Whitbread 1H sales a tad short, but new share buyback announced

18th Oct 2023 07:38

(Sharecast News) - Premier Inn owner Whitbread's topline growth at the half-year stage fell short of analysts' estimates, but the company was confident on the outlook.

It also unveiled an additional £300m share buyback programme.

Statutory revenues grew by 17% to £1.57bn, compared to the consensus estimate for £1.59bn, according to Dow Jones Newswires.

The Bloomberg analyst consensus on the other hand was for £1.518bn in revenues.

Profit before tax, on that same basis, was up by 29% on a year earlier to reach £395m, for basic earnings per share of 147.6p.

Net cash at period end reduced from £182m to £67m.

The interim dividend was raised by 40% to 34.1p per share.

Management also sounded a confident note on the full-year outlook, saying that leisure and business demand remained "strong".

Indeed, Whitbread said that the positive drivers seen over the half had continued into the first six weeks of the third quarter "with sustained strong levels of demand across both leisure and business and in London and the Regions."

-- More to follow --