Whitbread : Full-year results in line but planned share buybacks and divestments are good news. Outperform rating confirmed
>Full-year results in line with expectations. Disposal of 126 restaurants and share buyback programme - Whitbread just reported its FY 2023 results (to end-February 2024), which are good quality and broadly in line with expectations. Group revenues, at € 2.96bn (ODDO BHFe at £ 2.925bn, FactSet consensus at £ 2.988bn), came in 13% higher y-o-y, vs 17% in H1, or growth of 9% in H2, which reflects, as expected, tougher comps and a normalisation of growth in UK hotels. Gr...Whitbread is a hospitality company. Co. serves its customers in the U.K. and beyond through its two businesses: Premier Inn and Restaurants; and Costa. Premier Inn is a hotel business, with over 760 hotels and more than 68,000 rooms as of Mar 2 2017. Co.'s hotel are located alongside its own restaurant brands. Co. also have hotels in the Middle East, and Germany, with more hotels in the pipeline. Costa is the coffee shop, with over 2,200 coffee shops in the U.K., over 1,300 stores in 29 international markets and over 6,800 Costa Express self-serve units as of Mar 2 2017.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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