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WHITBREAD FY22 H1 Results 26 October 2021 Recovery ahead of expectations and outperforming the market Throughout this release all percentage growth comparisons are made on a two - year basis , comparing the current year ( FY22 ) performance for the 26 weeks to 26 August 2021 to the same period in FY20 ( 26 weeks to 29 August 2019 ) , with FY20 being the last financial period before the onset of the COVID - 19 crisis FY22 H1 highlights • Premier Inn's recovery in H1 was ahead of expectations • • Significant market outperformance in the UK , with Premier Inn total accommodation sales 12.3 pp ahead of the midscale and economy market in H1 , and 13.9 pp ahead in Q2 Expansion continuing at pace in Germany with the total open and committed pipeline now at 73 hotels , with statutory revenue 197.3 % ahead of FY20 Operational update • • • • Recovery in UK demand was very strong post 17 May when leisure overnight stays were permitted with total accommodation sales improving from down 60.9 % and 9.6 % respectively in Q1 and Q2 vs FY20 , and up 10.5 % in August Leisure demand remains strong in the UK into H2 , with business demand improving , resulting in September total accommodation sales up 9.7 % vs FY20 . Occupancy in Germany grew to 47 % in Q2 and over 60 % in August and September Better placed than most to deal with the challenging operating and inflationary environment ( wages , utilities ) Investing in people , marketing and refurbishments capitalising on the recovery and market capacity reduction Remain confident in our ability to execute acquisitions at good returns in Germany Financial summary • . • H1 FY22 statutory revenues were 39.0 % down compared to H1 FY20 as a result of the COVID - 19 restrictions that were in place during the first half : . COVID - 19 restrictions materially impacted the performance of the UK business in the first quarter . Only essential business guests were permitted to stay overnight until 17 May , at which point overnight leisure stays were permitted . Our restaurants were also not permitted to open for indoor service until the same date , with the majority remaining temporarily closed until then . The majority of our hotels and restaurants have operated restriction - free from 19 July . This resulted in UK statutory revenue being down 39.4 % compared to H1 FY20 Restrictions were in place throughout the half in Germany , the impact of which was offset by the growth in the estate , resulting in statutory revenue 197.3 % ahead of H1 FY20 driven by the material growth in the estate The adjusted loss before tax of £ 56.6m benefitted from £ 141.6m1 of COVID - 19 related Government support schemes in the UK and Germany , and the statutory loss before tax of £ 19.3m also benefitted from £ 37.3m of adjusting items credits ( £ 28.6m profit in property disposals and £ 8.7m VAT claim ) The Group retains a strong balance sheet and liquidity position with a cash inflow before debt repayments of £ 106.7m in the half , reflecting the improved trading performance compared to the same period last year . Net cash at the end of H1 was £ 60.2m Outlook • • Sales recovery is ahead of expectations , and while a number of uncertainties remain , UK like - for - like RevPAR run rate has the potential to reach full recovery at some point in 2022 Confident on the return to pre - pandemic UK profit margins , however we will have to wait to assess speed of recovery once we have greater visibility of longer - term inflation and supply chain pressures Driving long - term value • • In the UK , we will continue to grow by leveraging the powerful competitive advantages of our scale , brand , direct distribution , best - in - class operating model , and broad customer reach In Germany , we are expanding at pace , investing in both organic and inorganic growth , and building the Premier Inn brand proposition as we establish a nationwide footprint Whitbread is well - placed to take advantage of the likely accelerated supply contraction in the market and constrained investment amongst independent and budget branded operators in the UK and Germany