TIDMWTB
RNS Number : 5042D
Whitbread PLC
22 June 2023
Total revenue up 19%, strong trading momentum and positive
outlook
Throughout this release percentage growth comparisons are made
comparing Q1 FY24 performance for the 13 weeks to 1 June 2023 with
the same period in FY23, unless stated otherwise
Summary
-- Premier Inn UK delivered an outstanding performance during the first quarter:
o Total UK accommodation sales were up 18% vs FY23 and UK LFL
accommodation sales up 16% vs FY23 with strong demand from both
business and leisure guests across the Regions and London
o RevPAR +16% ahead of FY23 and +40% vs FY20. Continued
outperformance versus the wider midscale and economy ('M&E')
market(1) with a RevPAR premium of GBP6.18 (Q1 FY23: GBP5.76)
o UK food and beverage ('F&B') sales were 10% ahead vs FY23
which benefited from several commercial initiatives put in place
during the second half of FY23
-- Premier Inn Germany also made good progress, led by our
cohort of 18 more established hotels which is continuing to mature
in line with our expectations. RevPAR for this cohort increased to
EUR63 (Q1 FY23: EUR44) and total RevPAR for the entire German
estate increased to EUR55 (Q1 FY23: EUR35)
-- The strength of our overall performance and forward booked
position has increased our confidence in being able to deliver a
strong first half result in FY24
-- Trading momentum is strong and we remain positive about the full year outlook
-- GBP300m share buy-back is on-track with 3.1m shares purchased
so far at a total cost of c.GBP103m
-- Interim results will be announced on 18 October 2023
Dominic Paul, Chief Executive said:
"In the UK, our market leading brand and value-led customer
proposition is continuing to deliver impressive revenue growth and
a healthy RevPAR premium versus the wider M&E market. The
structural reduction in hotel supply, coupled with strong consumer
demand, is highlighting the strengths of our differentiated
business model, as evidenced by our continued strong performance.
Our forward booked position into Q2 underpins our confidence in
being able to deliver a strong first half result.
"In Germany, we now have 56 hotels with 10,000 rooms open, and a
further 32 hotels and 6,000 rooms in the pipeline. Overall market
demand continued to recover during the first quarter. Our cohort of
18 more established hotels is continuing to perform in line with
the market and we have been encouraged by the performance of our
less mature cohorts that are starting to follow a similar
trajectory. The continued recovery of the wider German market, the
performance of our more established hotels and encouraging guest
scores across all of our hotels mean we remain confident in
achieving our long-term target of 10-14% returns on capital.
"Our business is in great shape and trading well. Given the lack
of branded supply growth and permanent decline in the independent
sector, I am confident that our business model will continue to
deliver as we strengthen Premier Inn's position in the UK, unlock
our potential in Germany and maximise long-term returns for our
shareholders."
Q1 Financial Performance(2)
vs last year (FY23)
------------------ --------------------------
UK Germany (2) Total
------------------ ---- ------------ ------
Sales growth:
Accommodation 18% 129% 23%
------
Food
&
beverage 10% 100% 12%
Total 16% 124% 19%
================== ==== ============ ======
Like-for-like
sales
growth:
Accommodation 16% 66% 18%
------
Food
&
beverage 9% 47% 10%
------
Total 14% 63% 15%
------------------ ==== ============ ======
1: STR data, standard basis, 3 March 2023 to 1 June 2023,
M&E market excludes Premier Inn
2: LFL sales in Germany: FY23 : 38 sites
Q1 performance
Consumer demand in the UK has remained strong and Premier Inn
delivered an excellent operational and financial performance.
Whilst there was good revenue growth in both the Regions and
London, demand was particularly strong in London that led to a
marked increase in ARRs. We opened 348 new rooms across the UK and
Ireland and remain on course to open a total of 1,500-2,000 new
rooms in FY24, most of which will open in the second half of the
year.
In F&B, the encouraging start to the quarter has continued
and total sales were up 10% versus last year. While trading at the
value end of the pub restaurant market remains challenging, we have
been pleased with the positive impact of a number of commercial
initiatives introduced in FY23. We are continuing to explore a
variety of options to optimise our F&B offer whilst maintaining
a quality experience for our Premier Inn guests.
In Germany, the recovery in market demand continued during the
first quarter. We have 56 open hotels and a further 32 in the
pipeline and remain on course to open 1,000-1,500 rooms in FY24.
Our cohort of 18 more established hotels continues to trade in line
with the wider market, achieving a RevPAR of EUR63 (Q1 FY23: EUR44)
which is 45% ahead of the same period last year.
Outlook
With strong trading momentum across the Group, we remain
confident in the full year outlook. Forward booked revenue in the
UK is well ahead of last year and in Germany we remain on course
and expect to reach break-even on a run-rate basis during calendar
year 2024.
