Whitbread, a hotel-and-restaurant company listed on the FTSE 100, has announced a significant increase in revenue and pretax profit for the first half of its fiscal year 2024.
The company's reported revenue for this period amounted to £1.57 billion, compared to £1.35 billion the previous year. This growth can be attributed to higher occupancy rates and increased sales in the food and beverage sector. While the revenue consensus was projected at £1.59 billion according to a FactSet consensus of three analysts, Morgan Stanley estimated it to be £1.58 billion, and Visible Alpha consensus stood at £1.54 billion.
Whitbread also witnessed a substantial surge in pretax profit, with a recorded figure of £395.1 million for the six months ended September 1. This is a significant increase compared to the £307.4 million pretax profit reported during the same period the previous year. The Visible Alpha consensus for pretax profit amounted to £345 million.
Whitbread made several notable announcements alongside its financial results:
The company revealed plans for a second buyback program, with a value of £300 million. This initiative aims to strengthen the company's position and create further value for its shareholders.
Whitbread decided to increase its interim dividend to 31.4 pence per share, up from 24.4 pence previously. However, the Visible Alpha dividend consensus expected a slightly higher figure at 36.4 pence.
In addition, Whitbread projects total disposal proceeds ranging from £50 million to £100 million from property disposals already announced or anticipated in the second half of fiscal year 2024.
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