| MarketLine Industry Profile |
| Travel & Tourism in the United Kingdom |
| March 2023 |
| Reference Code: 0183-2806 |
Publication Date: March 2023
Primary NAICS: 72
Secondary NAICS: 561510,481111,713210,4821 |
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1. Executive Summary
1.1. Market value
The United Kingdom travel & tourism industry grew by 72.3% in 2022 to reach a value of $223 billion.
1.2. Market value forecast
In 2027, the United Kingdom travel & tourism industry is forecast to have a value of $323.8 billion, an
increase of 45.2% since 2022.
1.3. Category segmentation
Food service is the largest segment of the travel & tourism industry in the United Kingdom, accounting for
35.7% of the industry’s total value.
1.4. Geography segmentation
The United Kingdom accounts for 14.3% of the European travel & tourism industry value.
1.5. Market rivalry
The travel and tourism industry is dominated by large international players across all segments, who
compete intensely among themselves and with numerous smaller independent players. This intensifies
rivalry.
1.6. Competitive landscape
The UK travel and tourism industry comprises a mixture of B2B and B2C industries and markets. For the
purpose of this competitive landscape, the analysis will focus on the hotels and motels, foodservice, and
travel intermediaries’ segments. Together, these segments account for 75.4% of the total UK travel and
tourism industry’s value. The foodservice industry is characterized by the presence of several large-scale
multinational companies, including McDonald’s and Greene King, that operate alongside smaller,
independent foodservice outlets. Similarly, in the hotels and motels industry, large-scale players such as
Whitbread, Travelodge, InterContinental Hotels Group, and AccorHotels dominate, but operate alongside
many smaller, independent competitors. The travel intermediaries’ market is dominated by large players,
including Booking Holdings, Expedia Group, TUI, and Travelport Worldwide.
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TABLE OF CONTENTS
1. Executive Summary2
1.1. Market value…………………………………………………………………………………………………………………………….2
1.2. Market value forecast………………………………………………………………………………………………………………..2
1.3. Category segmentation………………………………………………………………………………………………………………2
1.4. Geography segmentation …………………………………………………………………………………………………………..2
1.5. Market rivalry …………………………………………………………………………………………………………………………..2
1.6. Competitive landscape ………………………………………………………………………………………………………………2
2. Market Overview9
2.1. Market definition ………………………………………………………………………………………………………………………9
2.2. Market analysis…………………………………………………………………………………………………………………………9
3. Market Data11
3.1. Market value…………………………………………………………………………………………………………………………..11
4. Market Segmentation12
4.1. Category segmentation…………………………………………………………………………………………………………….12
4.2. Geography segmentation …………………………………………………………………………………………………………14
5. Market Outlook15
5.1. Market value forecast………………………………………………………………………………………………………………15
6. Five Forces Analysis16
6.1. Summary ………………………………………………………………………………………………………………………………..16
6.2. Buyer power……………………………………………………………………………………………………………………………18
6.3. Supplier power………………………………………………………………………………………………………………………..20
6.4. New entrants ………………………………………………………………………………………………………………………….22
6.5. Threat of substitutes………………………………………………………………………………………………………………..24
6.6. Degree of rivalry ……………………………………………………………………………………………………………………..25
7. Competitive Landscape27
7.1. Who are the leading players in the foodservice industry? …………………………………………………………….27
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7.2. What strategies do these leading players follow? ………………………………………………………………………..27
7.3. How is technology being used by these leading companies?…………………………………………………………28
7.4. How are consumer and cultural trends impacting foodservice companies?…………………………………….28
7.5. Who are the leading players in the hotels and motels industry? ……………………………………………………29
7.6. What strategies do the leading players follow? …………………………………………………………………………..30
7.7. What are the strengths of leading players?…………………………………………………………………………………31
7.8. How is technology being used by these leading companies?…………………………………………………………31
7.9. What have been the most recent developments in the hotels and motels industry? ……………………….31
8. Company Profiles33
8.1. McDonald’s Corp……………………………………………………………………………………………………………………..33
8.2. Domino’s Pizza, Inc. …………………………………………………………………………………………………………………39
8.3. InterContinental Hotels Group Plc……………………………………………………………………………………………..44
8.4. Travelodge Hotels Ltd. (Inactive) ……………………………………………………………………………………………….49
8.5. J D Wetherspoon plc ………………………………………………………………………………………………………………..50
8.6. Whitbread PLC ………………………………………………………………………………………………………………………..54
8.7. Booking Holdings Inc………………………………………………………………………………………………………………..60
8.8. Expedia Group Inc……………………………………………………………………………………………………………………64
8.9. Travelport Worldwide Ltd…………………………………………………………………………………………………………68
8.10. TUI Group……………………………………………………………………………………………………………………………….70
9. Macroeconomic Indicators75
9.1. Country data …………………………………………………………………………………………………………………………..75
Appendix 77
Methodology ………………………………………………………………………………………………………………………………………..77
9.2. Industry associations ……………………………………………………………………………………………………………….78
9.3. Related MarketLine research…………………………………………………………………………………………………….79
About MarketLine………………………………………………………………………………………………………………………………….80
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LIST OF TABLES
Table 1: United Kingdom travel & tourism industry value: $ billion, 2017–22(e) 11
Table 2: United Kingdom travel & tourism industry category segmentation: % share, by value, 2017–2022(e) 12
Table 3: United Kingdom travel & tourism industry category segmentation: $ billion, 2017-2022 12
Table 4: United Kingdom travel & tourism industry geography segmentation: $ billion, 2022(e) 14
Table 5: United Kingdom travel & tourism industry value forecast: $ billion, 2022–27 15
Table 6: McDonald’s Corp: key facts 33
Table 7: McDonald’s Corp: Annual Financial Ratios 35
Table 8: McDonald’s Corp: Key Employees 36
Table 9: McDonald’s Corp: Key Employees Continued 37
Table 10: McDonald’s Corp: Key Employees Continued 38
Table 11: Domino’s Pizza, Inc.: key facts 39
Table 12: Domino’s Pizza, Inc.: Annual Financial Ratios 41
Table 13: Domino’s Pizza, Inc.: Key Employees 42
Table 14: Domino’s Pizza, Inc.: Key Employees Continued 43
Table 15: InterContinental Hotels Group Plc: key facts 44
Table 16: InterContinental Hotels Group Plc: Annual Financial Ratios 45
Table 17: InterContinental Hotels Group Plc: Key Employees 46
Table 18: InterContinental Hotels Group Plc: Key Employees Continued 47
Table 19: InterContinental Hotels Group Plc: Key Employees Continued 48
Table 20: Travelodge Hotels Ltd. (Inactive): key facts 49
Table 21: J D Wetherspoon plc: key facts 50
Table 22: J D Wetherspoon plc: Annual Financial Ratios 52
Table 23: J D Wetherspoon plc: Key Employees 53
Table 24: Whitbread PLC: key facts 54
Table 25: Whitbread PLC: Annual Financial Ratios 56
Table 26: Whitbread PLC: Key Employees 57
Table 27: Whitbread PLC: Key Employees Continued 58
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Table 28: CRG Holdings, LLC : key facts 59
Table 29: Booking Holdings Inc: key facts 60
Table 30: Booking Holdings Inc: Annual Financial Ratios 62
Table 31: Booking Holdings Inc: Key Employees 63
Table 32: Expedia Group Inc: key facts 64
Table 33: Expedia Group Inc: Annual Financial Ratios 65
Table 34: Expedia Group Inc: Key Employees 66
Table 35: Expedia Group Inc: Key Employees Continued 67
Table 36: Travelport Worldwide Ltd: key facts 68
Table 37: Travelport Worldwide Ltd: Key Employees 69
Table 38: TUI Group: key facts 70
Table 39: TUI Group: Annual Financial Ratios 72
Table 40: TUI Group: Key Employees 73
Table 41: TUI Group: Key Employees Continued 74
Table 42: United Kingdom size of population (million), 2018–22 75
Table 43: United Kingdom gdp (constant 2005 prices, $ billion), 2018–22 75
Table 44: United Kingdom gdp (current prices, $ billion), 2018–22 75
Table 45: United Kingdom inflation, 2018–22 75
Table 46: United Kingdom consumer price index (absolute), 2018–22 75
Table 47: United Kingdom exchange rate, 2018–22 76
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LIST OF FIGURES
Figure 1: United Kingdom travel & tourism industry value: $ billion, 2017–22(e) 11
Figure 2: United Kingdom travel & tourism industry category segmentation: $ billion, 2017-2022 13
Figure 3: United Kingdom travel & tourism industry geography segmentation: % share, by value, 2022(e) 14
Figure 4: United Kingdom travel & tourism industry value forecast: $ billion, 2022–27 15
Figure 5: Forces driving competition in the travel & tourism industry in the United Kingdom, 2022 16
Figure 6: Drivers of buyer power in the travel & tourism industry in the United Kingdom, 2022 18
Figure 7: Drivers of supplier power in the travel & tourism industry in the United Kingdom, 2022 20
Figure 8: Factors influencing the likelihood of new entrants in the travel & tourism industry in the United Kingdom,
2022 22
Figure 9: Factors influencing the threat of substitutes in the travel & tourism industry in the United Kingdom, 2022
24
Figure 10: Drivers of degree of rivalry in the travel & tourism industry in the United Kingdom, 2022 25
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2. Market Overview
2.1. Market definition
The travel and tourism industry consists of revenues generated by passenger airlines, passenger rail, foodservice,
hotels and motels, travel intermediaries and casinos and gaming market.
The airlines industry is defined as the total revenue obtained by airlines from transporting passengers.
The passenger rail sector consists of all passenger transport by ‘heavy rail’ services, sector values in the report
consist of revenues generated by operating companies through ticket sales, and so exclude state subsidies.
Foodservice is valued according to total sales of all food and drink (soft and alcoholic) in or through
accommodation outlets, pubs, clubs, and bars, full service restaurants, quick service restaurants and fast food, and
other.
The hotels & motels industry value consists of room revenue and non-room revenue, including casinos, shops and
telecommunication services.
Travel intermediaries is part of a business that assists in selling travel products and services to customers.
The casinos and gaming market consists of all forms of betting and gaming. All values are stated in terms of gross
gaming win. This is the total amount waged by customers minus the total amount paid out to customers as
winnings, but before the payment of any applicable taxes, disbursements to charitable or other causes by games
established for those purposes, or other expenses. The report only includes gaming activities that are legal in the
country where they are offered. All market data and forecasts are represented in nominal terms (i.e., without
adjustment for inflation) and all currency conversions used in the creation of this report have been calculated
using constant 2021 annual average exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis
The UK travel and tourism industry declined during the historic period due to the steep fall in 2020. However, the
industry achieved very strong growth in 2022 and is expected to grow at a healthy to strong rate over the
remainder of the forecast period.
The UK has a lot to offer in terms of cultural and arts sector, museums, natural landscapes, and heritage sites
which attracts large number of visitors from within and outside the country. Also, the country has great transport
infrastructure which eases and enhances the visitors experience, thereby promoting travel and tourism.
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The UK travel and tourism industry had total revenues of $248.7 billion in 2022, representing a negative
compound annual rate of change (CARC) of 2.6% between 2017 and 2022. In comparison, the French and German
industries declined with negative CARCs of 0.9% and 1.2% respectively, over the same period, to reach respective
values of $240.4 billion and $231.6 billion in 2022.
Business tourism is another key factor that drives the country’s travel and tourism industry. The UK holds expertise
in organizing various business events including trade fairs, exhibitions, conferences and business meetings. Also,
the country hosts various sports events which attracts large number of visitors from domestic and international
markets. Hence all these business and sports events are also supporting the growth of country’s travel and tourism
industry.
According to Department for Digital, Culture, Media and Sport, in 2019, UK received 41 million visitors including
11% from the US, 9% from France, 8% from Germany, 7% from Ireland and 6% from Spain. However, the outbreak
of COVID-19 pandemic had significantly hampered the movement of tourists. There was reduction in 90% on
inbound flight arrivals in 2020 as compared to 2019, thereby resulting in decline in international visitors.
Food service was the industry’s largest segment in 2022, with total revenues of $88.9 billion, equivalent to 35.7%
of the industry’s overall value. The travel intermediaries segment contributed revenues of $57.0 billion in 2022,
equating to 22.9% of the industry’s aggregate value.
According to GlobalData, the passenger airlines segment of the industry is expected to grow at a highest CAGR of
14.1% during the forecast period, thereby supporting the travel and tourism industry. Domestic and international
tourism surged in 2021 as travel restrictions were lifted, which led to growth in the airlines industry. Leading
airline companies in the UK, such as British Airways adapted to the changing travelling requirement to gain back
consumer confidence. While major air carriers adopted digital technology such as contactless check-ins to bring
back consumer confidence to help drive growth of the UK airline industry.
The performance of the industry is forecast to accelerate, with an anticipated compound annual growth rate
(CAGR) of 7.7% for the five-year period 2022–27, which is expected to drive the industry to a value of $361.2
billion by the end of 2027. Comparatively, the French and German industries will grow with CAGRs of 4.4% and
7.6% respectively, over the same period, to reach respective values of $298.3 billion and $334.7 billion in 2027.
The UK government aims to development sustainable tourism sector and drive growth every region of the country.
In 2022, Northeast UK has been selected as the destination for major tourism projects which aims to attract
several national and international tourists, more investments, welcoming more cultural, business and sporting
events, thereby offering significant growth opportunities for travel and tourism across the country. The
government has launched the Newcastle-Gateshead initiative of $3.1 billion (GBP2.2 billion) in partnership with
Visit Northumberland and Visit County Durham which is expected to market the region as a key tourist’s
destination, thereby boosting industry growth.
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3. Market Data
3.1. Market value
The United Kingdom travel & tourism industry grew by 72.3% in 2022 to reach a value of $223 billion.
The compound annual rate of change of the industry in the period 2017–22 was -2.6%.
| Table 1: United Kingdom travel & tourism industry value: $ billion, 2017–22(e) |
| Year |
$ billion |
£ billion |
€ billion |
% Growth |
| 2017 |
253.9 |
206.0 |
241.6 |
| 2018 |
265.6 |
215.5 |
252.7 |
4.6 |
| 2019 |
267.7 |
217.2 |
254.7 |
0.8 |
| 2020 |
97.5 |
79.1 |
92.8 |
-63.6 |
| 2021 |
129.4 |
105.0 |
123.2 |
32.8 |
| 2022(e) |
223.0 |
180.9 |
212.2 |
72.3 |
| CAGR: 2017–22 |
(2.6%) |
|
| Source: MARKETLINE |
M A R K E T L I N E |
| Figure 1: United Kingdom travel & tourism industry value: $ billion, 2017–22(e) |
| Source: MARKETLINE |
M A R K E T L I N E |
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4. Market Segmentation
4.1. Category segmentation
Food service is the largest segment of the travel & tourism industry in the United Kingdom, accounting for 35.7%
of the industry’s total value.
The Travel intermediaries segment accounts for a further 22.9% of the industry.
| Table 2: United Kingdom travel & tourism industry category segmentation: % share, by value, 2017–2022(e) |
| Category |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
| Food Service |
35.3% |
34.5% |
34.7% |
43.4% |
51.8% |
35.7% |
| Travel Intermediaries |
21.0% |
20.8% |
21.7% |
14.0% |
11.3% |
22.9% |
| Hotels and Motels |
15.7% |
16.0% |
15.1% |
11.3% |
16.3% |
16.7% |
| Passenger Airlines |
16.9% |
17.8% |
17.4% |
9.9% |
6.0% |
14.7% |
| Casinos and Gaming |
5.4% |
5.3% |
5.2% |
13.8% |
9.0% |
5.3% |
| Passenger Rail |
5.7% |
5.6% |
5.8% |
7.5% |
5.6% |
4.6% |
| Total |
100% |
100% |
99.9% |
99.9% |
100% |
99.9% |
|
| Source: MARKETLINE |
M A R K E T L I N E |
| Table 3: United Kingdom travel & tourism industry category segmentation: $ billion, 2017-2022 |
| Category |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2017-22
CAGR(%) |
| Food Service |
89.6 |
91.6 |
93.0 |
42.3 |
67.1 |
79.7 |
-2.3% |
| Travel Intermediaries |
53.2 |
55.3 |
58.1 |
13.6 |
14.6 |
51.1 |
-0.8% |
| Hotels and Motels |
39.9 |
42.4 |
40.5 |
11.1 |
21.0 |
37.3 |
-1.3% |
| Passenger Airlines |
43.0 |
47.3 |
46.7 |
9.7 |
7.8 |
32.9 |
-5.2% |
| Casinos and Gaming |
13.7 |
14.1 |
13.9 |
13.5 |
11.6 |
11.8 |
-2.9% |
| Passenger Rail |
14.4 |
14.9 |
15.6 |
7.3 |
7.2 |
10.2 |
-6.8% |
| Total |
253.8 |
265.6 |
267.8 |
97.5 |
129.3 |
223 |
(2.6%) |
|
| Source: MARKETLINE |
M A R K E T L I N E |
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| Figure 2: United Kingdom travel & tourism industry category segmentation: $ billion, 2017-2022 |
| Source: MARKETLINE |
M A R K E T L I N E |
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4.2. Geography segmentation
The United Kingdom accounts for 14.3% of the European travel & tourism industry value.
The Italy accounts for a further 14.3% of the European industry.
| Table 4: United Kingdom travel & tourism industry geography segmentation: $ billion, 2022(e) |
| Geography |
2022 |
% |
| United Kingdom |
223.0 |
14.3 |
| Italy |
222.5 |
14.3 |
| France |
215.6 |
13.8 |
| Germany |
207.6 |
13.3 |
| Spain |
196.5 |
12.6 |
| Rest of Europe |
495.6 |
31.8 |
| Total |
1,560.8 |
100.1% |
|
| Source: MARKETLINE |
M A R K E T L I N E |
| Figure 3: United Kingdom travel & tourism industry geography segmentation: % share, by value, 2022(e) |
| Source: MARKETLINE |
M A R K E T L I N E |
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5. Market Outlook
5.1. Market value forecast
In 2027, the United Kingdom travel & tourism industry is forecast to have a value of $323.8 billion, an increase of
45.2% since 2022.
The compound annual growth rate of the industry in the period 2022–27 is predicted to be 7.7%.
| Table 5: United Kingdom travel & tourism industry value forecast: $ billion, 2022–27 |
| Year |
$ billion |
£ billion |
€ billion |
% Growth |
| 2022 |
223.0 |
180.9 |
212.2 |
72.3% |
| 2023 |
250.7 |
203.4 |
238.6 |
12.4% |
| 2024 |
272.5 |
221.1 |
259.3 |
8.7% |
| 2025 |
284.7 |
231.0 |
270.9 |
4.5% |
| 2026 |
305.5 |
247.9 |
290.7 |
7.3% |
| 2027 |
323.8 |
262.7 |
308.2 |
6.0% |
| CAGR: 2022–27 |
7.7% |
|
| Source: MARKETLINE |
M A R K E T L I N E |
| Figure 4: United Kingdom travel & tourism industry value forecast: $ billion, 2022–27 |
| Source: MARKETLINE |
M A R K E T L I N E |
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6. Five Forces Analysis
The travel & tourism market will be analyzed taking providers of travel and tourism services, encompassing hotels,
restaurants, airlines, and the operators of railways, leisure attractions, and gaming establishments as players. The
key buyers will be taken as consumers of travel and tourism services, including public and corporate customers, as
well as individual end users, and a wide variety of suppliers to the various segments of the travel and tourism
industry, for example fuel providers to airlines, and food providers to hotels and restaurants as the key suppliers.
