DUNSTABLE (dpa-AFX) - Whitbread Plc (WTB.L), a UK hospitality company, Tuesday reported significantly-lower first-half profit before tax, driven primarily by impairment charges associated with the group's strategic review and the Accelerating Growth Plan.
Profit before tax declined to £109.1 million from £287.2 million a year earlier, mainly reflecting £177.7 million non-cash impairment charges.
Excluding one-time items, adjusted profit before tax was £286.8 million, down from £315.6 million a year earlier.
Operating profit declined to £206.2 million from £366.5 million last year. Adjusted operating profit dropped to £383.9 million from £394.9 million.
Net profit for the period fell to £61.7 million or 36.5p per share from £216.9 million or 122.6p per share a year ago.
Adjusted profit declined to £209.6 million or 124.1p per share from £234.4 million or 132.5p per share.
Adjusted EBITDAR (Earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) edged up 1% to £608 million.
Revenue rose 2% to £1.572 billion from £1.541 billion in the previous year.
The Board has declared an interim dividend of 36.4p per share, to be paid on December 4, to shareholders on the register on October 30.
On the LSE, Whitbread shares closed up 1.29% at 2,510p on Monday.
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