whitbread
UK-based hospitality group Whitbread said its growth plan will result in the reduction of around 1,500 roles out of a total UK workforce of 37,000. The company said the plan will optimize its food and beverage offer through converting 112 and exiting 126 branded restaurants. The group plans to unlock 3,500 new room extensions that will see it reach at least 97,000 open rooms in the UK by fiscal 2029. Whitbread said the plan will drive increased margins and returns for its UK business. The company noted that the one-off impact of a £20 million to £25 million ($25.1 million to $31.4 million) red...
DPA Breaking News
Whitbread plc (LON:WTB)’s full-year revenue rose from £589m to £1.7bn, beating market expectations and 17.8% down on pre-pandemic levels. There was strong recovery across the portfolio as the group lapped the previous year which was heavily impacted by restrictions. Underlying cash profit (EBITDA) improved from a loss of £194.9m to a profit of £472.6m, 37.2% down on pre-covid levels. Q1 2022 hedge fund letters, conferences and more Cost inflation is running higher than expected, at around 8-9%. However, the group aims to offset this through cost reduction, estate growth and increased prices. T...
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