6.1. Summary
| Figure 5: Forces driving competition in the travel & tourism industry in the United Kingdom, 2022 |
| Source: MARKETLINE |
M A R K E T L I N E |
The travel and tourism industry is dominated by large international players across all segments, who compete intensely
among themselves and with numerous smaller independent players. This intensifies rivalry.
As a result of the COVID-19 pandemic, the travel industry came virtually to a standstill during the first half of 2020 and
then saw severely reduced demand for the rest of 2020 and into 2021. The World Tourism Organization (UNWTO) data
highlights this, with 100% of countries imposing travel restrictions, and 72% being closed to international tourism
completely at some point. Whilst tourism markets have reopened gradually, many are still subject to restrictive
measures.
Within the industry, where switching costs are negligible and competing on price alone is no longer a key to success,
brand recognition and innovation help to attract first-time customers and repeat business. Buyers include business and
leisure customers, with the latter becoming increasingly price-sensitive. Travel agents, which are large buyers, have
augmented bargaining power against other players in the industry.
Suppliers include providers of various goods and services, as well as a qualified workforce. Due to a high reliance on
complex ICT systems and the growing importance of mobile communication channels, some suppliers may exert strong
supplier power.
Entry on a small scale for a new player is possible, but given the importance of brand power and technology to
expansion within each segment, significant capital outlay is required for a large-scale operation. Regulation and the
limited availability of properties for development may deter new entrants.
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A new substitute in the form of private rentals, widely available through online services such as Airbnb, is a potential
threat to the industry.
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6.2. Buyer power
| Figure 6: Drivers of buyer power in the travel & tourism industry in the United Kingdom, 2022 |
| Source: MARKETLINE |
M A R K E T L I N E |
The travel and tourism industry is a mixture of B2B and B2C. The number of potential buyers is large, although, as they
are non-essential and relatively expensive, air travel, hotel stays, and visits to restaurants etc. may be out of reach for
less affluent people. Where buyers are numerous, buyer power tends to decrease, as it is less vital for market players to
retain any individual customer.
Foodservice is not essential to buyers, eating out is a leisure experience that can be avoided in difficult financial times.
This means that price has a strong effect on demand and many restaurants and cafes will offer deals and discounts at
off-peak times to attract customers who would not necessarily be drawn in at full price. Other tactics that foodservice
players use include limited-time menu items and loyalty schemes through which they offer a reward for repeat custom.
Large players in the foodservice industry invest heavily in brand-building, particularly in the low- and medium-price
segments. Leading players such as Greene King and McDonald’s harness strong brand recognition.
Some of the services are highly differentiated. On one hand, a major hotel chain will often operate several brands, each
targeting a different market segment, such as ‘economy’, ‘upper midscale’, ‘luxury’ and so on. This is reflected in the
wide variation in room rates. On the other hand, rail travel is less susceptible to differentiation. Often, a particular route
is only available from one or two rail companies offering similar services.
The only differentiation from the point of view of most consumers in the airlines segment is the difference between so
called ‘full-service’ (legacy) and ‘low-cost’ carriers (LCCs). Low-cost carriers tend to attract mainly price-sensitive
consumers. Customers have a fairly high propensity to switch airline if the same (or similar) route is offered at a lower
price. This is a highly price sensitive industry, evidence of this can be seen in the rapid rise of low-cost carriers.
Switching costs are low or non-existent for restaurants and leisure facilities. Also, a buyer who stays in different hotels
on different occasions does not incur switching costs. However, altering an advance booking may lead to some costs.
In the casinos and gaming segment, players can choose from a range of gaming activities such as lotteries, gaming
machines, poker, blackjack, and sports betting. There are different methods of distribution – online, outlets, casinos –
and different win margins. Loyalty to a particular market player is unlikely to be high, although compulsory membership
in many casinos can ensure that customers are retained. Buyer power is strengthened as forward integration is very
unlikely in this segment.
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Activities within this sector are non-essential leisure activities, consequently, it would be expected that such activities
are not vital to buyers. However, this issue is complicated by gambling addictions. The existence of addictive gambling
behavior indicates that some consumers are not making rational economic decisions and can become dependent on
gambling in their everyday lives. Such patterns are evident in many regions and weaken buyer power accordingly. More
than 2 million people in the UK are classed as either problem gamblers or at risk of addiction, according to the industry
regulator.
Some of the considerations made by buyers in the travel and tourism industry are heavily affected by the apparent
safety of the place which they wish to visit and reputation has a large impact on this. For instance, political unrest or
drug violence can discourage visitors. This can sometimes be an issue of perception rather than real safety concerns,
but it does have an impact. This is also something which is largely out of the hands of individual airlines or restaurants,
which simply have to deal with the political situation they find themselves in, they cannot influence it. This is why it can
be beneficial to become multinational in this industry.
In regard to hotels, corporate buyers, and travel agents in particular, have more bargaining power as a result of their
financial muscle, which is related to the bulk purchase of rooms. Consequently, the loss of a contract with a travel agent
is significant for an industry player. Furthermore, it should be mentioned that the price of the British pound against
main currencies is also negatively correlated with domestic demand. In fact, an appreciated pound leads to a
substitution effect as the domestic demand of UK residents is transformed into inbound demand for other industries.
Consequently, a weaker pound is always beneficial for the UK industry.
The UK is an attractive destination for business tourism. The business visits and events sector is varied in Britain,
covering trade fairs, conferences and congresses, outdoor and entertainment events, as well as business tourism.
Business tourism also tends to produce higher visitor spending, with many visitors staying in upscale or luxury hotels.
The existence of online travel intermediaries increases consumer awareness with regard to price, enhancing buyer
power. Players within this segment are upgrading their technology to detect customer behavior and market upsurge.
Online reviews have a decisive impact on consumer decisions and the ability to easily make cancelations online gives
buyers greater power. Expedia (trivago, expedia.com, hotels.com) and Booking Holdings (booking.com, agoda.com,
kayak.com) have eroded the brand appeal of large hotel operators in particular by increasing consumers’ awareness of
quality and price.
Buyer power is moderate overall.
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6.3. Supplier power
| Figure 7: Drivers of supplier power in the travel & tourism industry in the United Kingdom, 2022 |
| Source: MARKETLINE |
M A R K E T L I N E |
Important suppliers range from fuel companies and aircraft manufacturers in the airlines industry, and food and drink
suppliers in the foodservice industry, to large numbers of fairly low-wage employees.
For restaurants, food and staffing costs are significant. There is usually a wide range of potential food suppliers,
although the need for restaurants to source high quality food and drink in order to maintain their own reputation can
strengthen supplier power. Although wage levels are not usually high, foodservice tends to be a labor-intensive sector.
From April 1, 2021, National Minimum Wage and National Living Wage Rates in the UK increased from GBP8.72
($11.18) to GBP8.91 ($11.43) per hour for workers aged 23 and over. The hourly rate decreases alongside the age of
the employee. In countries where minimum wage legislation is in force, supplier power is increased as the employing
business’s ability to control pay levels is restricted.
In 2018, McDonald’s began to implement its chicken antibiotics policy in all of its markets around the world. This
involves the elimination of antibiotics in its chicken supply chain, defined by the World Health Organization (WHO) as
Highest Priority Critically Important Antimicrobials (HPCIA) to human medicine. The company is also focusing on
antibiotic use in its beef supply chain, partnering with supplying beef producers to understand and measure current
antibiotic usage. What’s more, the company has committed to sourcing only cage-free eggs by 2025 in the UK, as well
as the US, Canada, France, Germany, and Australia.
The hotels and motels industry is labor intensive, staff costs are significant as success is strongly influenced by the
quality of the service provided. This strengthens supplier power. However, advances in check-in and booking
technologies are reducing the need for high numbers of staff. Additionally, hotel owners might need to service
mortgages on the property, or fund new building developments for expansions.
Among the major chains, the franchising of their brands to third-party property owners is a very common business
model that allows expansion without the high capital outlay needed to build or acquire the hotels themselves, which
eases supplier power.
Casinos have very specific equipment due to the nature of the games they offer. Tables for games such as craps and
Baccarat are necessary and a high level of craftsmanship is required to achieve the required quality and aesthetic. They
also need electronic and mechanical machines, as electronic versions of these games on terminals in the casino and
machines like one arm bandits remain popular, particularly among less affluent gamblers. For table games and roulette
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wheels, specialists such as Cammech and TCSJOHNHUXLEY have forged a strong niche and are seen as go-to suppliers,
enhancing their power in this segment. Lotteries also have strong incumbents, such as Smartplay International, which
serves over 400 organizations in more than 85 countries.
In the airlines industry, aircraft manufacturers form an oligopoly. Aircraft manufacturing is highly capital intensive; as
such, there are very few players in the industry. For large (wide-body) aircraft there are only two suppliers worldwide,
namely Boeing and Airbus, both of which are huge corporations, creating a duopoly. Other manufacturers such as
Embraer, Bombardier and United Aircraft Corporation (parent company of Ilyushin, Tupolev and Sukhoi) have limited
supply in the (civil) airlines industry. There are a comparatively large number of suppliers in the small jet market but
choice is still limited, increasing supplier power significantly.
In all segments of the travel and tourism industry, there is little opportunity for vertical integration between suppliers
and industry players, as they operate in very different businesses.
Overall, supplier power is moderate.
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6.4. New entrants
| Figure 8: Factors influencing the likelihood of new entrants in the travel & tourism industry in the United Kingdom, 2022 |
| Source: MARKETLINE |
M A R K E T L I N E |
The ease of entry into the travel and tourism industry varies significantly between segments. The threat ranges from
weaker in the airlines and passenger rail segments to strong within the restaurant and hotel segments, which are within
the reach of small businesses.
Barriers to entry are likely to be lowest in the restaurants and hotels and motels segments. While large national and
multinational chains exist, the industry is fragmented, indicating that it is possible to operate successfully on a small
scale. It is common for independent establishments to be small, family-run businesses, which may acquire a hotel with
a bank loan or mortgage, or rent restaurant premises. Little training is required, and regulation is not onerous.
The foodservice industry is a highly regulated one and is subject to strict regulations on matters of food hygiene.
Although compliance imposes costs, many aspects of hygiene require good working practices rather than costly
expenditure on equipment. Such costs can be externalized to some extent, perhaps by only recruiting key staff
members that have already completed the appropriate training. The UK’s foodservice industry has also come under fire
in the UK following high profile allergen cases such as Natasha Ednan-Laperouse, who died in 2016 after eating a
baguette containing sesame seeds at UK foodservice chain Pret a Manger. This particular case has led to new legislation
known as ‘Natasha’s Law’, which will require all food companies to include the full list of ingredients on pre-packaged
foods. This new regulation came into force in October 2021. There have been further calls on online delivery
companies, such as Deliveroo and Just Eat, to push for robust regulation to protect allergy sufferers. This follows the
death of Megan Lee in 2016 following a severe allergic reaction to food from an Indian takeaway restaurant. This led to
the owner and the manager of the foodservice outlet being jailed for manslaughter following their failure to
acknowledge allergy information provided on a Just Eat comments section. Increasingly stringent regulations will add
further costs, which may deter new entrants.
New entrants in the UK would also need to be wary of any changes in trade as a result of leaving the EU. Despite the
possible difficulties, a net of over 1,500 restaurants are opening each year in the UK. While it may be relatively easy to
open up a restaurant, maintaining the business in a highly competitive environment may be the real challenge. UK
consumers are increasingly striving for healthy eating and the demand for vegetarian, organic and low fat foods is
increasing, so fast food players would need to provide alternatives for unhealthy offerings.
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Successful entry into the airlines or passenger rail markets requires considerable capital, as new entrants must buy or
lease planes or trains. Regulation is stringent and complex. Civil aviation authorities have licensing rules for employees,
aircraft safety, access to airports and flight paths, and compliance is costly. In the rail industry, there may be a legallyprotected monopoly, or long-term concession allocations that make it impossible for a new company to enter the
market until a concession expires. There are instances of airlines that carry considerable financial backing from other
industries, states themselves or that are very successful, muscling out traditional state carriers and making market
entry. An example of this would be the spread of the successful budget airline Ryanair, which uses clever shrewd
business strategies to fly to as many desirable places as possible, such as flying to smaller secondary airports to
undercut the traditional carriers and muscle in on their long held routes.
In the UK, gambling is regulated by the UK Gambling Commission. The Gambling Act 2005 removed the requirement for
a membership to casinos and bingo halls. The act also introduced a licensing regime for new casinos. While casino
regulation in the UK is not particularly stringent, the segment is dominated by two casino groups, namely Genting UK
and Rank Group, which may make it difficult for new incumbents wishing to enter the sector as they would need to
compete with these large players that enjoy scale economies.
A new company attempting to enter this sector would require large amounts of capital to establish a casino or gaming
establishment, employ staff and acquire gaming equipment. Entry to this sector can be achieved on a smaller scale (e.g.
by setting up a betting parlor). However, entering the UK gambling market as an online operator may be a preferable
option. They would also be faced with formidable opposition there, particularly following M&A activity in that space.
For example, Paddy Power and Betfair merged in 2016, as did Ladbrokes and Coral. In March 2018, GVC finalized its
deal to purchase Ladbrokes Coral worth up to GBP4bn (approximately $5.2bn). This degree of consolidation in the
market will make it more difficult for new entrants.
According to the World Economic Forum’s Travel and Tourism Competitiveness Report 2019 (the latest available
report), the UK ranks sixth out of 140 countries and it remains one of the most visited nations in Europe and Eurasia.
The strength of the UK industry is attributed to its unique offering of cultural resources and its world class
infrastructure, as well as its enabling business environment. The main challenge for the UK industry is to improve and
attract international visitors given the industry’s maturity and overcome the security fears which still linger following
terrorist attacks in recent years. The government could enhance its prioritization of travel and tourism, which currently
ranks 38th globally, particularly in regard to the challenges posed by declining security and international openness. A
higher score in terms of travel and tourism competitiveness is likely to encourage new entrants.
Government initiatives are also key in boosting tourism. The UK government has announced a Tourism Action Plan. The
plan includes a series of new initiatives and measures to help Britain out-compete other major tourist destinations,
welcoming more visitors than ever before, and see more ‘staycations’ as Brits holiday at home. Measures include
cutting red tape with sensible regulation by changing licensing to allow B&Bs to offer a welcome drink and modifying
vehicle licensing to allow B&B owners to pick up visitors from train stations and also to make travel easier with a new
GREAT tourism rail offer.
Prior to the COVID-19 pandemic, growing global tourism made the industry more attractive. According to the World
Tourism Organization (UNWTO), in 2019, international tourist arrivals globally reached 1.5 billion, representing an
increase of 4% over the previous year, well above the growth rate of 2.9% in the world economy.
However, global tourism suffered its worst year on record in 2020, with international arrivals dropping by 74%,
according to the latest data from the UNWTO. Due to an unprecedented fall in demand and widespread travel
restrictions, destinations worldwide welcomed 1 billion fewer international arrivals in 2020 than in 2019. According to
the UNWTO, the crisis has put between 100 million and 120 million direct tourism jobs at risk, many of which being
small and medium-sized enterprises. Furthermore, the UK industry declined by 60.7% in 2020, as a result, any potential
new entrants were likely to have been deterred that year. Brexit will certainly have an impact on the industry in the
future, undermining the ease of traveling and staying in the UK for EU residents. Only a weaker exchange rate favoring
the euro over the British pound could stimulate demand.
Overall, there is a moderate threat of new entrants.
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6.5. Threat of substitutes
| Figure 9: Factors influencing the threat of substitutes in the travel & tourism industry in the United Kingdom, 2022 |
| Source: MARKETLINE |
M A R K E T L I N E |
The main substitutes for leisure travel and tourism are other types of leisure pursuits. For people who want some time
away from home, these include self-catering holidays such as camping. Cycles or cars can substitute air and rail travel.
These options are likely to be cheaper than the services offered by the travel and tourism industry, although there may
be switching costs, such as the need to buy equipment. The continued popularity of this kind of holiday indicates that,
for some, they are considered beneficial alternatives.
In the foodservice segment, having a meal or drinks out is a non-essential activity which can be easily substituted by
cooking at home, with the only switching cost being the time and effort to cook a meal. It is usually cheaper than eating
out and home-cooked food usually contains fewer calories, and less salt and fat content, especially when compared to
fast-food. Some players capitalize on the drive for healthy eating, with McDonald’s and Subway offering a salad option
as an alternative in some of their stores.
A substitute becoming increasingly threatening in this industry, particularly to the hotels and motels segment, is online
services such as Airbnb, FlipKey and Couchsurfing. Markedly, the Airbnb listings of available accommodation worldwide
in 2020 reached over 7 million, greater than that of the five largest hotel brands combined. The International Hotel and
Restaurant Association describes these services as partially unfair to competition, but they have proven extremely
successful. The nightly price for an Airbnb ranges greatly depending on the destination. Prices within countries can also
vary significantly, and in high demand areas, average prices rise. This represents a significant substitute threat to
traditional hotel and motel operators and they are reacting by rolling out brands to attract the millennial consumers
who typically favor Airbnb.
The threat of substitutes is assessed as strong overall.
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6.6. Degree of rivalry
| Figure 10: Drivers of degree of rivalry in the travel & tourism industry in the United Kingdom, 2022 |
| Source: MARKETLINE |
M A R K E T L I N E |
Some of the leading players within the industry include IAG, Whitbread, Thomas Cook and JD Wetherspoon, which
benefit from economies of scale and recognizable brands.
With the exception of a number of large, multinational chains, many competitors in the foodservice industry are small
to medium businesses, although there is a very large amount of them. There are numerous companies with similar
structures, offering similar products at similar prices. As consumers incur no switching costs when changing their
foodservice providers, rivalry is intensified among players.
Airlines generally own most of their planes, although some will be leased. These costly assets must be divested in order
to exit the industry. Similarly, where hotels or restaurants own their real estate outright, it may be difficult to sell
without loss if property prices have declined. Where assets are leased or rented, market exit may be more
straightforward, and rivalry eased.
British Airways and easyJet are the two largest air carriers in the UK airlines industry. British Airways, as the flag carrier
of the UK, is the only leading full-service carrier in this industry. It operates as part of the IAG Group. IAG, as the parent
company of Iberia and British Airways, two of the largest air-carriers in the world, achieves diversity due to its extensive
network and economies of scale that lead to increased financial strength and bargaining power over suppliers. For
instance, IAG is able to exploit the network through its common frequent flyer program of its subsidiary, Avios. Notably,
British Airways accumulates most of its revenue from the international flights segment, which is by far the most
lucrative in the UK industry, having the largest international traffic from UK airports. For this reason, its parent company
IAG has strategically decided to launch low-cost air carrier, Level, in the long-haul flights market in order to protect
itself from the competition of penetrating low-cost carriers such as Norwegian Air.
