It wasn’t quite a clean sweep, but the market has taken a glass-half-full view of Whitbread PLC's (LSE:WTB) latest results.
Shares in the Premier Inn owner jumped 4% in early trading as investors responded positively to signs that trading isn’t quite as soft as feared and to news of a further £250 million share buyback.
Adjusted pre-tax profit for the year to February 27 came in at £483 million, just shy of expectations, and earnings per share slipped 6% to 195p.
Performance in Germany continues to edge forward, with modest losses expected to turn into a profit this year.
Shore Capital called the results a “mixed bag”.
While revenues per room in the UK remain under pressure, the gap to the wider market is closing.
Cost-saving guidance has been upgraded, with the company now targeting £60 million in efficiencies this year.
The big picture? Growth remains the longer-term story, especially in Germany, but for now, it’s the buyback doing the heavy lifting.
The stock rose 106.89p to 2,701.69p.