in 2020.
Revenue per available room stood at £60.98 in the seven weeks to 20 April, while occupancy was 81%. The average room rate was £74.94 during the period.
Premier Inn owner Whitbread has said that its full-year profit is above pre-pandemic levels, boosted by strong demand for travel and leisure.
Pretax profit at the company stood at £375m, up from just £58m in 2022 and an equivalent of £218m in 2020. Statutory revenue grew to £2.6bn, from £1.7bn last year and roughly £2.1bn in 2020.
Revenue per available room stood at £60.98 in the seven weeks to 20 April, while occupancy was 81%. The average room rate was £74.94 during the period.
Whitbread set out plans to expand and optimise its UK and Ireland estate in the coming year. It has identified opportunities to increase its footprint to 125,000 rooms, from 110,000, citing both a wider reduction in hotel supply and projected strong demand for hotels.
The operator said the “pace and extent” of its expansion will be “driven by the levels of financial return available, drawing upon our suite of potential development options including new builds, conversions, single-site acquisitions and extensions”.
The operator has more than 83,500 rooms in total, with a further 7,400 in its pipeline.
Dominic Paul, chief executive of Whitbread, said: “Having spent time out in the business operations, both in the UK and Germany, I am clear that our strategy is the right one and I am hugely excited about the opportunities we now have in front of us.”
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