Extension of existing debt facility
The Group is pleased to have extended its existing GBP775m
revolving credit facility (RCF), that remains undrawn, for a
further 12 months to May 2028 . The five-year facility is provided
by a syndicate of seven banks led by Banco Santander, Barclays,
NatWest and Bank of China. The RCF has variable interest rates with
GBP linked to SONIA and EUR being linked to EURIBOR .
For more information please contact:
Investor Relations - Whitbread
investorrelations@whitbread.com
Peter Reynolds, Director of Investor Relations
peter.reynolds@whitbread.com
Sophie Nottage, Investor Relations Manager
sophie.nottage@whitbread.com
Media - Teneo whitbread@teneo.com
Jessica Reid +44 (0) 20 7353 4200
A live Q&A teleconference for investors and analysts will be
hosted by Dominic Paul and Hemant Patel at 8:00am BST on 22 June
2023. Details to join are noted below. An on-demand version will be
made available on the Group's website: (
www.whitbread.com/investors/results-reports-and-presentations )
later today.
Q&A teleconference participant dial-in numbers:
Start time - 8:00am BST
United Kingdom (Local): 020 3936 2999
All other locations: +44 203 936 2999
Participant Access Code: 804213
Appendix
1) Premier Inn UK key performance indicators
FY23 FY24
============================ ================================================================ =============
Q1 Q2 Q3 Q4 Full Q1 Q1 (2)
Year
%
============================ ========= ========= ========= ========= ========= ========= =============
London
Occupancy (full inventory) 83.4% 87.1% 87.3% 76.8% 83.6% 81.2% (2.2)pp
Average room rate (GBP) 85.57 102.60 107.06 93.07 97.31 111.71 30.5%
Revenue per available
room (GBP) 71.38 89.37 93.46 71.50 81.37 90.76 27.2%
Total accommodation sales
(GBPm) 91.1 114.2 119.9 94.0 419.3 120.8 32.5%
============================ ========= ========= ========= ========= ========= ========= =============
Regions
Occupancy (full inventory) 82.4% 87.1% 85.1% 75.7% 82.6% 83.1% 0.7pp
Average room rate (GBP) 63.37 74.87 68.20 58.54 66.54 71.06 12.1%
Revenue per available
room (GBP) 52.23 65.20 58.03 44.31 54.94 59.06 13.1%
Total accommodation sales
(GBPm) 326.3 408.4 363.1 277.9 1,375.7 372.0 14.0%
============================ ========= ========= ========= ========= ========= ========= =============
Total
Occupancy (full inventory) 82.6% 87.1% 85.5% 75.9% 82.7% 82.8% 0.2pp
Average room rate (GBP) 67.17 79.57 74.95 64.60 71.84 78.02 16.1%
Revenue per available
room (GBP) 55.48 69.30 64.06 49.02 59.45 64.59 16.4%
Total accommodation sales
(GBPm) 417.4 522.6 483.0 371.9 1,795.0 492.8 18.0%
============================ ========= ========= ========= ========= ========= ========= =============
RevPAR premium vs M&E +GBP5.76 +GBP5.35 +GBP4.56 +GBP4.32 +GBP4.97 +GBP6.18 +GBP0.42
market(1)
============================ ========= ========= ========= ========= ========= ========= =============
F&B
Total food and beverage
sales (GBPm) 176.2 181.8 177.7 177.1 712.7 193.7 9.9%
============================ ========= ========= ========= ========= ========= ========= =============
Total UK sales (GBPm) 593.6 704.4 660.7 549.0 2,507.7 686.5 15.6%
============================ ========= ========= ========= ========= ========= ========= =============
2) Premier Inn Germany key performance indicators
FY23 FY24
============================ ====== ====== ====== ====== ====== ====== =======
Q1 Q2 Q3 Q4 Full Q1 Q1
Year (2)
%
============================ ====== ====== ====== ====== ====== ====== =======
Occupancy (full inventory) 57.1% 69.0% 61.9% 50.0% 59.4% 64.5% 7.4pp
Average room rate (EUR) 61.85 67.61 88.30 69.05 72.30 84.81 37.1%
Revenue per available room
(EUR) 35.31 46.66 54.67 34.56 42.94 54.67 54.8%
Total accommodation sales
(EURm) 21.0 31.5 38.2 25.5 116.1 46.2 120.4%
============================ ====== ====== ====== ====== ====== ====== =======
Total food and beverage
sales (EURm) 4.0 5.4 5.9 4.9 20.2 7.7 92.5%
Total sales (EURm) 24.9 36.9 44.1 30.4 136.3 53.8 115.9%
============================ ====== ====== ====== ====== ====== ====== =======
Notes:
1: RevPAR STR data, standard inventory basis, 4 March 2022 to 1
June 2023, M&E market excludes Premier Inn
2: Sales growth versus FY23
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END
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