TIDMWTB
RNS Number : 3136Z
Whitbread PLC
11 January 2024
Continued strong performance in the UK
and encouraging performance in Germany
Throughout this release percentage growth comparisons are
comparing Q3 FY24 performance for the 13 weeks to 30 November 2023
to the same period in FY23, unless stated otherwise.
Q3 FY24 highlights
-- Premier Inn UK:
o Total accommodation sales up 11% with strong demand in both
London and the Regions
o Total RevPAR up 9% and up 39% versus FY20 with high occupancy
and strong pricing
o Continued outperformance versus the midscale and economy
('M&E') sector with an increased RevPAR premium of GBP6.06 (Q3
FY23: GBP4.48)(1)
o Food and beverage ('F&B') continued to perform well with
sales up 6%
-- Premier Inn Germany:
o Total accommodation sales up 47%(2) , led by the continued
expansion of our estate
o Total estate RevPAR was EUR60 and RevPAR of our more
established hotels was EUR66, in line with the wider M&E
market
-- GBP300m share buy-back: on-track with 6.8m shares purchased
so far for a total consideration of GBP226m
Q3 FY24 summary
Q3 Q3 YTD
UK Germany Total UK Germany Total
(2) (2)
--------------------- ----- -------- ------ ----- -------- ------
Sales growth:
Accommodation +11% +47% +13 % +14% +67% +17 %
------ ----- -------- ------
Food & beverage +6% +51% +7 % +9% +65% +10 %
------ ------
Total +9% +47% +11 % +12% +67% +15 %
===================== ===== ======== ====== ===== ======== ======
Like-for-like sales
growth:
Accommodation +9% +14% +9 % +12% +25% +12 %
------ ----- -------- ------
Food & beverage +6% +18% +6 % +8% +25% +9 %
------ ----- -------- ------
Total +8% +14% +8 % +11% +25% +12 %
--------------------- ===== ======== ====== ===== ======== ======
Current trading(3) and FY24 guidance
-- Strong trading has continued into Q4 with UK accommodation
sales 12% ahead of FY23 with RevPAR up 10% versus FY23 and 39%
ahead of FY20
-- UK F&B sales were up 7% versus FY23 following a robust
trading performance over the festive period
-- In Germany, total accommodation sales were 61% ahead of
FY23(2) and we remain comfortable with our FY24 guidance of a
pre-tax loss between GBP30m and GBP40m
-- No change to our previous FY24 guidance given at our interim results in October
Outlook and FY25 guidance
-- We expect net UK cost inflation between 3% and 4% on our
GBP1.7bn - GBP1.8bn cost base, including operational efficiencies
of between GBP40m and GBP50m
-- With a positive forward booked position in the UK, a
favourable supply environment, a clear commercial plan and cost
efficiencies, we remain confident in the FY25 outlook
-- In Germany, we remain on-track to break-even on a run-rate basis during calendar year 2024
Notes:
1: STR data, standard basis, 1 September 2023 to 30 November
2023, M&E market excludes Premier Inn
2: Germany sales growth in GBP
3: Five week period to 4 January 2024
Comment from Dominic Paul, Chief Executive:
"Our teams have delivered another strong set of results. In the
UK, we continued to see robust demand for our hotels driving high
levels of occupancy and strong pricing. Our focus on delivering a
high quality proposition at a great price meant that Premier Inn UK
has continued to outperform the M&E market. In Germany, we
performed well in what is an important trading period with a large
number of leisure and business events; we remain on course to
break-even on a run-rate basis during calendar year 2024.
"We continue to execute against our strategic priorities at pace
and given the structural shift in UK hotel supply, positive current
trading, a clear commercial plan and our ongoing focus on driving
cost efficiencies, we remain confident in the outlook."
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
Kirsten O'Reilly, Investor Relations Manager
kirsten.oreilly@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
held at 9:15am GMT on 11 January 2024. Details to join are noted
below. An on-demand version of this will be made available on the
website (
www.whitbread.com/investors/results-reports-and-presentations )
shortly after.
Q&A teleconference participant dial-in numbers:
Start time - 9:15am GMT
United Kingdom (Local): 020 3936 2999
Participant Access Code: 092577
Appendix
1) Premier Inn UK key performance indicators
Q1 Q2 Q3 YTD
================================== ========= ========= ========= =========
London
Occupancy (full inventory) 81.2% 86.7% 86.3% 84.7%
Average room rate (GBP) 111.71 116.39 115.78 114.69
Revenue per available room (GBP) 90.76 100.91 99.90 97.20
Total accommodation sales (GBPm) 120.8 134.6 133.7 389.1
================================== ========= ========= ========= =========
Regions
Occupancy (full inventory) 83.1% 85.9% 84.7% 84.6%
Average room rate (GBP) 71.06 84.38 75.07 76.91
Revenue per available room (GBP) 59.06 72.49 63.55 65.03
Total accommodation sales (GBPm) 372.0 456.7 401.3 1,229.9
================================== ========= ========= ========= =========
Total
Occupancy (full inventory) 82.8% 86.0% 84.9% 84.6%
Average room rate (GBP) 78.02 90.01 82.30 83.52
Revenue per available room (GBP) 64.59 77.45 69.90 70.65
Total accommodation sales (GBPm) 492.8 591.3 534.9 1,619.0
================================== ========= ========= ========= =========
RevPAR premium vs M&E market(1) +GBP6.01 +GBP7.01 +GBP6.06 +GBP6.36
================================== ========= ========= ========= =========
F&B
================================== ========= ========= ========= =========
Total food and beverage sales
(GBPm) 193.7 201.4 187.9 582.9
================================== ========= ========= ========= =========
Total UK sales growth (GBPm) 686.5 792.6 722.8 2,201.9
================================== ========= ========= ========= =========
2) Premier Inn Germany key performance indicators
Q1 Q2 Q3 YTD
================================== ====== ====== ====== ======
Occupancy (full inventory) 64.5% 64.0% 65.8% 64.8%
Average room rate (EUR) 84.81 80.12 90.53 85.26
Revenue per available room
(EUR) 54.67 51.29 59.59 55.23
Total accommodation sales (EURm) 46.2 47.3 56.3 149.8
================================== ====== ====== ====== ======
Total food and beverage (EURm) 7.7 8.3 9.0 24.9
Total sales (EURm) 53.8 55.6 65.3 174.7
================================== ====== ====== ====== ======
Notes:
1: STR data, standard basis, 3 March 2023 to 30 November 2023,
M&E market excludes Premier Inn
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