Markedly, Flybe and easyJet are the two leading players in terms of capacity in the UK domestic flights segment,
followed by British Airways. This is plausible since the substitutability of the domestic flight segment is usually high from
rail services, so the former should offer a competitive price to enhance the benefits of their option against the latter.
Furthermore, Flybe has the largest market share in the domestic flights segment.
Players in each segment tend to be strongly focused on that specific sector. The lack of diversification means that
success in that industry segment is vital, which tends to boost rivalry. The small, independent restaurants and hotels are
constrained to a single location, and thus strongly affected by the economic conditions in that country. The rise of third
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party accommodation booking websites may be beneficial to small hotels because they give them easy access to
customers from beyond their own country. Larger foodservice and hotel chains often have a physical presence in
several countries. By decreasing their reliance on a single geographical market and its business cycle, these factors can
ease rivalry.
Some airlines have diversified into offering other associated travel services but most only focus on air travel.
Diversification into freight can be another revenue stream and most major airlines already do this. Moreover, many
airlines tend to bundle their services by offering hotel bookings and car rentals, gathering commission fess added to
ancillary revenues.
Individual consumer experiences are evolving as technology becomes increasingly integrated with ordering processes
within the foodservice segment. A problem with bustling fast-food chains is that many customers are stood waiting in
queues. McDonald’s has helped to solve this problem by introducing touchscreen kiosks, which eliminate the need to
relay an order to a member of staff at a desk. Not only does this make customized orders easier but means new
customers are less likely to be deterred by allowing them more space and time to decide upon an order. By offering a
differentiated service, McDonald’s is able to establish an edge over its competitors.
End user tastes are changing, particularly where younger travelers are concerned. Just having a nice hotel in a good
location is no longer enough, therefore it is important that players adapt in order to remain competitive. The so called
‘instagramability’ of a location is a factor influencing where millennials wish to travel and so are the facilities that are
included within the hotel. By diversifying service or product offerings, leading players are able to appeal to a wider
consumer base, which can help position them ahead of rivals.
Due to the problems many governments around the world are encountering concerning obesity, especially childhood
obesity, fast-food chain restaurants have come under sustained pressure from lobbyists, government departments and
consumers to reduce the harmful impacts of their most famous dishes and provide healthier alternatives on the menu.
Consequently, chains such as McDonald’s now have a sub-section on the menu of foodstuffs that are less than 400
calories and have in recent years expanded offerings of salads and dishes that fall outside of the traditional burger. Such
changes are important to maintain social relevance and remain competitive amongst consumers.
High storage costs for physical products increase rivalry, because failure to sell inventory increases costs and decreases
profitability. In the travel and tourism industry, the analogous situation is the cost of operating a train or airliner with
empty seats, or maintaining unoccupied rooms in a hotel. Because a hotel is not only offering a room, but a defined
period of occupancy, it is in a similar situation to a greengrocer selling perishable fruit and vegetables. Some companies
in this industry act as wholesalers, selling block-booked rooms to consolidators which then retail them to consumers.
The hotel may get a lower price than in a direct booking, but the consolidator then assumes the risks of selling this
perishable product.
In the digital age, it has become crucial for players within the travel and tourism industry to invest in effective cyber
security measures, due to the sensitive nature of the information they possess. Security breaches can be harmful to a
company’s image, therefore, it is important that measures are taken to prevent this happening in order to maintain
trust amongst consumers. In September 2018, Marriot, a leading global player within the hotels and motels segment,
discovered that the personal details of 500 million guests collected under its newly acquired Starwood chain were
breached. The cyberattack is believed to have been carried out by the Chinese Ministry of State Security.
The performance of the industry across all segments has been disrupted by the pandemic. For example, within the
hotels and motels industry, weaker occupancy rates and a dramatic decline in average revenue per room has caused
hotel companies to compete more aggressively to attract guests, maintain market dominance and recover as quickly as
possible from the economic downturn caused by the pandemic.
Overall, the degree of rivalry is strong.
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7. Competitive Landscape
The UK travel and tourism industry comprises a mixture of B2B and B2C industries and markets. For the purpose of
this competitive landscape, the analysis will focus on the hotels and motels, foodservice, and travel intermediaries’
segments. Together, these segments account for 75.4% of the total UK travel and tourism industry’s value. The
foodservice industry is characterized by the presence of several large-scale multinational companies, including
McDonald’s and Greene King, that operate alongside smaller, independent foodservice outlets. Similarly, in the
hotels and motels industry, large-scale players such as Whitbread, Travelodge, InterContinental Hotels Group, and
AccorHotels dominate, but operate alongside many smaller, independent competitors. The travel intermediaries’
market is dominated by large players, including Booking Holdings, Expedia Group, TUI, and Travelport Worldwide.
At the top end of the foodservice industry, restaurant franchising is common. The UK differs from many other
country markets in that pubs, clubs and bars dominate the foodservice industry. Food delivery is becoming a key
growth strategy in this industry, with the proliferation of online delivery platforms such as UberEats and Deliveroo,
while industry players are adapting to new technology and changing consumer trends. Within the hotels and
motels industry, the leading players tend to operate a variety of brands to appeal to a larger number of
consumers. All players in the hotels and motels industry face the growing threat posed by short-term rental
companies such as Airbnb.
7.1. Who are the leading players in the foodservice industry?
The leading player in the UK foodservice industry is McDonald’s. As of December 2021, there were 1,367
McDonald’s outlets in operation across the country. . In FY2021 (ended December), the company reported
revenues of $23.2 billion, witnessing an increase of 20.9% over FY2020. In terms of revenue, 56.3% was generated
from franchised restaurants worldwide.
Domino’s is the largest pizza company in the world, with more than 18,800 locations in over 90 markets as of
2022. The company operates via two models, a network of franchise owners and the US company owned stores.
The company is primarily into franchisee business with approximately 98% of Domino’s stores currently owned
and operates by its independent franchisees. Across the UK, the company had 1,169 stores in 2021.
J D Wetherspoon operates as a leading player in this industry. The company provides alcoholic and non-alcoholic
drinks, food items, and coffee at its pubs. It has operations in England, Scotland, Wales, and Ireland. The company
is headquartered in Watford, England, the UK. The company owns and operates around 925 pubs in a variety of
locations across the UK. Founder and chairman of J D Wetherspoon, Tim Martin, is famously pro-Brexit and has
used the situation to market the company.
7.2. What strategies do these leading players follow?
The key strategy of leading players in the foodservice industry is operating a franchised business. By operating a
franchised model, the key players are selling their brand name and reaping financial benefits from royalties, which
are often paid as a percentage of sales. The day-to-day running of such restaurants is the responsibility of
franchisees. In this way, companies can expand without the overheads of premises or staffing costs. In FY2021,
McDonald’s operated 40,031 restaurants in 119 countries, of which 37,295 were franchised restaurants,
accounting for 93% of the total number of restaurants. In the UK, McDonald’s operated 1,367 systemwide
restaurant in 2021 in comparison to 1,334 restaurants in 2020. While, in FY2020, the company operated 39,198
restaurants of which 36,521 were franchised restaurants.
Franchising is a strategy that is not just limited to fast food chains. Ei Group operates a similar model to
franchising, whereby the individual or business that runs the pub has significant autonomy over their own outlet.
This has enabled a diverse range of outlets to operate under the group, with premises varying from drink or value
led locations to more premium food led outlets in prime locations. With pub-visiting consumers primarily coming
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from local catchment areas, the company realized the need to develop strategies that are responsive to each area.
Ei Group has evidently adopted a segmented strategic approach to optimizing the efficiency of each of the
company’s owned pubs.
JD Wetherspoon (Wetherspoon’s) differs from many other pubs in this industry in that it maintains a consistent
brand and product offering across all its outlets. While there may be the occasional locally sourced product on the
menu, the product offering of the company remains largely the same. This has enabled the company to build up a
brand image, which largely centers around value for money. Wetherspoon’s has also focused on expanding into
locations that are not traditionally associated with pubs, such as airports, motorway service stations, and leisure
parks, placing the company in competition with other foodservice outlets outside of the pubs segment. What’s
more, Wetherspoon’s was one of the first pub chains to offer a wide breakfast menu, which has seen much
success.
The American fast food chain McDonald’s has focused on a strategy of adapting its offering to better appeal to UK
consumers. There have also been a number of limited time product offerings to appeal to UK consumers, including
the Grand Big Mac and the smaller Mac Jr. In June 2021, the restaurant chain announced its plan to open about 50
new restaurant outlets in the UK and Ireland, thus creating a job capacity of 20,000 workers. The company
currently employs over 130,000 people in the UK and Ireland.
Another growth strategy by leading retail chains is expansion of their footprint to new regions or increasing their
overall footprint. In November 2022, Restaurant Brands International, through its fast-food chain Popeyes UK, has
announced the further expansion of its footprint by opening 20 new restaurants in 2023. The company is planning
to rollout drive-throughs, along with sit-down restaurants. In addition to restaurants, Popeyes has also opened
delivery kitchens across London.
Companies are also partnering with food delivery players to drive the growth of its business. In May 2022, Just Eat
Takeaway.com entered into a partnership with Domino’s in the UK and Ireland. With this partnership Just Eat
Takeaway will be the first food delivery company to offer Domino’s pizza in two countries. This partnership
agreement will enable Domino’s to reach a wider audience. Earlier, in March 2022, McDonald’s and Just Eat
Takeaway.com announced a long-term global strategic tie-up to drive the growth of the brand’s McDelivery
business.
7.3. How is technology being used by these leading companies?
Foodservice is an industry that for a long time relied upon the same methods of selling and delivery, but
technology has had a transformative impact. Product innovation has been somewhat speedy. Major brands are
investing heavily into creating online and mobile platforms that make products exciting and attractive to
consumers. Food has never been so convenient and the encroachment of technology into a buying experience
that formerly only involved at most a phone call is beginning to dominate.
McDonald’s is enhancing digital experience growth by transforming its offerings across drive thru, takeaway,
delivery, curbside pick-up, and dine-in with digital enhancement. Notably, in 2021, systemwide sales from digital
sales (which includes mobile app, delivery and kiosks) exceeded over 25% of systemwide sales in the company’s
top six markets. The company is continuing to build on the progress and enhancing the delivery experience for
customers by adding the ability to order on the McDonald’s app. In 2021, the company entered into a long-term
strategic partnership with two of its largest global delivery providers, UberEats and DoorDash, which are expected
to benefit customers and Franchisees. Also, the company is introducing self-ordering checkouts.
In 2017, Wetherspoon’s introduced its own mobile app, allowing customers to order and pay from their mobile
phones. Customers input their order number, choose what drinks or food they want, pay through the app and
their order is then delivered to the table.
7.4. How are consumer and cultural trends impacting foodservice
companies?
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There has been a growing interest in healthy food, organic produce, and veganism in the UK, which is something
that foodservice companies are adapting to. What’s more, this trend towards veganism is growing and is
something that is more prevalent amongst younger consumers, many of which foodservice companies are trying
to attract. According to the Vegan Society, it is estimated that the UK has 600,000 adults, or just 1% of the
population that is vegan. Several chain restaurants continue to add vegan options, leading chain such as Burger
King was among the UK’s first fast food chain to offer vegan nuggets. The company aims to make half its menu
meat-free by 2030 after success of its Greggs’ vegan sausage rolls. Other restaurants offering vegan fast-food
offering are Domino’s, KFC, Subway, Papa John’s, Nando’s, Pizza Hut, McDonald’s, and Greggs. As such, there has
been a growing need for large scale chain restaurants to provide this kind of produce.
In order to meet the demand of vegetarians in the UK, McDonald’s has introduced vegetarian options. In 2022, the
brand recently launched a new product offering, McPlant that consists of a pea protein-based patty burger. The
burger has been accredited as vegan by the Vegetarian Society. The brand also offers, other vegan items such as
Spicy Veggie One wrap, veggie dippers, fries, and hash browns. A survey conducted by the company found, “33%
of McDonald’s UK customers said that it’s important to them to include more meat free meals into the
household’s diets”. Following which, starting from January 2019, the company introduced a vegetarian Happy
Meal, along with a new Spicy Veggie Wrap on the main menu.
UK-based bakery chain, Greggs, scored a big success following the launch of its vegan sausage roll early in 2019.
Launched to coincide with Veganuary, a UK event that encourages people to go vegan for the month of January,
the vegan roll was initially only available in 950 stores and quickly sold out. A month after its release, Greggs
responded by rolling the product out nationwide, alongside a tracker (Vegan Sausage Roll Finder) created to let
consumers find the nearest outlet that stocks the vegan roll. In 2022, the brand launched a Vegan Sausage, Bean
and CheeZe Melt; its other vegan offerings include Vegan Ham & CheeZe Baguette, southern-fried potato wedges,
glazed ring donut, and vegan sausage breakfast sandwich. In November 2019, Greggs’ shares rose by over 15% as
the bakery chain revealed rising fourth quarter sales and after readjusting its earnings forecast for a fourth time
since January to be higher than previously expected. The increase in shares earned the company the spot of best
performer on the FTSE 100. The vegan sausage roll has now become one of the chain’s top three bestsellers.
Sustainability is a key consumer trend, with consumers becoming increasingly socially and environmentally
responsible. In December 2020, the restaurant chain highlighted its dedication to social causes by introducing its
first ever playground in the UK made from recycled happy meal toys. The playground is claimed to be produced
from over 1 million recycled meal toys. Furthermore, in January 2021, the chain operator also announced it would
be removing non-sustainable hard plastic from its happy meal toys, significantly reducing a burden of 3,000 metric
tons of plastic. McDonald’s is focusing on sustainable sourcing in the UK by sourcing quality ingredients produced
by progressive farmers to leading animal welfare and environmental standards. The company plans to support
resilient livelihoods and sustainable outcomes through McDonald’s Farm Forward, benefiting over 23,000 British
and Irish Farmers by 2025.
7.5. Who are the leading players in the hotels and motels industry?
Whitbread is the UK’s largest hospitality company, headquartered in Dunstable, the UK. The group’s hotels
operate under the Premier Inn brand within the midscale segment of the industry. The company also operates as a
large player within the foodservice industry via brands such as Beefeater, Bar+Block Steakhouse, Thyme Bar+Grill,
Brewers Fayre, and Cookhouse Pub. In FY2022 (ended March), the company reported revenues of $2.3 billion,
witnessing growth of 189.9% over FY2021.
Travelodge is a leading player in the UK hotels and motels industry. As of December 2021, the company had a
portfolio of 592 leased, franchised, and managed hotels with 45,000 rooms across the UK, Spain, and Ireland. The
company has positioned itself as a midscale, economy, and low-cost hotel operator through its single Travelodge
brand, focusing on cost efficiency. The company has introduced Super Rooms, offering more stylish décor and
extra amenities. In FY2021 (ended December), the company generated revenue of $769.8 million.
InterContinental Hotels Group (IHG) operates as a leading player in the German hotels and motels industry
through a range of brands located in the midscale, upscale, and luxury segments. IHG operates mainstream,
upscale, and luxury hotels under various brand names, such as Holiday Inn, Hualuxe, ATWELL SUITES, REGENT, SIX
SENSES, InterContinental, and others. In FY2021 (ended December), the company reported revenues of $2.9
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billion, witnessing a growth of 21.4% over FY2020. In terms of revenue, 43.4% was generated from the US, 4.9%
from the UK, 19.7% from rest of the world, and 31.9% from system fund.
AccorHotels has a number of branded hotels operating across all segments of this industry: budget, midscale,
upscale, and luxury. In FY2021 (ended December), the company reported revenues of $2.6 billion, witnessing an
increase of 36.0% over FY2020. As of December 2021, in South Europe, the company had a portfolio of 1,913
hotels with 180,324 rooms and in North Europe, the company had a portfolio of 1,142 hotels with 162,120 rooms.
Out of the total hotel portfolio in South Europe, 25.2% were managed, 74.6% were franchised and 0.2% were
owned and leased and out of the total hotel portfolio in North Europe, 51.1% were managed, 48.3% were
franchised, and 0.6% were owned and leased.
7.6. What strategies do the leading players follow?
A common strategy used by all of the leading players in this industry is to operate a variety of hotel brands, often
with very varying price points. The leading hotel operators tend to differentiate their brands by age, budget, and
type of traveler. In this way, these companies can appeal to a wider range of consumers. Leading players tend to
spread their brands across the budget, midscale, and upscale/luxury segments, which attract varying prices. The
Average Daily Rate (ADR) for budget hotels was $74.1 in the UK in 2019, according to GlobalData. At the other end
of the scale, the ADR for luxury hotels operating in the UK amounted to $231.8 in 2019. However, the ADR
declined in 2020 to $54.8 and $168.8, respectively.
Whitbread has been successful by establishing strong brands such as Premier inn, which aims to provide consistent
and reliable hospitality services at affordable prices. Premier Inn was one of the first UK Hotel chains to be
advertised regularly on prime-time television. Combined with the hotel’s abundance, this made Premier Inn the
go-to-brand for consumers in the UK. As a result, Premier Inn is very much reliant on domestic and short stay
travelers compared to around 60% of the total market that relies on international arrivals. Premier Inn has been
able to expand rapidly, opening around 4,000 UK rooms per year, which roughly translates to three new hotels
every month. Despite the pandemic, the company has continued to expand. In May 2021, the company
announced plans to open 17 new and extended hotels with 2,142 bedrooms in the UK between May to August
2021. In April 2021, the company opened a new Premier Inn hotel in Botley, Oxford. In March 2021, Whitbread
relaunched Business Booker, an online booking tool for businesses. The tool enables businesses with benefits
including exclusive business flex rates, access to all Premier Inn room types and rates, and live chat. In the same
month, the company opened its first warehouse in Germany, to support Premier Inn brand’s expansion plans. In
January 2021, Whitbread partnered with Ask Real Estate to redevelop Manchester Deansgate Premier Inn site into
a mixed-use development consisting of 13-storey workplace and 370 homes. The group aspires to be a
technologically superior brand to its rivals by using technology to enable efficient and lower cost operations
allowing the company to become more cost efficient and price competitive.
Travelodge also operates under a single brand name and is a direct competitor of Premier inn, focused on the
budget and midscale sector. The company is investing in modernizing its existing hotels, including the installation
of Travelodge Dreamer beds in every hotel, replacing outdated sofa beds with new separate pull-out beds for
children and introducing a new-look design. The company is also expanding its hotel portfolio with several projects
in pipeline which are expected to complete by 2023.
Accor’s strategic priorities are clear: generate traffic and foster loyalty, accelerate growth, optimize its business
model and promote positive hospitality. The group is adopting augmented hospitality to increase the exposure of
offers and loyalty programs to customers; harnessing the power of big data and artificial intelligence to better
grasp and anticipate guests’ needs through projects such as ACDC; and improving the security and robustness of
reservation systems and the browsing experience on its distribution website. In 2021, Accor pursued organic
growth by opening nearly 300 hotels worldwide, as well as launching the new Emblems collection, a portfolio of
luxury hotels.
IHG is focused on building a customer centric approach, developing trusted brands, creating digital advantages,
and caring for people, the community, and the planet. Its strategy is centered on achieving net room growth and
boosting digital investments. Hence, it is focusing on expanding its business by establishing new hotels, which in
turn will enhance its geographic presence and client base.
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7.7. What are the strengths of leading players?
