Premier Inn owner Whitbread Plc on Tuesday reported its annual profit above pre-pandemic levels, beating expectations, buoyed by strong demand for accommodation and leisure travel in the wake of holiday periods devoid of COVID-19 restrictions.
The signage of a Premier Inn Hotel is seen in Liverpool City Centre in Liverpool, Merseyside, Britain September 22, 2020. REUTERS/Jason Cairnduff/File Photo/File Photoon Tuesday reported its annual profit above pre-pandemic levels, beating expectations, buoyed by strong demand for accommodation and leisure travel in the wake of holiday periods devoid of COVID-19 restrictions.
Budget hotel chains and airlines have seen robust demand as consumers restrict spending on the back of a deepening cost-of-living squeeze. Hopes that Whitbread's key markets - the UK and Germany - could avoid recession also boosted business prospects for the London-listed firm. The company said strong trading has continued into the new financial year, with its UK accommodation sales up 17% in the seven weeks ended April 20 from the year-ago period.The company, which also owns steakhouses Beefeater and Bar+Block, reported adjusted profit before tax of 413 million pounds for the 52-week period ended March 2, compared with average analysts' estimate of 378.3 million pounds, according to Refinitiv Eikon data.
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