Whitbread PLC said Tuesday that it swung to pretax loss for fiscal 2021 as revenue fell due to the effect of the coronavirus pandemic in both the U.K. and Germany, and that it expects a significant bounce in leisure demand at its tourist locations during the summer.
The owner of budget hotel chain Premier Inn said that for the 52 weeks ended Feb. 25 pretax loss was 1.01 billion pounds ($1.40 billion) compared with a pretax profit of GBP280.0 million for fiscal 2020.
The company also reported a swing to adjusted pretax loss–a metric that strips out exceptional and other one-off items–of GBP635.1 million, compared with a profit of GBP358.3 million the year before and a consensus loss for the year of GBP760.7 million, as taken from FactSet and based on 12 analysts’ forecasts.
Revenue fell to GBP589.4 million from GBP2.07 billion in the year-ago period. Revenue consensus for the year, as taken from FactSet and based on 19 analysts’ forecasts, was GBP628.7 million.