Accor Hotels has a portfolio of 40 brands operating under the budget, midscale, upscale, and luxury segments.
Within the budget segment, the company’s brands include Ibis and BreakFree, while its midscale brands include
Novotel and Mercure. The company operates a number of upscale hotels, including its Pullman and Mantis hotels.
It is also present in the luxury segment through brands including Raffles and Sofitel. The company has a wide
geographical presence, with operations in 110 countries in North America, Europe, Asia-Pacific, the Middle East
and Africa, South America, Central America, and the Caribbean. As of December 2021, the company had a
portfolio of 5,298 hotels worldwide, out of which 2,743 were economy, 1,628 midscale, 596 upscale, 286 luxury
and 45 multi brand.
IHG is one of the world’s leading hotel companies, with a strong operational network. As of December 2021, the
company operated over 6,000 hotels in 100 countries worldwide and had an additional 1,800 hotels in the
development pipeline. In 2021 alone, the company opened 291 hotels (43,958 rooms), up 11.6% over 2020. As of
December 31, 2021, the company operated 5,991 hotels with 880,327 rooms, which includes 5,033 franchised,
939 managed, and 19 owned, leased, and managed leases. In FY2021, the company operated 4,268 hotels in the
Americas, which included 4,087 franchised hotels, 178 managed hotels, and three owned and leased hotels. In
EMEAA, it had 1,137 hotels, which included 767 franchised hotels, 354 managed hotels, and 16 owned and leased
hotels. In Greater China, the company operated 586 hotels, out of which 179 were franchised hotels and 407 were
managed hotels.
Whitbread has a strong presence in the UK market. In terms of revenue in FY2021, 97.6% was generated from the
UK, 2.0% from Germany, and 0.4% from other countries. The company has a portfolio of 841 hotels with 82,000
rooms across the UK.
Travelodge has a strong foothold in the UK market and attracted 16 million customers in 2021, compared to 19
million in 2021. The company generated 98% of its revenue from the UK leasehold business. Apart from this, the
company operates 10 hotels under management contracts in the UK, 10 franchised in Ireland and Northern
Ireland, and five leasehold hotels in Spain.
7.8. How is technology being used by these leading companies?
Technology is something that has encroached into a wide number of markets and the hotels and motels industry is
no exception. In 2015, AccorHotels launched its “Leading Digital Hospitality” plan, a five-year EUR225million
($266.1 million) digital strategy initiative. At the heart of this strategy is the company’s mobile app, through the
introduction of digital booking, digital room selection, as well as a ‘MoodMatch’ feature that allows guests to
create a profile of ideal experiences from their stay, which are then matched with ideal locations by the underlying
algorithms. The company has also been developing ‘Smart Rooms’, powered by IoT and automation solutions to
personalize the hotel experience for guests. Features include the ability to adjust music and lighting, open/close
curtains, control audiovisual equipment, and LED lighting activated by footboard motion sensors at night.
Also, in February 2021, Accor launched the “Accor Key”, a digital key solution that facilitates a contactless guest
experience. This innovation enables guests to open their hotel room door via an app on their smartphone rather
than having to get a key card from reception. This solution is part of Accor’s initiative to innovate and develop high
quality technological solutions to offer the best guest experience.
7.9. What have been the most recent developments in the hotels and
motels industry?
With the revival of travel and tourism and increasing number of arrivals, players are expanding their presence and
undertaking new construction projects. The market is also witnessing merger and acquisition activity, primarily to
enter new segments and widen offerings to entice customers in various income brackets.
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In November 2022, Hilton announced that it will open “Motto by Hilton Glasgow” in the UK. The hotel is expected
to open in autumn 2024, featuring 186 rooms.
In August 2022, Travelodge opened its first budget luxe hotel in Hexham and announced its hotel expansion
program in the northeast.
In May 2022, Travelodge announced the opening of six hotels across the UK in 2022 and a franchise flagship hotel
in Dublin. Also, there are four hotels under construction at Beckenham, Bermondsey, Colchester, and Ipswich,
which are scheduled to open in 2023.
In May 2022, Hilton announced its plans to open six hotels under its focused service brands in Germany, Italy, the
UK, and Poland.
In May 2022, Hilton announced its plans to open its first hotel in Plymouth, the UK.
In April 2022, IHG expanded its footprint in the UK with the opening of its 146th Holiday Inn Express property in
Cambourne, the UK.
In February 2022, Marriott International signed a management agreement with Cola Holdings and The Westbury
Hotel for the first St. Regis branded property in the UK.
In January 2021, IHG and Conygar signed a partnership to bring the Hotel Indigo and Staybridge Suites brands to
Nottingham, the UK.
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8. Company Profiles
8.1. McDonald’s Corp
8.1.1. Company Overview
McDonald’s Corp (McDonald’s) is a food service retail chain operator. The company operates and franchises
McDonald’s restaurants that serve a locally-relevant menu of food and beverages. Its menu offering includes
hamburgers and cheeseburgers, chicken sandwiches, chicken nuggets, wraps, French fries, salads, oatmeal,
shakes, desserts, sundaes, soft serve cones, pies, soft drinks, coffee, and other beverages. It also offers various
breakfast items such as McGriddles, Sausage McMuffin with Egg, Egg McMuffin, biscuit and bagel sandwiches,
and hotcakes. McDonald’s markets its products under a wide range of brands including Big Mac, Filet-O-Fish,
McFlurry, Chicken McNuggets, McMuffin, and McGriddles. It operates across North America, South America,
Europe, Asia, and Oceanic and Africa. It is headquartered in Chicago, Illinois, the US.
The company reported revenues of (US Dollars) US$23,182.6 million for the fiscal year ended December 2022
(FY2022), a decrease of 0.2% over FY2021. In FY2022, the company’s operating margin was 38.1%, compared to
an operating margin of 44.6% in FY2021. In FY2022, the company recorded a net margin of 26.6%, compared to
a net margin of 32.5% in FY2021.
8.1.2. Key Facts
| Table 6: McDonald’s Corp: key facts |
| Head office: |
110 N Carpenter St , Chicago, Illinois, United States |
| Telephone: |
16306233000 |
| Fax: |
13026365454 |
| Number of Employees: |
200000 |
| Website: |
www.mcdonalds.com/us/en-us.html |
| Financial year-end: |
December |
| Ticker: |
MCD |
| Stock exchange: |
New York Stock Exchange |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.1.3. Business Description
McDonald’s Corp (McDonald’s) is an operator of foodservice retail chain. The company’s restaurants offer
hamburgers and cheeseburgers, chicken sandwiches, chicken nuggets, wraps, French fries, salads, oatmeal,
shakes, desserts, sundaes, soft serve cones, pies, soft drinks, coffee and other beverages. The company also offers
various breakfast items such as McGriddles, Sausage McMuffin with Egg, Egg McMuffin, biscuit and bagel
sandwiches and hotcakes.
In FY2022, the company operated 40,275 restaurants in more than 100 countries, of which 2,106 were companyoperated and 38,169 were franchised. The franchise agreements include conventional franchise arrangements and
developmental license or foreign affiliates. Of the total franchises, 21,720 restaurants were franchised to
conventional franchisees, 8,229 were licensed to developmental licensees and 8,220 were licensed to foreign
affiliates.
Under the conventional franchise arrangement, the company owns or secures leases for the land and building
while franchisees provide a portion of initial capital in the form of equipment, signs, seating, and decor. Under the
developmental license arrangement, licensees provide capital for their complete business operations, comprising
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the real estate interest. For this type of franchise, McDonald’s receives initial fees upon the opening of a new
restaurant or grant of a new license as well as a royalty based on a percentage of sales. Also, the company owns an
equity investment in some of the foreign-affiliated markets, which are referred to as affiliates. The company
receives a royalty based on a percentage of sales in these markets.
McDonald’s classifies its operations into three geographic segments: the US, International Operated Markets, and
International Developmental Licensed Markets & Corporate.
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| Table 7: McDonald’s Corp: Annual Financial Ratios |
| Key Ratios |
2017 |
2018 |
2019 |
2020 |
2021 |
| Growth Ratios |
| Sales Growth % |
-6.85 |
0.50 |
-10.09 |
20.90 |
| Operating Income Growth % |
-7.64 |
2.80 |
-19.25 |
41.40 |
| EBITDA Growth % |
-5.60 |
3.72 |
-15.09 |
34.69 |
| Net Income Growth % |
14.10 |
1.71 |
-21.49 |
59.50 |
| EPS Growth % |
18.73 |
5.56 |
-21.38 |
53.81 |
| Working Capital Growth % |
-55.69 |
-105.84 |
-198.26 |
4945.97 |
| Equity Ratios |
| EPS (Earnings per Share) USD |
6.40 |
7.60 |
8.02 |
6.31 |
9.70 |
| Dividend per Share USD |
3.83 |
4.19 |
4.73 |
5.04 |
5.25 |
| Dividend Cover Absolute |
1.67 |
1.81 |
1.70 |
1.25 |
1.85 |
| Book Value per Share USD |
-4.12 |
-8.16 |
-11.00 |
-10.50 |
-6.18 |
| Profitability Ratios |
| Gross Margin % |
46.54 |
50.96 |
52.33 |
50.77 |
54.17 |
| Operating Margin % |
41.86 |
41.50 |
42.45 |
38.13 |
44.59 |
| Net Profit Margin % |
22.75 |
27.87 |
28.20 |
24.63 |
32.49 |
| Profit Markup % |
87.06 |
103.91 |
109.76 |
103.13 |
118.20 |
| PBT Margin (Profit Before Tax) % |
37.57 |
36.77 |
37.53 |
31.97 |
39.31 |
| Return on Equity % |
-158.88 |
-94.66 |
-73.39 |
-60.45 |
-163.99 |
| Return on Capital Employed % |
30.90 |
29.57 |
20.66 |
15.77 |
20.78 |
| Return on Assets % |
30.72 |
17.79 |
15.00 |
9.45 |
14.17 |
| Return on Working Capital % |
392.05 |
817.13 |
-14373.69 |
11812.90 |
331.02 |
| Operating Costs (% of Sales) % |
58.14 |
58.50 |
57.55 |
61.87 |
55.41 |
| Administration Costs (% of Sales) % |
10.18 |
9.34 |
9.21 |
11.69 |
10.24 |
| Liquidity Ratios |
| Current Ratio Absolute |
1.84 |
1.36 |
0.98 |
1.01 |
1.78 |
| Quick Ratio Absolute |
1.82 |
1.35 |
0.97 |
1.00 |
1.76 |
| Cash Ratio Absolute |
0.85 |
0.29 |
0.25 |
0.56 |
1.17 |
| Leverage Ratios |
| Debt to Equity Ratio Absolute |
-9.04 |
-4.97 |
-4.16 |
-4.78 |
-7.74 |
| Net Debt to Equity Absolute |
-8.28 |
-4.80 |
-4.05 |
-4.34 |
-6.72 |
| Debt to Capital Ratio Absolute |
1.12 |
1.25 |
1.32 |
1.26 |
1.15 |
| Efficiency Ratios |
| Asset Turnover Absolute |
1.35 |
0.64 |
0.53 |
0.38 |
0.44 |
| Fixed Asset Turnover Absolute |
2.03 |
0.94 |
0.71 |
0.50 |
0.60 |
| Inventory Turnover Absolute |
414.95 |
189.72 |
201.09 |
186.69 |
199.49 |
| Current Asset Turnover Absolute |
8.57 |
4.53 |
5.61 |
3.92 |
3.47 |
| Capital Employed Turnover Absolute |
0.74 |
0.71 |
0.49 |
0.41 |
0.47 |
| Working Capital Turnover Absolute |
9.37 |
19.69 |
-338.58 |
309.80 |
7.42 |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 8: McDonald’s Corp: Key Employees |
| Name |
Job Title |
Board |
| Alistair Macrow |
Chief Executive Officer McDonald’s UK and
Ireland |
Senior Management |
| Amy E. Weaver |
Director |
Non Executive Board |
| Amy Kovalan |
Chief Compliance Officer |
Senior Management |
| Amy Kovalan |
Vice President |
Senior Management |
| Anthony Capuano |
Director |
Non Executive Board |
| Artemis Bakopoulos Hiss |
Head Global Media Relations |
Senior Management |
| Bethany Tate Cornell |
Chief Learning & Development Officer |
Senior Management |
| Bethany Tate Cornell |
Senior Vice President |
Senior Management |
| Brian Mullens |
Chief Financial Officer International |
Senior Management |
| Brian Rice |
Chief Information Officer |
Senior Management |
| Brian Rice |
Executive Vice President |
Senior Management |
| Catherine A. Hoovel |
Senior Vice President Corporate Controller |
Senior Management |
| Catherine M. Engelbert |
Director |
Non Executive Board |
| Christopher J. Kempczinski |
Chief Executive Officer |
Executive Board |
| Christopher J. Kempczinski |
Director |
Executive Board |
| Christopher J. Kempczinski |
President |
Executive Board |
| Desiree Ralls-Morrison |
Chief Legal Officer |
Senior Management |
| Desiree Ralls-Morrison |
Corporate Secretary |
Senior Management |
| Desiree Ralls-Morrison |
Executive Vice President |
Senior Management |
| Enrique Hernandez Jr. |
Chairman |
Non Executive Board |
| Heidi Capozzi |
Executive Vice President |
Senior Management |
| Heidi Capozzi |
Global Chief People Officer |
Senior Management |
| Ian Borden |
Chief Financial Officer |
Senior Management |
| Ian Borden |
Executive Vice President |
Senior Management |
| Jennifer L. Taubert |
Director |
Non Executive Board |
| Jenny McColloch |
Chief Sustainability Officer |
Senior Management |
| Jenny McColloch |
Vice President |
Senior Management |
| Jesse Lewin |
Head Leadership Communication Team |
Senior Management |
| Jill McDonald |
Executive Vice President |
Senior Management |
| Jill McDonald |
President International Operated Markets |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 9: McDonald’s Corp: Key Employees Continued |
| Name |
Job Title |
Board |
| Jo Sempels |
President IDL Markets |
Senior Management |
| Jo Sempels |
Senior Vice President |
Senior Management |
| John Alves |
Chief Marketing Officer International Operated
Markets |
Senior Management |
| John Alves |
Corporate Vice President-International
Operated Markets |
Senior Management |
| John J. Mulligan |
Director |
Non Executive Board |
| John Lewicki |
Senior Director, Head of Global Alliance
Marketing |
Management |
| John W. Rogers, Jr. |
Director |
Non Executive Board |
| Jonathan Banner |
Executive Vice President |
Senior Management |
| Jonathan Banner |
Global Chief Impact Officer |
Senior Management |
| Joseph Erlinger |
President McDonald’s USA |
Senior Management |
| Kareem Daniel |
Director |
Non Executive Board |
| Kevin M. Ozan |
Senior Executive Vice President Strategic
Initiatives |
Senior Management |
| Kevin Ozan |
Senior Executive Vice President Strategic
Initiatives |
Senior Management |
| Len Jillard |
Chief People Officer International Operated
Markets |
Senior Management |
| Len Jillard |
Senior Vice President International Operated
Markets |
Senior Management |
| Lloyd H. Dean |
Director |
Non Executive Board |
| Manu Steijaert |
Chief Customer Officer |
Senior Management |
| Manu Steijaert |
Executive Vice President |
Senior Management |
| Margaret H. Georgiadis |
Director |
Non Executive Board |
| Marion Gross |
Executive Vice President |
Senior Management |
| Marion Gross |
Global Chief Supply Chain Officer |
Senior Management |
| Mark Ostermann |
Chief of Staff- Office of the CEO |
Senior Management |
| Mark Ostermann |
Vice President Strategic Alignment |
Senior Management |
| Mason Smoot |
Chief Restaurant Officer- McDonald’s USA |
Senior Management |
| Mason Smoot |
Senior Vice President McDonald’s USA |
Senior Management |
| Michael Gonda |
Chief Communications Officer |
Senior Management |
| Michael Gonda |
Senior Vice President |
Senior Management |
| Michele Boudria |
Chief Executive Officer McDonald’s Canada |
Senior Management |
| Michele Boudria |
President McDonald’s Canada |
Senior Management |
| Miles D. White |
Director |
Non Executive Board |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 10: McDonald’s Corp: Key Employees Continued |
| Name |
Job Title |
Board |
| Morgan Flatley |
Executive Vice President |
Senior Management |
| Morgan Flatley |
Head New Business Ventures |
Senior Management |
| Paul Pomroy |
Corporate Senior Vice President- International
Operated Markets |
Senior Management |
| Paul S. Walsh |
Director |
Non Executive Board |
| Reginald Miller |
Chief Diversity, Equity and Inclusion Officer
Global |
Senior Management |
| Reginald Miller |
Vice President |
Senior Management |
| Richard H. Lenny |
Director |
Non Executive Board |
| Robert A. Eckert |
Director |
Non Executive Board |
| Skye Anderson |
President Global Business Services |
Senior Management |
| Tariq Hassan |
Chief Marketing and Customer Experience
Officer, US |
Senior Management |
| Tiffanie L. Boyd |
Chief People Officer McDonald’s USA |
Senior Management |
| Tiffanie L. Boyd |
Senior Vice President McDonald’s USA |
Senior Management |
| Vinay Kumar |
Chief Information Officer North and East
America |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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8.2. Domino’s Pizza, Inc.
8.2.1. Company Overview
Domino’s Pizza, Inc. (Domino’s or ‘the company’) is one of the leading pizza restaurant chains in the world. The
company operates through a network of company-owned and franchise stores located in the US. Domino’s
offers various products including various pizza products with different toppings and other products such as
chicken wings, soft drinks, pasta-based dishes, oven-baked sandwiches, boneless chicken, bread side items, and
desserts. The company stores are located in the US, Canada, Australia, India, South Korea, Mexico, the UK,
Turkey, Japan, France and others. The company is headquartered in Ann Arbor, Michigan, the US.
The company reported revenues of (US Dollars) US$4,537.2 million for the fiscal year ended January 2022
(FY2022), an increase of 4.1% over FY2021. In FY2022, the company’s operating margin was 16.9%, compared
to an operating margin of 17.9% in FY2021. In FY2022, the company recorded a net margin of 10%, compared
to a net margin of 11.7% in FY2021.
8.2.2. Key Facts
| Table 11: Domino’s Pizza, Inc.: key facts |
| Head office: |
30 Frank Lloyd Wright Drive Ann Arbor, Michigan, United States |
| Number of Employees: |
13500 |
| Website: |
www.dominos.com |
| Financial year-end: |
January |
| Ticker: |
DPZ |
| Stock exchange: |
New York Stock Exchange |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.2.3. Business Description
Domino’s Pizza, Inc. (Domino’s or ‘the company’) is one of the major pizza delivery companies in the world. It
operates through a network of over 18,800 locations in more than 90 countries around the world as of January
2022.
The company classifies its operations through three business segments: Supply Chain, U.S. stores and International
Franchise.
Under Supply Chain segment, Domino’s operates 21 regional dough manufacturing and food supply chain centers
in the US, one vegetable processing center, one thin crust manufacturing center and a facility to provide
equipment and supplies to certain of its domestic and international stores. The company also operates five dough
manufacturing and food supply chain centers in Canada. The supply chain segment of Domino’s leases a fleet of
over 900 tractors and trailers, and regularly supplies food and supplies to more than 6,800 stores. In FY2021, the
Supply Chain segment generated revenue of US$2,699.8 million, which accounted for 60% of the company’s
revenue.
