Hotel and restaurant business Whitbread plc (WTB.L) reported Wednesday that its first-half profit before tax fell 22% to 309 million pounds from last year's 395 million pounds.
Earnings per share dropped 18 percent to 121.0 pence from 147.6 pence a year ago.
Adjusted profit before tax was 340 million pounds, compared to prior year's 391 million pounds. Adjusted basic earnings per share were 137.1 pence, compared to last year's 146.1 pence.
In the first half, adjusted EBITDAR, a key earnings metric, dropped 3 percent from last year to 611 million pounds.
The latest results reflected a slightly softer UK demand environment, investment in Accelerating Growth Plan and lower interest receivable, partially offset by positive momentum in Germany.
Statutory revenue was 1.570 billion pounds for the period, compared to prior year's 1.574 billion pounds.
Further, the company announced an interim dividend of 36.4 pence per share, up 7 percent from last year's 34.1 pence, reflecting its confidence in the outlook and the delivery of plans.
The company also announced its intention to launch a further 100 million pounds buy-back to be completed by the time of its preliminary results on May 1, 2025.
Looking ahead, Whitbread said it is making excellent progress on its Five-Year Plan.
As a result, by fiscal 2030, the company expects to increase adjusted profit before tax versus fiscal 2025 by at least 300 million pounds, and generate more than 2 billion pounds for dividends, share buy-backs and, if suitable opportunities arise, additional high-returning investments.
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