The stock market was taken aback by the results from Whitbread for the year to March 3. After weeks of news of low growth and high inflation, it was a shock to hear a story of relentless optimism from a company in the budget hotels business. But is it sustainable?
Statutory revenues were £1.7 billion, 189 per cent up on last year’s £589.4 million and not that far short of the £2.07 billion of two years ago. Pre-tax profit was £58.2 million, compared with a £1 billion loss a year ago and a £280 million profit in 2020. However, the latest profit included £126.5 million of Covid-related UK government support, albeit down from £260.3 million a year ago. Similar German support was £44.3 million compared