Under the U.S. Stores segment, the company consists of franchise operations. The segment oversees a network of
6,185 franchised stores located around the US. It also operates a network of 375 company-owned stores located in
the contiguous US. As of December 31, 2022, the average U.S. franchisee owned and operated eight stores; and
about 22 of the company’s U.S. franchisees operated over 50 stores, including its largest domestic franchisee,
which operated 177 stores. Furthermore, 216 of Domino’s U.S. franchisees operated one store each. In FY2021,
the U.S. stores segment generated revenue of US$1498.3 million, which accounted for 33.4% of the company’s
revenue.
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Under International Franchise segment, Domino’s had a network of 12,288 international franchise stores as of
January 2, 2022 in more than 90 international markets. In FY2021, the International Franchise segment generated
revenue of US$ 298.0 million, which accounted for 6.6% of the company’s revenue.
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| Table 12: Domino’s Pizza, Inc.: Annual Financial Ratios |
| Key Ratios |
2017 |
2018 |
2019 |
2020 |
2021 |
| Growth Ratios |
| Sales Growth % |
23.13 |
5.42 |
13.78 |
5.83 |
| Operating Income Growth % |
9.68 |
10.10 |
15.29 |
7.55 |
| EBITDA Growth % |
10.56 |
10.23 |
14.70 |
7.92 |
| Net Income Growth % |
30.25 |
10.70 |
22.61 |
3.90 |
| EPS Growth % |
40.59 |
16.16 |
29.67 |
9.00 |
| Working Capital Growth % |
3.15 |
78.30 |
19.41 |
-32.31 |
| Equity Ratios |
| EPS (Earnings per Share) USD |
5.88 |
8.27 |
9.61 |
12.46 |
13.58 |
| Dividend per Share USD |
1.84 |
2.20 |
2.60 |
3.12 |
3.76 |
| Dividend Cover Absolute |
3.20 |
3.76 |
3.70 |
3.99 |
3.61 |
| Book Value per Share USD |
-63.76 |
-74.19 |
-87.73 |
-84.91 |
-116.48 |
| Profitability Ratios |
| Gross Margin % |
31.06 |
37.95 |
38.76 |
38.73 |
38.74 |
| Operating Margin % |
18.70 |
16.65 |
17.39 |
17.62 |
17.91 |
| Net Profit Margin % |
9.97 |
10.54 |
11.07 |
11.93 |
11.72 |
| Profit Markup % |
45.06 |
61.15 |
63.28 |
63.20 |
63.25 |
| PBT Margin (Profit Before Tax) % |
14.35 |
12.49 |
13.34 |
13.48 |
14.36 |
| Return on Equity % |
-10.16 |
-11.91 |
-11.73 |
-14.89 |
-12.13 |
| Return on Capital Employed % |
118.88 |
108.35 |
67.80 |
66.19 |
72.19 |
| Return on Assets % |
66.42 |
41.51 |
35.00 |
33.32 |
31.52 |
| Return on Working Capital % |
287.19 |
305.38 |
188.57 |
182.06 |
289.26 |
| Operating Costs (% of Sales) % |
81.30 |
83.35 |
82.61 |
82.38 |
82.09 |
| Administration Costs (% of Sales) % |
12.37 |
21.29 |
21.36 |
21.10 |
20.83 |
| Liquidity Ratios |
| Current Ratio Absolute |
1.46 |
1.49 |
1.74 |
1.85 |
1.46 |
| Quick Ratio Absolute |
1.36 |
1.37 |
1.62 |
1.70 |
1.34 |
| Cash Ratio Absolute |
0.09 |
0.07 |
0.42 |
0.60 |
0.52 |
| Leverage Ratios |
| Debt to Equity Ratio Absolute |
-1.15 |
-1.16 |
-1.20 |
-1.25 |
-1.20 |
| Net Debt to Equity Absolute |
-1.14 |
-1.15 |
-1.15 |
-1.16 |
-1.13 |
| Debt to Capital Ratio Absolute |
7.54 |
7.18 |
5.89 |
5.03 |
5.89 |
| Efficiency Ratios |
| Asset Turnover Absolute |
6.66 |
3.94 |
3.16 |
2.79 |
2.69 |
| Fixed Asset Turnover Absolute |
32.88 |
16.97 |
10.24 |
8.26 |
8.22 |
| Inventory Turnover Absolute |
96.19 |
49.58 |
44.80 |
42.18 |
39.54 |
| Current Asset Turnover Absolute |
9.62 |
5.99 |
5.34 |
4.97 |
5.04 |
| Capital Employed Turnover Absolute |
6.36 |
6.51 |
3.90 |
3.76 |
4.03 |
| Working Capital Turnover Absolute |
15.36 |
18.34 |
10.84 |
10.33 |
16.15 |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 13: Domino’s Pizza, Inc.: Key Employees |
| Name |
Job Title |
Board |
| Andrew B. Balson |
Director |
Non Executive Board |
| Art D’Elia |
Executive Vice President International |
Senior Management |
| C. Andrew Ballard |
Director |
Non Executive Board |
| Christopher Thomas-Moore |
Senior Vice President Customer and Store
Experience |
Senior Management |
| Corie S. Barry |
Director |
Non Executive Board |
| Cynthia A. Headen |
Executive Vice President Supply Chain
Services |
Senior Management |
| David A. Brandon |
Chairman |
Executive Board |
| Debbie Sweeney |
Senior Vice President Franchise Relations
and System Engagement |
Senior Management |
| Diana F. Cantor |
Director |
Non Executive Board |
| Dow Jones |
Director |
Non Executive Board |
| Fred Lund |
Senior Vice President Global Development
and Sustainability |
Senior Management |
| James A. Goldman |
Director |
Non Executive Board |
| Joe Jordan |
President US and Global Services |
Senior Management |
| Kate Trumbull |
Senior Vice President |
Senior Management |
| Kelly E.Garcia |
Chief Technology Officer |
Senior Management |
| Kelly E.Garcia |
Executive Vice President |
Senior Management |
| Kevin S. Morris |
Executive Vice President |
Senior Management |
| Kevin S. Morris |
General Counsel |
Senior Management |
| Kevin S. Morris |
Secretary |
Senior Management |
| Kirk Armstrong |
Senior Vice President Supply Chain Services |
Senior Management |
| Lisa V. Price |
Chief Human Resources Officer |
Senior Management |
| Lisa V. Price |
Executive Vice President |
Senior Management |
| Maui Thai-Tang |
Senior Vice President Global Product
Engineering |
Senior Management |
| Mike Davis |
Senior Vice President U.S. Technology
Enablement and Delivery |
Senior Management |
| Patricia E. Lopez |
Director |
Non Executive Board |
| Richard L. Federico |
Director |
Non Executive Board |
| Russell J. Weiner |
Chief Executive Officer |
Senior Management |
| Sandeep Reddy |
Chief Financial Officer |
Senior Management |
| Sandeep Reddy |
Executive Vice President |
Senior Management |
| Stefania Gvillo |
Chief Analytics and Insights Officer |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 14: Domino’s Pizza, Inc.: Key Employees Continued |
| Name |
Job Title |
Board |
| Stefania Gvillo |
Senior Vice President |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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8.3. InterContinental Hotels Group Plc
8.3.1. Company Overview
InterContinental Hotels Group Plc (IHG) is a provider of hospitality services. The company owns, manages,
leases, and franchises hotels and resorts. IHG operates mainstream, upscale and luxury hotels under various
brand names such as Regent, InterContinental, Kimpton, Hotel Indigo, EVEN Hotels, HUALUXE, Holiday Inn,
Holiday Inn Express, Holiday Inn Resort, Crowne Plaza, voco, avid, Vignette Collection, Staybridge Suites and
Candlewood Suites. Its hotels offer accommodation, dining, lounges, pool bars, business services, wellness
services, and meeting and event spaces. It also manages hotel loyalty program, IHG Rewards Club. The
company has operations in the Americas, Europe, the Middle East, Asia, and Africa. IHG is headquartered in
London, the UK.
The company reported revenues of (US Dollars) US$3,892 million for the fiscal year ended December 2022
(FY2022), an increase of 33.9% over FY2021. In FY2022, the company’s operating margin was 16.1%, compared
to an operating margin of 17% in FY2021. In FY2022, the company recorded a net margin of 9.6%, compared to
a net margin of 9.2% in FY2021.
8.3.2. Key Facts
| Table 15: InterContinental Hotels Group Plc: key facts |
| Head office: |
Broadwater Park , Denham, United Kingdom |
| Telephone: |
441895512000 |
| Fax: |
441895512101 |
| Number of Employees: |
11149 |
| Website: |
www.ihgplc.com |
| Financial year-end: |
December |
| Ticker: |
IHG |
| Stock exchange: |
London Stock Exchange (LON) |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.3.3. Business Description
InterContinental Hotels Group Plc (IHG) is one of the leading hotel companies in the world. It operates
mainstream, upscale and luxury hotels under various brands including Regent, InterContinental, Kimpton, Hotel
Indigo, EVEN Hotels, HUALUXE, Crowne Plaza, Holiday Inn, Holiday Inn Express, Holiday Inn Club Vacations, Holiday
Inn Resort, avid, Staybridge Suites, voco, Atwell Suites and Candlewood Suites . It operates in more than 100
countries across the Americas, Europe, the Middle East, Asia, and Africa. As of December 31, 2021, it operated
6,000 hotels with 880,327 rooms.
The company’s operations are classified into four geographical segments: Americas; EMEAA; Greater China and
Central.
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| Table 16: InterContinental Hotels Group Plc: Annual Financial Ratios |
| Key Ratios |
2017 |
2018 |
2019 |
2020 |
2021 |
| Growth Ratios |
| Sales Growth % |
6.43 |
6.69 |
-48.26 |
21.43 |
| Operating Income Growth % |
-22.25 |
11.31 |
-124.29 |
422.88 |
| EBITDA Growth % |
-13.30 |
9.59 |
-97.63 |
3510.53 |
| Net Income Growth % |
-35.00 |
9.69 |
-167.53 |
202.31 |
| EPS Growth % |
15.76 |
12.88 |
-92.82 |
601.81 |
| Working Capital Growth % |
-91.85 |
1164.71 |
-187.44 |
17.55 |
| Equity Ratios |
| EPS (Earnings per Share) USD |
2.46 |
2.85 |
3.21 |
0.23 |
1.62 |
| Dividend per Share USD |
1.05 |
1.14 |
0.40 |
| Book Value per Share USD |
-7.25 |
-6.28 |
-8.09 |
-10.17 |
-8.05 |
| Profitability Ratios |
| Gross Margin % |
27.83 |
26.01 |
26.89 |
20.97 |
30.72 |
| Operating Margin % |
17.87 |
13.05 |
13.62 |
-6.39 |
16.99 |
| Net Profit Margin % |
13.25 |
8.09 |
8.32 |
-10.86 |
9.15 |
| Profit Markup % |
38.56 |
35.15 |
36.77 |
26.53 |
44.34 |
| PBT Margin (Profit Before Tax) % |
16.10 |
11.18 |
11.71 |
-11.70 |
12.42 |
| Return on Equity % |
-41.28 |
-30.82 |
-26.14 |
14.00 |
-17.96 |
| Return on Capital Employed % |
42.08 |
21.08 |
22.27 |
-4.82 |
15.98 |
| Return on Assets % |
35.88 |
9.88 |
9.29 |
-5.63 |
5.45 |
| Return on Working Capital % |
-174.58 |
-1664.71 |
-146.51 |
-40.69 |
111.76 |
| Operating Costs (% of Sales) % |
82.13 |
86.95 |
86.38 |
106.39 |
83.01 |
| Administration Costs (% of Sales) % |
6.97 |
6.53 |
7.13 |
12.11 |
9.46 |
| Liquidity Ratios |
| Current Ratio Absolute |
0.67 |
0.98 |
0.68 |
1.20 |
1.27 |
| Quick Ratio Absolute |
0.67 |
0.97 |
0.68 |
1.20 |
1.27 |
| Cash Ratio Absolute |
0.13 |
0.50 |
0.14 |
0.90 |
0.89 |
| Leverage Ratios |
| Debt to Equity Ratio Absolute |
-1.54 |
-2.36 |
-1.92 |
-2.27 |
-2.20 |
| Net Debt to Equity Absolute |
-1.40 |
-1.74 |
-1.78 |
-1.37 |
-1.22 |
| Debt to Capital Ratio Absolute |
2.84 |
1.74 |
2.09 |
1.79 |
1.83 |
| Efficiency Ratios |
| Asset Turnover Absolute |
2.71 |
1.22 |
1.12 |
0.52 |
0.60 |
| Fixed Asset Turnover Absolute |
19.18 |
7.16 |
5.84 |
3.67 |
6.35 |
| Inventory Turnover Absolute |
1960.67 |
802.25 |
615.09 |
344.00 |
447.56 |
| Current Asset Turnover Absolute |
9.44 |
3.88 |
4.01 |
1.51 |
1.35 |
| Capital Employed Turnover Absolute |
2.36 |
1.62 |
1.64 |
0.75 |
0.94 |
| Working Capital Turnover Absolute |
-9.77 |
-127.56 |
-10.76 |
6.37 |
6.58 |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 17: InterContinental Hotels Group Plc: Key Employees |
| Name |
Job Title |
Board |
| Akshay Singh |
Area Director-sales, Marketing and Revenue –
South Pacific |
Senior Management |
| Anca Flynn |
Director Restaurants, Bars, and Events The
Kimpton Sylvan Hotel, Atlanta |
Senior Management |
| Arthur de Haast |
Director |
Non Executive Board |
| Atul Nagarkar |
Director Human Resources, InterContinental
Chennai Mahabalipuram Resort |
Senior Management |
| Betty Wilson |
Vice President Global Accounts |
Senior Management |
| Brian Hicks |
Senior Vice President Commercial and
Revenue Management, Americas |
Senior Management |
| Byron Grote |
Director |
Non Executive Board |
| Cameron Abbott |
General Manager Crowne Plaza Terrigal
Pacific |
Senior Management |
| Cecilia Natalia Hage |
Manager Marketing and Public Relations,
Hotel Indigo Dubai Downtown |
Management |
| Charbel Boutros |
Vice President Development, MEA |
Senior Management |
| Claire Bennett |
Chief Customer Officer-Global |
Senior Management |
| Claudia Bowers |
Director Sales and Marketing, Kimpton
RiverPlace Hotel, Oregon |
Senior Management |
| Daniel Blanchard |
Chief Technology Officer |
Senior Management |
| Daniela Barone Soares |
Director |
Non Executive Board |
| David Bell |
Director Dining And Entertainment,
Intercontinental Fiji Golf Resort and Spa |
Senior Management |
| David Oppenheim |
Senior Vice President Analytics and Insights |
Senior Management |
| Deanna Oppenheimer |
Chairman Designate |
Non Executive Board |
| Debra Osborne |
Director Gross sales and Advertising, Kimpton
Canary Resort Santa Barbara |
Senior Management |
| Duriya Farooqui |
Director |
Non Executive Board |
| Elie Maalouf |
Chief Executive Officer the Americas |
Executive Board |
| Elie Maalouf |
Director |
Executive Board |
| George Turner |
Chief Commercial and Technology Officer |
Senior Management |
| Graham Allan |
Director |
Non Executive Board |
| Haitham Mattar |
Managing Director India, Middle East and
Africa (IMEA) |
Senior Management |
| Heather Balsley |
Senior Vice President Global Loyalty and
Partnerships |
Senior Management |
| Ian Dyson-Director |
Director |
Non Executive Board |
| Jay Caiafa |
Chief Operating Officer Americas |
Senior Management |
| Jennifer Gribble |
Senior Vice President Global Marketing,
Mainstream Brands |
Senior Management |
| Jo Harlow |
Director |
Non Executive Board |
| Joanna Kurowska |
Managing Director UK and Ireland |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 18: InterContinental Hotels Group Plc: Key Employees Continued |
| Name |
Job Title |
Board |
| John Mathulla |
Director Operations, Crowne Plaza Kochi |
Senior Management |
| Jolyon Bulley |
Chief Executive Officer Greater China |
Senior Management |
| Jolyon Bulley |
Group Transformation Lead, Luxury &
Lifestyle |
Senior Management |
| Jonathan Kaplan |
Vice President Americas Sales |
Senior Management |
| Keith Barr |
Chief Executive Officer |
Executive Board |
| Keith Barr |
Director |
Executive Board |
| Kenneth Macpherson |
Chief Executive Officer Europe, Middle East,
Asia and Africa |
Senior Management |
| Kkeyur Sangani |
Meeting Director- Crowne Plaza Greater
Noida |
Senior Management |
| Maher Abou Nasr |
Vice President Operations, KSA |
Senior Management |
| Marc Reissinger |
General Manager InterContinental Dhaka |
Senior Management |
| Mario Baruffi |
Executive Chef – Intercontinental Aqaba
Resort |
Senior Management |
| Matthias Kaiser |
Hotel Manager, InterContinental New York
Barclay |
Operational Management |
| Najib Nasser |
General Manager Cluster, Kuwait |
Senior Management |
| Nicolette Henfrey |
Executive Vice President |
Senior Management |
| Nicolette Henfrey |
General Counsel |
Senior Management |
| Nicolette Henfrey |
Secretary |
Senior Management |
| Pankaj Gupta |
General Manager Crowne Plaza, Delhi |
Senior Management |
| Patrick Finn |
Vice President Development South East Asia
and Korea IHG Hotels and Resorts,
Singapore |
Senior Management |
| Paul Edgecliffe-Johnson |
Chief Financial Officer |
Senior Management |
| Paul Edgecliffe-Johnson |
Director |
Senior Management |
| Paul Edgecliffe-Johnson |
Group Head of Strategy |
Senior Management |
| Projjwal Ghosh |
Director Sales and Marketing Crowne Plaza
Chennai Adyar Gate |
Senior Management |
| Rakesh Naidu |
Chief Engineer- Holiday Inn Mumbai
International Airport |
Senior Management |
| Richard Haddad |
Chief Executive Officer Ishraq Hospitality |
Senior Management |
| Rishabh Jain |
Director Sales and Marketing, Crowne Plaza
Greater Noida |
Senior Management |
| Sanjeev Kumar |
Manager Rooms, Crowne Plaza Hotels and
Resorts |
Operational Management |
| Saurabh Mishra |
Director Crowne Plaza, New Delhi Rohini |
Senior Management |
| Sharon Rothstein |
Director |
Non Executive Board |
| Shashank Gulati |
Director Food and Beverage, Crowne Plaza
New Delhi Rohini |
Senior Management |
| Sudeep Jain |
Managing Director South West Asia |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 19: InterContinental Hotels Group Plc: Key Employees Continued |
| Name |
Job Title |
Board |
| Tiffany Rioux |
Director Sales and Marketing
InterContinental Washington, D.C. – The
Wharf |
Senior Management |
| Vinita Thapa |
Director Human Resources, Crowne Plaza
Gurugram |
Senior Management |
| Vishal Sharma |
Director Sales and Marketing Crowne Plaza
New Delhi Rohini |
Senior Management |
| Wayne Hoare |
Chief Human Resources Officer |
Senior Management |
| Yasmin Diamond |
Executive Vice President Global Corporate
Affairs |
Senior Management |
| Zury Cohen |
General Manager Holiday Inn and Suites
Across From Universal Orlando |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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8.4. Travelodge Hotels Ltd. (Inactive)
8.4.1. Company Overview
Travelodge Hotels Ltd. (Travelodge) is a hospital management company. The company owns and operates
hotels in major cities and regional centers across Ireland, Spain and the UK under Travelodge brand. It has a
range of hotel designs such as acquisitions of existing hotels, purpose built hotels, office conversions, grade II
listed buildings and co-partnerships with leading pub companies, supermarkets and retailers. Travelodge also
operates bar cafe and breakfast and buffet restaurants in its hotels. The company provides online or mobile
reservation and property development services. Its hotels offer services including television, Wi-Fi, tea and
coffee making facilities, hairdryers and irons. Travelodge is headquartered in Thame, England, UK.
