Whitbread: stock down after trading update
(CercleFinance.com) - The Whitbread share is down over 3% in London, sold off after the hotel and catering group's trading update for H1 2020, which was a period that was blighted by closures of many outlets due to the health crisis.
The British company, which notably owns the Premier Inn hotel chain, saw its revenues dive 76.8% worldwide, with a 77.2% decline in the UK (-77.6% on a like-for-like basis) over this period.
As a result, Whitbread has announced its intention to enter into a consultation process that could result in up to 6,000 redundancies in the UK - it hopes that a significant proportion of these job cuts will be voluntary departures.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The British company, which notably owns the Premier Inn hotel chain, saw its revenues dive 76.8% worldwide, with a 77.2% decline in the UK (-77.6% on a like-for-like basis) over this period.
As a result, Whitbread has announced its intention to enter into a consultation process that could result in up to 6,000 redundancies in the UK - it hopes that a significant proportion of these job cuts will be voluntary departures.
Copyright (c) 2020 CercleFinance.com. All rights reserved.