Whitbread lines-up £300m share buyback as profits soar
- The firm said it received a boost from constrained supply in the UK hotel sector
- Whitbread declared profits rose to £293m for the six months ending August
- Trade was supported by the continued recovery in leisure and business travel
Premier Inn’s parent company has launched another £300million share buyback after first-half profits rose by a quarter on bumper demand.
FTSE 100-listed Whitbread’s statutory profits rose to £293million for the six months ending August, from £234million in the equivalent period last year.
Due to the strength of its result, the business lined-up a further £300milllion share repurchase, having just completed one earlier this month.
In addition, the group has announced a 40 per cent hike in its interim dividend to 34.1p per share, set to be paid out in early December.
Whitbread shares were the top riser on the FTSE 100 on Wednesday morning, up 4 per cent at £34.55, having grown by around a third over the past 12 months.
Sweet dreams: Premier Inn owner Whitbread has launched a £300million share buyback
Revenues
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