8.4.2. Key Facts
| Table 20: Travelodge Hotels Ltd. (Inactive): key facts |
| Head office: |
Sleepy Hollow Aylesbury Road, , Thame, Oxfordshire, United Kingdom |
| Number of Employees: |
10500 |
| Website: |
www.travelodge.co.uk |
| Financial year-end: |
December |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.4.3. Business Description
Travelodge Hotels Ltd. (Travelodge) provides hospitality services in the UK. It owns and operates over 570 hotels
with 40, 000 guest bedrooms across Ireland, the UK and Spain. The company operates its hotels primarily in
London, Birmingham, Edinburgh, Cardiff, Manchester, Dublin, Barcelona, and Madrid cities and in Heathrow and
Gatwick airports.
The company’s hotels provide various facilities and services including accommodation, banquet and conference
rooms, lounge and terrace, fitness centre, beauty centers, and Wi-Fi facilities. The rooms are facilitated with TV,
laundry, tea and coffee making facilities, drinks and snacks vending and breakfast. The company’s operates 180
hotels with bar and restaurant facilities which includes Bar Cafe, Burger King, Harry Ramsden’s and Little Chef. The
restaurants also provide take away service. The hotels of the company are also equipped with cash machines,
parking, petrol stations, motorway services and pubs.
The company provides online reservation facilities at its hotels by which customers can book hotel rooms online
and through mobile applications across the world. The company’s web service users are 4.5 million per month and
90% of reservations are made online through its website Travelodge.co.uk. It offers travel rewards program,
Wyndham Rewards, in which members can earn points which can be redeemed for hundreds of rewards at later
point. The points can be earned by staying at any of the company’s hotels globally. Travelodge provides property
development services in the UK. It provides property information to owners, developers and agents. The company
offers development services in three categories, new build, conversions of existing buildings and going concerns.
Going concerns projects are offered in Shut and Gut, Traded refurbishment and Re-badge categories.
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8.5. J D Wetherspoon plc
8.5.1. Company Overview
J D Wetherspoon plc (JDW or ‘the company’) owns and operates pubs. The company operates hotels under the
brands, including George Hotel, the Shrewsbury Hotel and the Unicorn, Ripon. JWD’s hotels and offers services
such as free Wi-Fi, television, hair dryer, air-conditioning, breakfast, lunch and dinner. Its food menu includes
battered fish, peas, grilled half tomato, seasoned flat mushroom, curries served with pilau rice, naan bread,
poppadums, chips, and range of meals under Streak club, Curry club, Sunday brunch and Fish friday. The
company also offers alcoholic and non-alcoholic beverages drinks including beers, rum, low and gin palace,
cocktail and coffee. JDW operates in the UK and Ireland. The company is headquartered in Watford,
Hertfordshire, the UK.
The company reported revenues of (British Pounds) GBP1,740.5 million for the fiscal year ended July 2022
(FY2022), compared to a revenue of GBP772.6 million in FY2021. The operating profit of the company was
GBP30.6 million in FY2022, compared to an operating loss of GBP126.2 million in FY2021. The net profit of the
company was GBP19.3 million in FY2022, compared to a net loss of GBP177 million in FY2021.
8.5.2. Key Facts
| Table 21: J D Wetherspoon plc: key facts |
| Head office: |
Wetherspoon House Central Park, Reeds Crescent, Watford, Hertfordshire, United
Kingdom |
| Number of Employees: |
24771 |
| Website: |
www.jdwetherspoon.com |
| Financial year-end: |
July |
| Ticker: |
JDW |
| Stock exchange: |
London Stock Exchange (LON) |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.5.3. Business Description
J D Wetherspoon plc (JDW or ‘the company’) owns and operates pubs in the UK and Republic of Ireland. The
company has 852 pubs. The company offers alcoholic and non-alcoholic drinks and breakfast in its pubs. It has 775
pubs rated on the Food Standards Agency’s website.
The company categorizes its offerings into five categories such as Bar, Food, Hotel, Slot/Fruit machine and other.
The hotel category operates hotels and rooms in the UK and Ireland. These hotels are attached to Wetherspoon
pub offering breakfast, lunch and dinner, variosu club deals. It also offers range of hot, soft and alcoholic drinks.
The company’s hotel rooms offers hair dryer, complimentary tea- and coffee-making facilities, en suite bathroom,
flat-screen television, unlimited free Wi-Fi, and digital air-conditioning and temperature control.
The company’s food category offers food menu in four categories: Steak club, Curry club, Fish Friday, and Sunday
brunch. Steak club offers peas, grilled half tomato and seasoned flat mushroom; Curry club offers curries served
with pilau rice, naan bread and poppadum’s; Fish Friday offers battered fish, chips, garden peas or mushy peas,
and a drink at Wetherspoon every Friday as a club deal; and Sunday brunch offers range of meals.
The company under its Bar category offers Rum shack, Gin Palace, and other alcoholic beverages. Under Rum
shack, JDW offers Captain Morgan white, Captain Morgan Original Spiced Gold, Bacardi Carta Blanca and Kraken
Black Spiced, BrewDog Five Hundred Cuts Botanical Rum and Captain Morgan Tiki. The Gin Palace category offers
gin in various flavours such as juicy Sicilian lemons and natural sweetness of raspberries and strawberries. Its low
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alcohol or alcohol free drinks include Heineken, Beck’s Blue, Kopparberg Strawberry & Lime and Adnams Ghost
Ship as well as soft drinks such as Remedy kombucha raspberry lemonade, Remedy coconut water kefir passion
fruit, Lavazza iced cappuccino, Remedy kombucha cherry plum and J2O. The cocktails catogery include a
combination of Kopparberg’s cider and gin, creating Kopparberg Strawberry Delight, Smirnoff vodka and others. It
also offers coffee. In FY2022 the bar category accounted for 58.9% of company’s revenue, followed by food
(36.7%), slot/fruit machines (3%), hotel (1.3%) and other (0.1%)
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| Table 22: J D Wetherspoon plc: Annual Financial Ratios |
| Key Ratios |
2017 |
2018 |
2019 |
2020 |
2021 |
| Growth Ratios |
| Sales Growth % |
1.99 |
7.38 |
-30.61 |
-38.79 |
| Operating Income Growth % |
1.94 |
2.57 |
-132.52 |
-208.31 |
| EBITDA Growth % |
4.22 |
2.80 |
-57.95 |
-106.14 |
| Net Income Growth % |
17.90 |
9.10 |
-234.05 |
-81.43 |
| EPS Growth % |
1.99 |
-7.08 |
-301.03 |
-89.72 |
| Working Capital Growth % |
-18.31 |
13.44 |
-61.99 |
173.35 |
| Equity Ratios |
| EPS (Earnings per Share) GBP |
0.80 |
0.82 |
0.76 |
-1.53 |
-2.89 |
| Dividend per Share GBP |
0.12 |
0.12 |
0.12 |
| Book Value per Share GBP |
2.37 |
2.72 |
3.01 |
2.64 |
2.16 |
| Profitability Ratios |
| Gross Margin % |
11.47 |
11.10 |
9.86 |
4.48 |
-9.32 |
| Operating Margin % |
7.25 |
7.25 |
6.92 |
-3.24 |
-16.34 |
| Net Profit Margin % |
3.41 |
3.94 |
4.00 |
-7.73 |
-22.91 |
| Profit Markup % |
12.96 |
12.49 |
10.94 |
4.69 |
-8.53 |
| PBT Margin (Profit Before Tax) % |
4.60 |
5.25 |
5.25 |
-8.35 |
-25.19 |
| Return on Equity % |
21.89 |
23.28 |
22.97 |
-30.75 |
-63.68 |
| Return on Capital Employed % |
11.02 |
10.58 |
10.53 |
-2.14 |
-7.54 |
| Return on Assets % |
7.85 |
4.57 |
4.85 |
-5.17 |
-8.31 |
| Return on Working Capital % |
-47.49 |
-59.26 |
-53.58 |
45.85 |
51.71 |
| Operating Costs (% of Sales) % |
92.75 |
92.75 |
93.08 |
103.24 |
116.34 |
| Administration Costs (% of Sales) % |
3.73 |
3.29 |
2.61 |
3.14 |
4.83 |
| Liquidity Ratios |
| Current Ratio Absolute |
0.27 |
0.35 |
0.28 |
0.73 |
0.27 |
| Quick Ratio Absolute |
0.21 |
0.27 |
0.21 |
0.66 |
0.19 |
| Cash Ratio Absolute |
0.15 |
0.20 |
0.13 |
0.53 |
0.14 |
| Leverage Ratios |
| Debt to Equity Ratio Absolute |
2.89 |
2.75 |
2.46 |
4.93 |
5.09 |
| Net Debt to Equity Absolute |
2.69 |
2.53 |
2.33 |
4.38 |
4.93 |
| Debt to Capital Ratio Absolute |
0.74 |
0.73 |
0.71 |
0.83 |
0.84 |
| Efficiency Ratios |
| Asset Turnover Absolute |
2.31 |
1.16 |
1.21 |
0.67 |
0.36 |
| Fixed Asset Turnover Absolute |
2.59 |
1.31 |
1.35 |
0.75 |
0.40 |
| Inventory Turnover Absolute |
136.29 |
67.11 |
69.74 |
51.50 |
33.82 |
| Current Asset Turnover Absolute |
35.05 |
16.58 |
18.08 |
7.57 |
4.64 |
| Capital Employed Turnover Absolute |
1.52 |
1.46 |
1.52 |
0.66 |
0.46 |
| Working Capital Turnover Absolute |
-6.55 |
-8.18 |
-7.74 |
-14.13 |
-3.16 |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 23: J D Wetherspoon plc: Key Employees |
| Name |
Job Title |
Board |
| Ben Thorne |
Director |
Non Executive Board |
| Ben Whitley |
Director |
Executive Board |
| Ben Whitley |
Director Finance |
Executive Board |
| David Capstick |
Director IT and Property |
Senior Management |
| Debbie Whittingham |
Director Employee |
Senior Management |
| Debra van Gene |
Director |
Non Executive Board |
| Emma Gibson |
Director Associate Employee |
Senior Management |
| Harry Morley |
Director |
Non Executive Board |
| Hudson Simmons |
Director Employee |
Senior Management |
| James Ullman |
Director Personnel and Retail Audit |
Senior Management |
| John Hutson |
Chief Executive Officer |
Executive Board |
| John Hutson |
Director |
Executive Board |
| Martin Geoghegan |
Director Operations |
Senior Management |
| Nigel Connor |
Director Legal |
Senior Management |
| Nigel Connor |
Secretary |
Senior Management |
| Tim Martin |
Chairman |
Executive Board |
| Will Fotheringham |
Director Associate Employee |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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8.6. Whitbread PLC
8.6.1. Company Overview
Whitbread PLC (Whitbread or “the company”) is a provider of hospitality services through a network of hotels
and restaurants. The company provides accommodation and food related services. Whitbread operates hotels
and restaurants under several brand names, including Premier Inn, hub by Premier Inn, Beefeater, Bar+Block
Steakhouse, Brewers Fayre, Cookhouse and Pub, Thyme and Table Table. Its restaurants offer pub classics,
including Fish and Chips, Mixed Grill, Grilled Gammon Steak, Chicken and Bacon Salad, Beef Burgers, freshly
char-grilled food, freshly prepared using the finest cuts of prime beef, succulent salmon and delicious burgers.
The company also operates owned and franchised coffee outlets. It has business presence across the UK, the
Middle East and Germany. The company is headquartered in Dunstable, Bedfordshire, the UK.
The company reported revenues of (British Pounds) GBP1,703.4 million for the fiscal year ended March 2022
(FY2022), compared to a revenue of GBP588.9 million in FY2021. The operating profit of the company was
GBP226.9 million in FY2022, compared to an operating loss of GBP851.3 million in FY2021. The net profit of the
company was GBP42.5 million in FY2022, compared to a net loss of GBP906.5 million in FY2021.
8.6.2. Key Facts
| Table 24: Whitbread PLC: key facts |
| Head office: |
Houghton Hall Business Park Porz Avenue, Whitbread Court, Dunstable,
Bedfordshire, United Kingdom |
| Number of Employees: |
34328 |
| Website: |
www.whitbread.co.uk |
| Financial year-end: |
March |
| Ticker: |
WTB |
| Stock exchange: |
London Stock Exchange (LON) |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.6.3. Business Description
Whitbread PLC (Whitbread or “the company”) is a hospitality company in the UK. The company operates hotels
and restaurants business. The company serves four million customers in the UK every month and operates across
the world. The company operates through Premier Inn business unit.
Premier Inn provides services related to accommodation and food both in the UK and internationally. The
company operates hotels and restaurants under Premier Inn; hub by Premier Inn; Brewers Fayre; Beefeater;
Bar+Block Steakhouse; Cookhouse and Pub; and Thyme brand names. Premier Inn is a hotel chain in the UK that
operates more than 8,332 hotels in the UK, over 82,286 rooms and also a bar and restaurant. Hub by Premier Inn
operates hotels in nine locations.
Brewers Fayre is a full-service branded restaurant chain that operates 160 restaurants in the UK and offers pub
classics, including Fish & Chips, Mixed Grill, Grilled Gammon Steak, Chicken and Bacon Salad and 100% Farm
Assured Beef Burgers. Brewers Fayre’s desserts menu includes the classics like Ice Cream Sundaes, Caramel Apple
Betty and Profiteroles. Bar+Block Steakhouse operates restaurants offers a range of steaks, fresh salads, gourmet
burgers ground on-site, British classics and decadent puddings.
Beefeater operates restaurants that offer a large selection of freshly char-grilled food, freshly prepared using the
finest cuts of prime beef, succulent salmon and delicious burgers. Beefeater sells three million steaks in a year.
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Cookhouse and Pub offers freshly prepared dishes and delicious drinks and operates in ten locations. Thyme
provides gourmet burgers, salads, steaks, freshly prepared dishes and delicious desserts.
Geographically, the company classifies its operations into three regions: The UK, Germany, and Other. In FY2022,
the UK accounted for 84.6% of the company’s revenue followed by Germany (2.1%), and Other (0.4%).
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| Table 25: Whitbread PLC: Annual Financial Ratios |
| Key Ratios |
2017 |
2018 |
2019 |
2020 |
2021 |
| Growth Ratios |
| Sales Growth % |
-35.37 |
1.98 |
0.73 |
-71.44 |
| Operating Income Growth % |
-15.57 |
-20.90 |
14.10 |
-307.13 |
| EBITDA Growth % |
-9.77 |
5.63 |
-6.09 |
-181.07 |
| Net Income Growth % |
3.89 |
751.92 |
-94.16 |
-516.02 |
| EPS Growth % |
-25.10 |
11.58 |
0.56 |
-280.13 |
| Working Capital Growth % |
-7.88 |
-610.39 |
-92.83 |
209.08 |
| Equity Ratios |
| EPS (Earnings per Share) GBP |
2.40 |
1.80 |
2.00 |
2.01 |
-3.63 |
| Dividend per Share GBP |
0.82 |
0.87 |
0.86 |
0.28 |
| Book Value per Share GBP |
11.85 |
13.12 |
26.89 |
23.95 |
18.99 |
| Profitability Ratios |
| Gross Margin % |
87.91 |
89.92 |
90.02 |
89.89 |
| Operating Margin % |
17.37 |
22.69 |
17.60 |
19.93 |
-144.56 |
| Net Profit Margin % |
13.57 |
21.82 |
182.28 |
10.57 |
-153.93 |
| PBT Margin (Profit Before Tax) % |
16.59 |
21.25 |
10.65 |
13.58 |
-171.06 |
| Return on Equity % |
16.68 |
15.63 |
66.01 |
5.81 |
-23.64 |
| Return on Capital Employed % |
14.01 |
11.27 |
3.97 |
5.73 |
-10.61 |
| Return on Assets % |
17.98 |
9.14 |
50.00 |
2.44 |
-10.91 |
| Return on Working Capital % |
-97.77 |
-89.61 |
13.89 |
220.85 |
-148.00 |
| Operating Costs (% of Sales) % |
82.63 |
77.31 |
82.40 |
80.07 |
244.56 |
| Administration Costs (% of Sales) % |
57.10 |
56.33 |
48.66 |
50.74 |
| Liquidity Ratios |
| Current Ratio Absolute |
0.34 |
0.40 |
3.73 |
1.29 |
1.74 |
| Quick Ratio Absolute |
0.28 |
0.35 |
3.72 |
1.27 |
1.73 |
| Cash Ratio Absolute |
0.08 |
0.11 |
3.58 |
0.78 |
1.62 |
| Leverage Ratios |
| Debt to Equity Ratio Absolute |
0.38 |
0.33 |
0.58 |
0.92 |
1.18 |
| Net Debt to Equity Absolute |
0.35 |
0.30 |
-0.02 |
0.79 |
0.85 |
| Debt to Capital Ratio Absolute |
0.27 |
0.25 |
0.37 |
0.48 |
0.54 |
| Efficiency Ratios |
| Asset Turnover Absolute |
1.32 |
0.42 |
0.27 |
0.23 |
0.07 |
| Fixed Asset Turnover Absolute |
1.56 |
0.49 |
0.39 |
0.32 |
0.09 |
| Inventory Turnover Absolute |
15.59 |
4.17 |
6.45 |
14.79 |
| Current Asset Turnover Absolute |
21.64 |
6.37 |
1.05 |
0.94 |
0.54 |
| Capital Employed Turnover Absolute |
0.81 |
0.50 |
0.23 |
0.29 |
0.07 |
| Working Capital Turnover Absolute |
-5.63 |
-3.95 |
0.79 |
11.08 |
1.02 |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 26: Whitbread PLC: Key Employees |
| Name |
Job Title |
Board |
| Adam Crozier |
Chairman |
Executive Board |
| Alison Brittain |
Director |
Non Executive Board |
| Chris Kennedy |
Director |
Non Executive Board |
| Chris Vaughan |
General Counsel |
Senior Management |
| Chris Vaughan |
Secretary |
Senior Management |
| Dame Cilla Snowball |
Director |
Non Executive Board |
| Dame Jones |
Director |
Non Executive Board |
| Damon Webb |
Regional Maintenance Manager |
Operational Management |
| Daniel Jones |
Senior Regional Repairs and Maintenance
Manager |
Operational Management |
| David Atkins |
Director |
Non Executive Board |
| Dominic Paul |
Chief Executive Officer |
Executive Board |
| Dominic Paul |
Director |
Executive Board |
| Eduard Jimenez |
Director Commercial, Premier Inn MENA |
Senior Management |
| Eric Masalawala |
Operations Manager – Premier Inn Dubai
Dragon Mart Hotel |
Management |
| Frank Fiskers |
Director |
Non Executive Board |
| Fumbi Chima |
Director |
Non Executive Board |
| Gary Everett |
Regional Maintenance Manager |
Operational Management |
| Hemant Patel |
Chief Financial Officer |
Senior Management |
| Horst Baier |
Director |
Non Executive Board |
| Jo Darby |
Regional Maintenance Manager |
Operational Management |
| Joel Walters |
Senior Regional Repairs and Maintenance
Manager |
Operational Management |
| Kal Atwal |
Director |
Non Executive Board |
| Karen Jones |
Director |
Non Executive Board |
| Mark Anderson |
Managing Director Property and International |
Senior Management |
| Matt Tyson |
Regional Maintenance Manager |
Operational Management |
| Nigel Jones |
Director Operations |
Senior Management |
| Oliver Wentworth |
Regional Maintenance Manager |
Operational Management |
| Rachel Howarth |
Chief People Officer |
Senior Management |
| Richard Gillingwater |
Director |
Non Executive Board |
| Simon Ewins |
Managing Director UK hotels and Restaurants |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 27: Whitbread PLC: Key Employees Continued |
| Name |
Job Title |
Board |
| Simon Jones |
Director UK and Global Commercial |
Senior Management |
| Simon Jones |
Managing Director Premier Inn and
Restaurants |
Senior Management |
| Stuart Patterson |
Regional Maintenance Manager |
Operational Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 28: CRG Holdings, LLC : key facts |
| Head office: |
Delaware, United States |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
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8.7. Booking Holdings Inc
8.7.1. Company Overview
Booking Holdings Inc (Booking Holdings), is a provider of online travel and related services. The company offers
various services including accommodation reservation, price comparison, rental car reservation, restaurant
reservations, airline ticket booking, vacation packages, cruise booking, and travel reservation. It operates
business under brands such as Booking.com, Agoda, Priceline, KAYAK, Rentalcars.com, and OpenTable. Booking
Holdings provides its services to consumers and local partners. It provides restaurant operators with restaurant
reservation management and customer acquisition services. The company operates in several countries across
Europe, North America, South America, Africa, and Asia-Pacific regions. Booking Holdings is headquartered in
Norwalk, Connecticut, the US.
