The Whitbread Plc Board has declared an increased interim dividend of 34.1 pence per share (H1 FY23: 24.4 pence), reflecting the Group's performance in the first half, its strong balance sheet, continued current trading momentum and confidence in the full year outlook. This will result in a total interim dividend payment of £66m. The interim dividend will be paid on 8 December 2023 to all shareholders on the register at the close of business on 3 November 2023. Shareholders will be offered the option to participate in a dividend re-investment plan. The Group's dividend policy is to grow the dividend broadly in line with earnings across the cycle.
Other Financial Highlights Include:
• Premier Inn UK: total UK accommodation sales were 15% ahead of H1 FY23 and 55% above H1 FY20, with strong RevPAR growth in both London and the Regions
• F&B sales increased by 10% vs H1 FY23, driven by a return to year-on-year growth in covers and spend per head
• Premier Inn Germany: total accommodation sales were up 82% vs H1 FY23 reflecting further room openings and the progressive maturity of the existing estate
• Group statutory revenue increased by 17% vs H1 FY23 to £1,574m
• Despite ongoing inflationary pressures, adjusted profit before tax increased by 44% to £391m, including reduced adjusted losses before tax in Germany of £14m; £4m of adjusting items meant that statutory profit before tax increased by 29% to £395m
• Strong cashflow generation: adjusted operating cash flow increased by £73m to £483m funding further investment in the UK and Germany as well as £364m paid to shareholders during the first half
• Strong balance sheet: lease-adjusted net debt: adjusted EBITDAR† of 2.5x
