Whitbread : Very good 2022 results, return of dividends; Outperform rating maintained
>Results exceeded expectations; return of dividends - Whitbread has this morning reported its 2021/22 annual results to the end of February. Group revenues came in at £ 1,703m, above expectations (ODDO BHFe £ 1,560m and FactSet consensus £ 1,667m). That means an increase of 189% yoy and a decline of just 18% on pre-crisis levels (-16% organic), bearing in mind that the 2022 financial year benefited from one more day than 2021. The strong recovery was initiated from Q2...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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