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Whitbread dropped to the bottom of the FTSE 100 in early trading on Tuesday, after results for the company’s full financial year showed little sign of a pick-up in growth at the start of 2017.
Profits in the year to March 2 grew more slowly than revenues, and the preferred performance measure at the company’s Premier Inn hotel chain – revenue per available room – slipped by 0.6 per cent.
Analysts at JPMorgan Cazenove said the company had shown “no marked improvement” since a disappointing trading update in January, and said “market expectations might still be marginally too optimistic on capital expenditure spend” for the year ahead.
At publication time, shares in Whitbread were down 6.6 per cent, at £40.25.