The company reported revenues of (US Dollars) US$17,090 million for the fiscal year ended December 2022
(FY2022), an increase of 56% over FY2021. In FY2022, the company’s operating margin was 29.9%, compared to
an operating margin of 20.6% in FY2021. In FY2022, the company recorded a net margin of 17.9%, compared to
a net margin of 10.6% in FY2021.
8.7.2. Key Facts
| Table 29: Booking Holdings Inc: key facts |
| Head office: |
800 Connecticut Ave , Norwalk, Connecticut, United States |
| Telephone: |
12032998000 |
| Fax: |
13026365454 |
| Number of Employees: |
21600 |
| Website: |
www.bookingholdings.com |
| Financial year-end: |
December |
| Ticker: |
BKNG |
| Stock exchange: |
NASDAQ |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.7.3. Business Description
Booking Holdings Inc (Booking Holdings) is an online travel service network that offers travel reservations and
connects travelers with suppliers of travel services around the world. Booking Holdings offers accommodation
reservation services through its international brands, which consist primarily of Booking.com, Priceline, KAYAK,
Agoda, Rentalcars.com, and OpenTable.
As of December 31, 2022, Booking.com offered accommodation reservation services for about 2.7 million
properties, out of which 400,000 were hotels, motels, and resorts and 2.3 million homes, apartments, and other
unique places to stay in over 220 countries and territories on its websites and in 40 languages. As of December 31,
2022, the company expanded its flight offering to 54 markets and provides in-destination tours and activities in
over 1,200 cities in the world.
Through the Priceline brand, it offers discount travel reservation services for accommodations, rental cars, flights,
vacation packages, and cruises. Its customers can make retail travel reservations on priceline.com, where they can
select all aspects of the travel itinerary, including the travel service provider and price.
Booking Holdings also operates KAYAK, which provides an online price comparison service or also mentioned as
meta-search, allowing consumers to search and compare prices for travel services offered by travel service
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providers and online travel companies (OTCs). Currently, KAYAK operates in approximately 60 countries, primarily
in the US.
Agoda.com offers an online accommodation reservation service, apart from ground transportation, flight, and
other activities reservation services. It provides services mainly to consumers in the Asia-Pacific region.
The company’s Rentalcars.com offers online car rental reservation services. It has presence in 52,000 locations
throughout the world, with customer support offered in 40 languages. It also offers pre-booked taxi and black car
services at over 1,600 airports throughout the world.
OpenTable provides online restaurant reservation services to consumers and reservation management services to
restaurants. It has presence primarily in the US.
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| Table 30: Booking Holdings Inc: Annual Financial Ratios |
| Key Ratios |
2017 |
2018 |
2019 |
2020 |
2021 |
| Growth Ratios |
| Sales Growth % |
14.56 |
3.71 |
-54.89 |
61.24 |
| Operating Income Growth % |
17.90 |
0.07 |
-113.68 |
408.34 |
| EBITDA Growth % |
17.87 |
0.81 |
-104.70 |
| Net Income Growth % |
70.78 |
21.69 |
-98.79 |
1874.58 |
| EPS Growth % |
9.53 |
35.38 |
-82.11 |
65.87 |
| Working Capital Growth % |
-12.37 |
-7.93 |
96.57 |
-21.43 |
| Equity Ratios |
| EPS (Earnings per Share) USD |
75.14 |
82.30 |
111.43 |
19.94 |
33.07 |
| Book Value per Share USD |
232.31 |
192.52 |
143.25 |
119.46 |
150.44 |
| Profitability Ratios |
| Gross Margin % |
98.09 |
| Operating Margin % |
35.72 |
36.77 |
35.48 |
-10.76 |
20.57 |
| Net Profit Margin % |
18.46 |
27.52 |
32.29 |
0.87 |
10.63 |
| PBT Margin (Profit Before Tax) % |
34.69 |
33.28 |
39.55 |
8.34 |
13.37 |
| Return on Equity % |
20.79 |
45.51 |
82.00 |
1.21 |
18.86 |
| Return on Capital Employed % |
20.63 |
27.92 |
33.33 |
-3.96 |
12.96 |
| Return on Assets % |
18.40 |
16.61 |
22.07 |
0.27 |
5.12 |
| Return on Working Capital % |
81.81 |
110.08 |
119.66 |
-8.32 |
32.67 |
| Operating Costs (% of Sales) % |
64.28 |
63.23 |
64.52 |
110.76 |
79.43 |
| Administration Costs (% of Sales) % |
59.23 |
60.30 |
61.41 |
86.60 |
73.26 |
| Liquidity Ratios |
| Current Ratio Absolute |
2.58 |
2.36 |
1.83 |
3.56 |
2.10 |
| Quick Ratio Absolute |
2.58 |
2.36 |
1.83 |
3.56 |
2.10 |
| Cash Ratio Absolute |
0.73 |
0.74 |
1.18 |
3.08 |
1.78 |
| Leverage Ratios |
| Debt to Equity Ratio Absolute |
0.85 |
0.99 |
1.45 |
2.46 |
1.77 |
| Net Debt to Equity Absolute |
0.19 |
0.27 |
0.22 |
0.19 |
-0.04 |
| Debt to Capital Ratio Absolute |
0.46 |
0.50 |
0.59 |
0.71 |
0.64 |
| Efficiency Ratios |
| Asset Turnover Absolute |
1.00 |
0.60 |
0.68 |
0.31 |
0.48 |
| Fixed Asset Turnover Absolute |
52.83 |
25.57 |
14.96 |
5.14 |
8.42 |
| Current Asset Turnover Absolute |
2.81 |
1.67 |
1.65 |
0.62 |
0.86 |
| Capital Employed Turnover Absolute |
0.58 |
0.76 |
0.94 |
0.37 |
0.63 |
| Working Capital Turnover Absolute |
2.29 |
2.99 |
3.37 |
0.77 |
1.59 |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 31: Booking Holdings Inc: Key Employees |
| Name |
Job Title |
Board |
| Brett Keller |
Chief Executive Officer Priceline |
Senior Management |
| Charles H. Noski |
Director |
Non Executive Board |
| David I. Goulden |
Chief Financial Officer |
Senior Management |
| David I. Goulden |
Executive Vice President |
Senior Management |
| Debby Soo |
Chief Executive Officer OpenTable |
Senior Management |
| Glenn D. Fogel |
Chief Executive Officer |
Executive Board |
| Glenn D. Fogel |
Director |
Executive Board |
| Glenn D. Fogel |
President |
Executive Board |
| John Brown |
Chairman Agoda |
Executive Board |
| Larry Quinlan |
Director |
Non Executive Board |
| Lynn M. Vojvodich |
Director |
Non Executive Board |
| Mirian Graddick-Weir |
Director |
Non Executive Board |
| Nicholas J.Read |
Director |
Non Executive Board |
| Omri Morgenshtern |
Chief Executive Officer Agoda |
Senior Management |
| Paulo Pisano |
Chief Human Resources Officer |
Senior Management |
| Paulo Pisano |
Executive Vice President |
Senior Management |
| Peter J. Millones, Jr. |
Executive Vice President |
Senior Management |
| Peter J. Millones, Jr. |
General Counsel |
Senior Management |
| Robert J. Mylod Jr. |
Chairman |
Executive Board |
| Steve Hafner |
Chief Executive Officer KAYAK |
Senior Management |
| Sumit Singh |
Director |
Non Executive Board |
| Thomas E. Rothman |
Director |
Non Executive Board |
| Timothy M. Armstrong |
Director |
Non Executive Board |
| Vanessa A. Wittman |
Director |
Non Executive Board |
| Wei Hopeman |
Director |
Non Executive Board |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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8.8. Expedia Group Inc
8.8.1. Company Overview
Expedia Group Inc (Expedia Group) is an online travel company. It provides a wide range of services which
includes booking of hotel rooms, airline seats, car rentals, and destination services through its travel suppliers.
These services are offered under various brands including Expedia.com, Hotels.com, Vrbo, Orbitz, ebookers,
CheapTickets, Hotwire, CarRentals .com, Travelocity, Expedia Partner Solutions, and Wotif Group. Expedia
Group serves customers through mobile bookings, alternative distribution channels, private label businesses,
and call centers. The company also carries out advertising and media business and travel management
businesses. Expedia Group is headquartered in Seattle, Washington, the US.
The company reported revenues of (US Dollars) US$11,667 million for the fiscal year ended December 2022
(FY2022), an increase of 35.7% over FY2021. In FY2022, the company’s operating margin was 9.8%, compared
to an operating margin of 4.2% in FY2021. In FY2022, the company recorded a net margin of 3%, compared to a
net margin of 0.1% in FY2021.
8.8.2. Key Facts
| Table 32: Expedia Group Inc: key facts |
| Head office: |
1111 Expedia Group Way W , Seattle, Washington, United States |
| Telephone: |
12064817200 |
| Fax: |
13026555049 |
| Number of Employees: |
14800 |
| Website: |
www.expediagroup.com/home/default.aspx |
| Financial year-end: |
December |
| Ticker: |
EXPE |
| Stock exchange: |
NASDAQ |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.8.3. Business Description
Expedia Group Inc (Expedia Group) provides online travel services for business and leisure travelers across the
world. It represents travel products and services provided by airlines, hotels and resorts, destination service
providers, car rental companies, cruise lines, insurance and other travel product and service companies.
The company operates through three reportable business segments: Retail, Trivago, and B2B.
Its supply portfolio includes 3 million lodging properties, which include over 2 million online bookable alternative
accommodations, 875,000 hotels, over 500 rental cars, cruises, insurance, and other activities and experiences
across several countries and territories.
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| Table 33: Expedia Group Inc: Annual Financial Ratios |
| Key Ratios |
2017 |
2018 |
2019 |
2020 |
2021 |
| Growth Ratios |
| Sales Growth % |
11.56 |
7.52 |
-56.92 |
65.38 |
| Operating Income Growth % |
14.21 |
26.47 |
-402.55 |
113.25 |
| EBITDA Growth % |
13.23 |
5.71 |
-191.78 |
| Net Income Growth % |
7.42 |
39.16 |
-562.30 |
100.46 |
| EPS Growth % |
18.31 |
34.02 |
-425.51 |
83.10 |
| Working Capital Growth % |
22.40 |
4.05 |
-107.65 |
-656.58 |
| Equity Ratios |
| EPS (Earnings per Share) USD |
2.56 |
3.03 |
4.06 |
-13.20 |
-2.23 |
| Dividend per Share USD |
1.16 |
1.24 |
1.32 |
| Book Value per Share USD |
29.80 |
27.89 |
27.82 |
10.52 |
13.22 |
| Profitability Ratios |
| Gross Margin % |
82.54 |
82.49 |
82.08 |
67.69 |
82.30 |
| Operating Margin % |
6.21 |
6.36 |
7.48 |
-52.55 |
4.21 |
| Net Profit Margin % |
3.76 |
3.62 |
4.68 |
-50.24 |
0.14 |
| Profit Markup % |
472.71 |
471.15 |
457.88 |
209.46 |
464.91 |
| PBT Margin (Profit Before Tax) % |
4.14 |
4.32 |
6.42 |
-60.61 |
-0.44 |
| Return on Equity % |
8.36 |
9.89 |
14.24 |
-103.16 |
0.58 |
| Return on Capital Employed % |
5.88 |
7.16 |
8.44 |
-20.57 |
2.99 |
| Return on Assets % |
4.08 |
2.22 |
2.86 |
-13.03 |
0.06 |
| Return on Working Capital % |
-26.73 |
-24.94 |
-30.31 |
-1198.25 |
-28.53 |
| Operating Costs (% of Sales) % |
93.79 |
93.64 |
92.52 |
152.55 |
95.79 |
| Administration Costs (% of Sales) % |
59.38 |
58.59 |
57.86 |
60.45 |
57.29 |
| Liquidity Ratios |
| Current Ratio Absolute |
0.70 |
0.64 |
0.72 |
1.04 |
0.87 |
| Quick Ratio Absolute |
0.70 |
0.64 |
0.72 |
1.04 |
0.87 |
| Cash Ratio Absolute |
0.36 |
0.30 |
0.31 |
0.62 |
0.44 |
| Leverage Ratios |
| Debt to Equity Ratio Absolute |
0.94 |
0.91 |
1.24 |
3.24 |
4.11 |
| Net Debt to Equity Absolute |
0.21 |
0.30 |
0.28 |
1.91 |
2.01 |
| Debt to Capital Ratio Absolute |
0.48 |
0.48 |
0.55 |
0.76 |
0.80 |
| Efficiency Ratios |
| Asset Turnover Absolute |
1.09 |
0.61 |
0.61 |
0.26 |
0.43 |
| Fixed Asset Turnover Absolute |
12.77 |
6.50 |
5.15 |
1.84 |
3.17 |
| Current Asset Turnover Absolute |
3.63 |
2.09 |
1.87 |
0.78 |
1.24 |
| Capital Employed Turnover Absolute |
0.95 |
1.13 |
1.13 |
0.39 |
0.71 |
| Working Capital Turnover Absolute |
-4.30 |
-3.92 |
-4.05 |
22.80 |
-6.78 |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 34: Expedia Group Inc: Key Employees |
| Name |
Job Title |
Board |
| Adam Jay |
President and Co-lead, Marketing |
Senior Management |
| Alexandre von Furstenberg |
Director |
Non Executive Board |
| Archana Arunkumar |
Senior Vice President Platform as a Product |
Senior Management |
| Archana Singh |
Chief People Officer |
Senior Management |
| Ariane Gorin |
President Expedia Business Services |
Senior Management |
| Arun Dutta |
Vice President India Managing Director |
Senior Management |
| Barry Diller |
Chairman |
Executive Board |
| Barry Diller |
Senior Executive |
Executive Board |
| Beverly Anderson |
Director |
Non Executive Board |
| Chelsea Clinton |
Director |
Non Executive Board |
| Craig A. Jacobson |
Director |
Non Executive Board |
| Cyril Ranque |
President Travel Partners Group |
Senior Management |
| Dara Khosrowshahi |
Director |
Non Executive Board |
| Doug Powell |
Vice President Design Practice Management |
Senior Management |
| Greg Mondre |
Director |
Non Executive Board |
| Henrique Dubugras |
Director |
Non Executive Board |
| Jeff Hurst |
President and Co-lead, Marketing |
Senior Management |
| John Kim |
President Platform and Marketplaces |
Senior Management |
| Jon T. Gieselman |
Director |
Non Executive Board |
| Julie Whalen |
Chief Financial Officer |
Senior Management |
| Julie Whalen |
Executive Vice President |
Senior Management |
| Katrina Lane |
Senior Vice President Global Customer
Engagement and Loyalty/Credit Card Expedia
Brands |
Senior Management |
| Lance A. Soliday |
Chief Accounting Officer |
Senior Management |
| Lance A. Soliday |
Controller |
Senior Management |
| Lance A. Soliday |
Senior Vice President |
Senior Management |
| Lauri Metrose |
Senior Vice President Global PR and Social
Media Expedia Brands |
Senior Management |
| Michael David Velasco |
Chief Inclusion and Diversity Officer |
Senior Management |
| Patricia Menendez-Cambo |
Director |
Non Executive Board |
| Peter M. Kern |
Chief Executive Officer |
Executive Board |
| Peter M. Kern |
Vice Chairman |
Executive Board |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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| Table 35: Expedia Group Inc: Key Employees Continued |
| Name |
Job Title |
Board |
| Rajesh Naidu |
Chief Architect |
Senior Management |
| Reena Patil |
Senior Vice President Partner Product |
Senior Management |
| Rob Torres |
Senior Vice President Media Solutions |
Senior Management |
| Robert Dzielak |
Chief Legal Officer |
Senior Management |
| Robert Dzielak |
Secretary |
Senior Management |
| Sachin Singh |
Senior Vice President Search and Supply |
Senior Management |
| Samuel Altman |
Director |
Non Executive Board |
| Sarah Gavin |
Senior Vice President Global Communications
and Corporate Brand |
Senior Management |
| Susan C. Athey |
Director |
Non Executive Board |
| Tucker Moodey |
President Retail Product and Technology |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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8.9. Travelport Worldwide Ltd
8.9.1. Company Overview
Travelport Worldwide Ltd (Travelport) operates travel commerce platform that provides distribution,
technology, payment and other solutions for the global travel and tourism industry. The company connects the
worlds travel providers such as airlines and hotel chains with online and offline travel agencies and other travel
buyers in the proprietary business-to-business (B2B) travel commerce platform. Its services portfolio includes
aggregation, search and transaction processing services; automated payment solutions between travel
providers and travel agencies; and issue of air tickets and hotel room bookings. Travelport’s customers include
airline operators, hotels, car rental agencies, rail networks, travel management companies and tour operators.
