Whitbread PLC (LSE:WTB) is still topping the FTSE 100 leaderboard, with its shares up 3%.
Barclays analyst Vicki Stern says she thinks the first-quarter numbers are "no major event today", adding that they were "largely in line with expectations".
What's more, she said the full-year consensus may be slightly lowered due to softer revenue per available room (revPAR), though this is partly offset by lower costs.
The tone of the outlook was positive, Stern felt.
There's more of a flourish in the comments from Richard Hunter, head of markets at Interactive Investor, who says: "Whitbread may not have fully recovered from the ravages wrought by the pandemic, but progress is continuing apace as the group continues to build on its position as the UK’s largest hotel chain."
He adds: "Challenges inevitably remain, not least of which is the fact that heightened borrowing costs and pressure on disposable customer incomes are real headwinds, both in the UK and Germany. In addition, while the shares are now 44% higher than when Covid first hit, they remain down by 29% to the level just prior to the pandemic. In addition, some of the competitors in the sector benefit from geographical diversification, whereas Whitbread’s footprint is more confined.
"However, a clear recovery from the pandemic is ongoing, with cost inflation and efficiencies adding to the positive mix."