Whitbread, the hotel and restaurant operator, has reported a statutory loss before tax of £1bn, as revenue fell 71.5% to £589.4m during a year of lockdowns and restrictions.

In preliminary results for FY2021, the group said the performance reflected the significant Covid-19 restrictions that were in place for the majority of the year in both the UK and Germany

Whitbread successfully completed a £1bn Rights Issue in June 2020, strengthened its balance sheet and financial flexibility

In February 2021, £550m worth of Green Bonds were issued, providing further financial flexibility, while also underlining the group’s sustainability credentials.

The group expects to invest more than £350m of capital in this financial year.

In the UK, 92% of its hotels are open, with a full reopening of restaurants planned for 17 May.

Strong demand is expected for ‘staycations’ in UK tourist destinations throughout the summer, with business and event-led leisure demand starting to gradually recover thereafter.

For the full year, total food and beverage sales were down 74.4%, which included periods of full closure across the three national lockdowns.

After the third national lockdown, 114 restaurants have reopened in April 2021 to serve customers primarily outdoors, with the full restaurant estate expected to reopen from 17 May 2021.