The company operates across Americas, Europe, Asia-Pacific, the Middle East, and Africa. Travelport is
headquartered at Langley, Berkshire, the UK.
8.9.2. Key Facts
| Table 36: Travelport Worldwide Ltd: key facts |
| Head office: |
Axis One Axis Park, 10 Hurricane Way, Langley, Berkshire, United Kingdom |
| Number of Employees: |
3700 |
| Website: |
www.travelport.com |
| Financial year-end: |
April |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.9.3. Business Description
Travelport Worldwide Ltd (Travelport) is a travel commerce platform that provides distribution, technology,
payment and other solutions for the global travel and tourism industry. The company’s business-to-business (B2B)
platform connects travel agencies, travel management companies and corporations with interested buyers. The
company also offers airline merchandising, car rental, hotel content and distribution, mobile commerce and B2B
payment solutions.
Travelport’s solutions portfolio includes Technology-and-Innovation, New Distribution Capability, Blockchain,
Mobile, APIs and SDKs, and Connectivity.
Through Technology-and-Innovation solutions category, the company provides AI platform that assists businesses
in managing corporate travel. The platform is designed in partnership with IBM and named as IBM Travel Manager.
It tracks, manages, predicts and analyzes travel costs. It develops and provides online solutions through Travelport
Universal API. The company, as a travel provider, also connect, shares, and communicates the required content of
the traveler to the global travel agency network through its Connectivity Solution.
The company’s products include Travelport Smartpoint, Travelport Universal API, Travelport+, Travelport
Aggregated Shopping, and Travelport Agency Private Fares. It also offers Travelport Digital Media Solutions,
Travelport Search Control Console, Travelport Fusion, Travelport Engage, Travelport Trip Assist, Travelport CETS
(Central European Touristic Solutions). It helps the travellers to cost effectively manage by simplifying the process
of aggregating, comparing, booking, and fulfilling travel content. It also helps the airline companies in branding.
Travelport helps travel resellers to sell at expected range of airline content. The company’s travel commerce
platform helps travelers to compare book flights with non-traditional carriers. Travelport serves airlines, retail
travel agencies, online travel agencies and travel management companies. The company has business presence in
Africa, Asia-Pacific, the Americas, Europe, and the Middle East.
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| Table 37: Travelport Worldwide Ltd: Key Employees |
| Name |
Job Title |
Board |
| Anthony R. Horton |
Director |
Non Executive Board |
| Bates Turpen |
Chief Information Officer |
Senior Management |
| Bruce Kenny |
Director |
Non Executive Board |
| Greg Conley |
Director |
Non Executive Board |
| Greg Webb |
Chief Executive Officer |
Executive Board |
| Greg Webb |
Director |
Executive Board |
| Hugh W. Jones |
Director |
Non Executive Board |
| James R. Gillis |
Director |
Non Executive Board |
| Jason Clarke |
Chief Commercial Officer – Travel Partners |
Senior Management |
| Jason Toothman |
Chief Commercial Officer–Agency |
Senior Management |
| Jennifer Catto |
Chief Marketing Officer |
Senior Management |
| John Elieson |
Chief Operating Officer |
Senior Management |
| John Swainson |
Chairman |
Executive Board |
| Margaret K Cassidy |
Executive Vice President |
Senior Management |
| Margaret K Cassidy |
General Counsel |
Senior Management |
| Margaret Kim |
Chief Staff |
Senior Management |
| Margaret Kim |
Vice President Corporate Affairs |
Senior Management |
| Mark Harris |
Head Global Solutions Delivery |
Senior Management |
| Nick Bray |
Chief Financial Officer |
Senior Management |
| Phil Donnelly |
Chief People Officer |
Senior Management |
| Robert L. Greene |
Director |
Non Executive Board |
| Simon Gros |
Head Consultancy, Onboarding and
Optimization |
Senior Management |
| Tom Kershaw |
Chief Product Technology Officer |
Senior Management |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
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8.10. TUI Group
8.10.1. Company Overview
TUI Group (TUI and ‘the company’) is a tourism company that provides services associated with holidays and
travel. TUI’s businesses include cruise ships, touristic airlines, tour operations, resorts and hotels, aviation
management, and incoming agencies. TUI operates hotels under various brands including Riu, Iberotel, TUI
Magic Life, Grupotel, TUI Blue, and Robinson. It also operates several airlines, including TUI Airways, Corsair
International, and TUI fly, among others. The company also provides luxury cruises within German-speaking
countries, and cruise ships in other luxury markets. It primarily operates in Germany, the UK, Ireland, the
Nordics, Austria, Poland, Switzerland, Belgium, the Netherlands, and France. TUI is headquartered in Hanover,
Niedersachsen, Germany.
The company reported revenues of (Euro) EUR16,544.9 million for the fiscal year ended September 2022
(FY2022), compared to a revenue of EUR4,731.6 million in FY2021. The operating profit of the company was
EUR234.3 million in FY2022, compared to an operating loss of EUR1,830.2 million in FY2021. The net loss of the
company was EUR277.2 million in FY2022, compared to a net loss of EUR2,467.1 million in FY2021. The
company reported revenues of EUR3,750.5 million for the first quarter ended December 2022, a decrease of
50.7% over the previous quarter.
8.10.2. Key Facts
| Table 38: TUI Group: key facts |
| Head office: |
Karl-Wiechert-Allee 4 , Hannover, Germany |
| Telephone: |
4951156600 |
| Fax: |
495115661901 |
| Number of Employees: |
60058 |
| Website: |
www.tuigroup.com |
| Financial year-end: |
September |
|
| Source: COMPANY WEBSITE |
M A R K E T L I N E |
8.10.3. Business Description
TUI Group (TUI and ‘the company’) is a travel and tourism company that operates through a network of travel
agencies and tour operators. It also operates several airlines, including TUI Airways, Corsair International, and TUI
fly, among others. The company operates in Europe, North America, South America, and other regions of the
world. In FY2022, the company operated about 150 aircraft, more than 400 hotels, 16 cruise liners, and incoming
agencies in almost all major holiday destinations across the globe. TUI served around 27 million customers with an
unmatched holiday experience in 180 regions.
The company operates through seven reportable segments: Northern Region, Central Region, Western Region,
Hotels and Resorts, Cruises, TUI Musement, and All Other.
The Northern Region segment consists of the sales tour operators and airlines in the UK, Ireland and the Nordics.
This segment also comprises the strategic stake in Sunwing in Canada, and TUI Russia, which operates in the
Commonwealth of Independent States (CIS) countries. In FY2022, the Northern Region segment reported revenue
of EUR6,320.2 million, which accounted for 38.2% of the company’s revenue. The Central Region segment
comprises the tour operators and airlines in Germany and tour operators in Austria, Poland, and Switzerland. In
FY2022, the Central Region segment reported revenue of EUR5,773.5 million, which accounted for 34.9% of the
company’s revenue.
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The Western Region segment comprises the tour operators and group-owned airlines in Belgium and the
Netherlands, and tour operators in France. In FY2022, the Western Region segment reported revenue of
EUR2,712.6 million, which accounted for 16.4% of the company’s revenue. The Hotels and Resorts segment
comprises the company’s ownership in hotels, joint ventures with local partners, stakes in companies, and hotels
operated under management contracts. The company operates over 353 hotels of its own with 275,144 beds. In
FY2022, the Hotels and Resorts segment reported revenue of EUR806.2 million, which accounted for 4.9% of the
company’s revenue.
The Cruises Segment consists of Hapag-Lloyd Cruises and the joint venture TUI Cruises. Hapag-Lloyd Cruises is a
provider of discovery and luxury cruises in the German-speaking luxury and expedition cruise market. TUI Cruises is
a joint venture between TUI and Royal Caribbean Cruises. It offers cruises to the German market. In FY2022, the
Cruises segment reported revenue of EUR331.5 million, which accounted for 2% of the company’s revenue. The
TUI Musement segment includes hotel, cruise, and destination activities. In FY2022, the Cruises segment reported
revenue of EUR517.2 million, which accounted for 3.1% of the company’s revenue. The All Other segment includes
the company’s business activities for the new markets, the corporate center functions of TUI AG and the interim
holdings, and also TUI’s real estate companies. In FY2022, the All-Other segment reported revenue of EUR83.8
million, which accounted for 0.5% of the company’s revenue.
Geographically, the company classifies its operations into six regions: Germany, the UK, Spain, Other Europe,
North and South America, and Rest of The World. In FY2022, Germany accounted for 27.5% of the company’s
revenue, followed by the UK (36.9%), North and South America (1.8%), Spain (0.9%), Other Europe (32.4%), and
Rest of The World (0.5%).
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| Table 39: TUI Group: Annual Financial Ratios |
| Key Ratios |
2017 |
2018 |
2019 |
2020 |
2021 |
| Growth Ratios |
| Sales Growth % |
-0.36 |
2.49 |
-58.03 |
-40.44 |
| Operating Income Growth % |
0.15 |
-40.97 |
-670.33 |
28.03 |
| EBITDA Growth % |
-6.00 |
-20.10 |
-201.48 |
| Net Income Growth % |
12.78 |
-42.75 |
-856.31 |
21.64 |
| EPS Growth % |
-14.68 |
-30.35 |
-628.17 |
18.01 |
| Working Capital Growth % |
-10.62 |
53.51 |
19.22 |
8.40 |
| Equity Ratios |
| EPS (Earnings per Share) EUR |
8.38 |
7.15 |
4.98 |
-26.31 |
-21.57 |
| Dividend per Share EUR |
3.46 |
3.84 |
2.88 |
| Book Value per Share EUR |
26.66 |
32.99 |
31.24 |
-4.05 |
-8.38 |
| Profitability Ratios |
| Gross Margin % |
10.79 |
10.84 |
7.60 |
-24.96 |
-25.86 |
| Operating Margin % |
4.07 |
4.09 |
2.36 |
-32.01 |
-38.68 |
| Net Profit Margin % |
3.48 |
3.94 |
2.20 |
-39.64 |
-52.14 |
| Profit Markup % |
12.09 |
12.16 |
8.23 |
-19.97 |
-20.55 |
| PBT Margin (Profit Before Tax) % |
5.83 |
5.23 |
3.65 |
-40.33 |
-52.03 |
| Return on Equity % |
21.93 |
19.97 |
12.05 |
702.16 |
227.24 |
| Return on Capital Employed % |
9.86 |
8.71 |
5.01 |
-28.19 |
-25.10 |
| Return on Assets % |
9.09 |
4.88 |
2.62 |
-19.95 |
-16.73 |
| Return on Working Capital % |
-34.03 |
-38.13 |
-14.66 |
70.14 |
46.57 |
| Operating Costs (% of Sales) % |
95.93 |
95.91 |
97.64 |
132.01 |
138.68 |
| Administration Costs (% of Sales) % |
6.28 |
6.58 |
4.84 |
11.21 |
14.98 |
| Liquidity Ratios |
| Current Ratio Absolute |
0.66 |
0.71 |
0.58 |
0.43 |
0.43 |
| Quick Ratio Absolute |
0.64 |
0.70 |
0.57 |
0.41 |
0.42 |
| Cash Ratio Absolute |
0.35 |
0.34 |
0.21 |
0.14 |
0.16 |
| Leverage Ratios |
| Debt to Equity Ratio Absolute |
0.66 |
0.67 |
0.78 |
-17.10 |
-6.03 |
| Net Debt to Equity Absolute |
-0.11 |
0.02 |
0.32 |
-15.04 |
-5.03 |
| Debt to Capital Ratio Absolute |
0.40 |
0.40 |
0.44 |
1.06 |
1.20 |
| Efficiency Ratios |
| Asset Turnover Absolute |
2.61 |
1.24 |
1.19 |
0.50 |
0.32 |
| Fixed Asset Turnover Absolute |
8.71 |
4.05 |
3.54 |
1.27 |
0.74 |
| Inventory Turnover Absolute |
300.10 |
143.99 |
149.99 |
105.65 |
102.68 |
| Current Asset Turnover Absolute |
8.59 |
3.99 |
4.11 |
2.28 |
1.68 |
| Capital Employed Turnover Absolute |
2.42 |
2.13 |
2.13 |
0.88 |
0.65 |
| Working Capital Turnover Absolute |
-8.36 |
-9.32 |
-6.22 |
-2.19 |
-1.20 |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
Travel & Tourism in the United Kingdom
Industry Profiles
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 73
| Table 40: TUI Group: Key Employees |
| Name |
Job Title |
Board |
| Alana Ruakere |
Chief Executive Officer Tui Ora |
Senior Management |
| Andreas Barczewski |
Director |
Non Executive Board |
| Anette Strempel |
Director |
Non Executive Board |
| Charlotte WWiebe |
Director Group Sustainability |
Senior Management |
| Christian Baier |
Director |
Non Executive Board |
| Coline Lucille McConville |
Director |
Non Executive Board |
| David Burling |
Chief Executive Officer Markets and Airlines |
Senior Management |
| David Schelp |
Chief Executive Officer TUI Musement |
Senior Management |
| Dieter Zetsche |
Chairman |
Non Executive Board |
| Edgar Ernst |
Director |
Non Executive Board |
| Elie Bruyninckx |
Chief Executive Officer Western Region |
Senior Management |
| Frank Jakobi |
Deputy Chairman |
Non Executive Board |
| Helen Arnold |
Director |
Non Executive Board |
| Helena Murano |
Director |
Non Executive Board |
| Janina Kugel |
Director |
Non Executive Board |
| Joan Trian Riu |
Director |
Non Executive Board |
| Jutta A. Donges |
Director |
Non Executive Board |
| Maria Garana Corces |
Director |
Non Executive Board |
| Mark Muratovic |
Director |
Non Executive Board |
| Mathias Kiep |
Chief Financial Officer |
Senior Management |
| Nina Scherf |
Director Legal, Compliance and Board Office |
Senior Management |
| Peter Bremme |
Director |
Non Executive Board |
| Peter Krueger |
Chief Executive Officer Holiday Experiences |
Senior Management |
| Peter Krueger |
Chief Strategy Officer Mergers and
Acquisitions |
Senior Management |
| Peter Ulwahn |
Chief Executive Officer TUI Musement |
Senior Management |
| Pieter Jordaan |
Chief Information Officer |
Senior Management |
| Sebastian Ebel |
Chief Executive Officer |
Senior Management |
| Sonja Austermuhle |
Director |
Non Executive Board |
| Stefan Heinemann |
Director |
Non Executive Board |
| Stefan Weinhofer |
Director |
Non Executive Board |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
Travel & Tourism in the United Kingdom
Industry Profiles
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 74
| Table 41: TUI Group: Key Employees Continued |
| Name |
Job Title |
Board |
| Sybille Reiß |
Chief People Officer |
Senior Management |
| Sybille Reiß |
Director Labour |
Senior Management |
| Tanja Viehl |
Director |
Non Executive Board |
| Thomas Ellerbeck |
Chief Sustainability Officer |
Senior Management |
| Thomas Ellerbeck |
Group Director Corporate and External Affairs |
Senior Management |
| Wolfgang Flintermann |
Director |
Non Executive Board |
|
| Source: COMPANY FILINGS |
M A R K E T L I N E |
Travel & Tourism in the United Kingdom
Industry Profiles
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 75
9. Macroeconomic Indicators
9.1. Country data
| Table 42: United Kingdom size of population (million), 2018–22 |
| Year |
Population (million) |
% Growth |
| 2018 |
65.9 |
0.5% |
| 2019 |
66.2 |
0.5% |
| 2020 |
66.5 |
0.4% |
|
| Source: MARKETLINE |
M A R K E T L I N E |
| Table 43: United Kingdom gdp (constant 2005 prices, $ billion), 2018–22 |
| Year |
Constant 2005 Prices, $ billion |
% Growth |
| 2018 |
2,772.3 |
2.5% |
| 2019 |
2,841.2 |
2.5% |
| 2020 |
2,912.3 |
2.5% |
|
| Source: MARKETLINE |
M A R K E T L I N E |
| Table 44: United Kingdom gdp (current prices, $ billion), 2018–22 |
| Year |
Current Prices, $ billion |
% Growth |
| 2018 |
3,389.9 |
4.5% |
| 2019 |
3,544.9 |
4.6% |
| 2020 |
3,714.3 |
4.8% |
|
| Source: MARKETLINE |
M A R K E T L I N E |
| Table 45: United Kingdom inflation, 2018–22 |
| Year |
Inflation Rate (%) |
| 2018 |
2.0% |
| 2019 |
2.1% |
| 2020 |
2.1% |
|
| Source: MARKETLINE |
M A R K E T L I N E |
| Table 46: United Kingdom consumer price index (absolute), 2018–22 |
Travel & Tourism in the United Kingdom
Industry Profiles
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 76
| Year |
Consumer Price Index (2005 = 100) |
| 2018 |
138.6 |
| 2019 |
141.5 |
| 2020 |
144.4 |
|
| Source: MARKETLINE |
M A R K E T L I N E |
| Table 47: United Kingdom exchange rate, 2018–22 |
| Year |
Exchange rate ($/£) |
Exchange rate (€/£) |
| 2018 |
0.7502 |
0.8850 |
| 2019 |
0.7837 |
0.8779 |
| 2020 |
0.7795 |
0.8899 |
| 2021 |
0.7274 |
0.8600 |
| 2022 |
0.8114 |
0.8526 |
|
| Source: MARKETLINE |
M A R K E T L I N E |
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Industry Profiles
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 77
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, crosschecked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
– National/Governmental statistics
– International data (official international sources)
– National and International trade associations
– Broker and analyst reports
– Company Annual Reports
– Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date
Travel & Tourism in the United Kingdom
Industry Profiles
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 78
9.2. Industry associations
9.2.1. Gambling Commission
Victoria Square House, Victoria Square, Birmingham B2 4BP, GBR
Tel.: 44 0121 230 6666
www.gamblingcommission.gov.uk
9.2.2. British Hospitality Association
Queens House, 55-56, Lincoln’s Inn Fields, London WC2A 3BH, GBR
Tel.: 44 20 7404 7744
Fax: 44 20 7404 7799
www.bha-online.org.uk
9.2.3. International Air Transport Association (IATA)
Travel Industry Designator Service, 800 Place Victoria, P.O. Box 113, Montreal, Quebec, H4Z 1M1, CAN
Tel.: 1 514 874 0202
Fax: 1 514 874 1753
www.iata.org
9.2.4. International Hotel and Restaurant Association
87, rue Montbrillant, 1202 Geneva, CHE
Tel.: 41 21 711 42 83
www.ih-ra.com
9.2.5. World Leisure Association
203 Wellness/Recreation Center, University of Northern Iowa, Cedar Falls Iowa 50614-0241, USA
Tel.: 1 319 273 6279
Fax: 1 319 273 5958
www.worldleisure.org
Travel & Tourism in the United Kingdom
Industry Profiles
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 79
9.3. Related MarketLine research
9.3.1. Industry Profile
Airlines in the United Kingdom
Hotels & Motels in the United Kingdom
Restaurants in the United Kingdom
Casinos & Gaming in the United Kingdom
Leisure Attractions in the United Kingdom
Travel & Tourism in the United Kingdom
Industry Profiles
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