Overview

• Overall UK sales fell 5% in the first quarter, driven by a 16% drop in food and drink revenue as pub and restaurant operations are restructured.
• Accommodation revenues in London rose 3.9%, outpacing the national average despite broader market challenges.
• German operations delivered a 15% sales increase quarter on quarter and are on track to turn profitable this year.
• The Accelerating Growth strategy includes converting 112 food and drink sites into hotels, adding over 3,500 rooms and generating up to £300m from property disposals so far.
• Forward bookings remain above last year’s levels, reinforcing confidence in reaching a £300m incremental profit target by 2030.