Whitbread PLC Q1 FY21 Trading Update (1805S)
July 07 2020 - 1:00AM
UK Regulatory
TIDMWTB
RNS Number : 1805S
Whitbread PLC
07 July 2020
Q1 FY21 Trading Update
7 July 2020
Premier Inn hotel and restaurant reopening now fully underway.
Whitbread is well placed to capitalise on enhanced structural
opportunities
-- Over 270 UK hotels and 24 restaurants now reopened with the
majority of the rest of the estate due to reopen throughout
July
-- All 19 operational hotels now open in Germany, including 13
new hotels that were refurbished and rebranded as Premier Inn
during lockdown
-- The operation of 39 hotels opened for key workers throughout
the crisis has enabled us to thoroughly test new social distancing
protocols and hygiene standards ahead of the wider opening of the
estate
-- The enhanced hygiene and social distancing measures can be
rigorously enforced through our unique ownership model, which
alongside new more flexible booking conditions means customers can
book in confidence
-- Successful completion of GBP1bn rights issue, enhancing both
our financial flexibility and our ability to successfully execute
our strategy in the UK and Germany
-- Q1 total sales decline reflects the fact that the vast
majority of the UK and German estate were closed from the end of
March
Alison Brittain, Whitbread PLC Chief Executive, said:
"We are very pleased to have commenced the reopening of our
hotel and restaurant estates, which are now able to welcome all
business and leisure guests. In the UK we currently have over 270
hotels open and expect the majority of the remainder of the estate
to be open by the end of July. In Germany all of our 19 operational
hotels are open, including 13 that were refurbished and rebranded
as Premier Inn during the lock-down period.
It is still very early days and therefore too early to draw any
conclusions from our booking trajectory, especially as there has
been volatility in hotel performance in other countries that
relaxed controls before the UK. However, in traditional regional
tourist destinations, we are seeing good demand for the summer
months, whilst the rest of the regions and metropolitan areas,
including London, remain subdued.
Throughout the crisis we operated 39 UK hotels to provide
accommodation for NHS staff and other key workers. This experience
of successfully and safely operating hotels in a socially distanced
environment provided key learnings and will enable us to deliver
the highest standards to our customers as we reopen the rest of the
estate. Enhanced social distancing and hygiene standards can be
delivered consistently across our entire estate and this, together
with more flexible booking options, our value pricing and our
superior network will ensure that our leading customer proposition
is maintained.
As expected, our Q1 performance reflects the impact of the
closure of our hotel and restaurant operations, in both the UK and
Germany, at the end of March.
The successful completion of the GBP1bn rights issue on 10 June
will enable us to maintain our competitive advantage and financial
flexibility, as we have both strengthened our balance sheet and
secured the business so it can withstand a long period of low
revenues. Our strong balance sheet, alongside both our leading
operating model and the power of our brands, means that we are in
the best possible position to take advantage of enhanced structural
opportunities that we expect to become available in both the UK and
Germany. This will mean that we are in a position of strength to
continue to invest, increase market share, and over-time create
significant value for shareholders."
FY21 Q1 performance summary:
UK like-for-like UK Total Sales UK & International
Sales Growth Growth (1)
Total Sales Growth
----------------- ========================== ====================== ===========================
Q1 Q1 Q1
----------------- ------------------------- ---------------------- ---------------------------
Accommodation (79.4)% (79.1)% (79.0)%
Food & beverage (80.5)% (80.1)% (80.1)%
------------------------- ---------------------- ---------------------------
Total (2) (79.8)% (79.5)% (79.4)%
================== ========================= ====================== ===========================
Q1 = 13-week period ended 28 May 2020 |(1) Includes Germany |(2)
Excludes rental income, TSA & Furlough income
For more information please contact:
Investor queries | Whitbread |
investorrelations@whitbread.com
Media queries | Tulchan Communications, David Allchurch / Jessica Reid | +44 (0) 20 7353 4200
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTQQLFBBDLEBBL
(END) Dow Jones Newswires
July 07, 2020 02:00 ET (06:00 GMT)
Whitbread (LSE:WTB)
Historical Stock Chart
From Apr 2024 to May 2024
Whitbread (LSE:WTB)
Historical Stock Chart
From May 2023 to May 2024