Whitbread : Very good surprises in Q2 2021-22, Outperform rating reiterated
>A strong upturn in Q2 - Whitbread this morning published its H1 2021-22 results to end-August. Group revenues stood at £ 662m vs our estimate of £ 628m and the consensus of £ 682m. This highlights a spectacular recovery in Q2, with revenues down just 9.6% for the hotel sector in the UK compared to 2019 vs -61% in Q1. This marks a ramp-up, as we expected, driven by the domestic leisure demand and echoing the RevPAR figures posted in the summer in the UK due to restri...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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