Full Year 2020 Whitbread PLC Earnings Call - Q&A Session Transcript
Good morning, everybody. Thank you for dialing in. I do hope you've had the opportunity of listening to the broadcast this morning to sort of get a firm grip on the start point because we think we'll just go to Q&A for this session. I suppose I will just have one small preamble, which is to say this has been one of the most challenging years in Whitbread's 279-year history. But we have been through turbulent times in that history before and have come through strongly, not least because we have a great operation, the advantages of a brilliant operating model, a fantastic brand and a significant amount of financial flexibility, which we have used to good effect this year to manage through what, as I said, has been a very challenging year.
So I think we have weathered the financial impact so far and got a good position for liquidity. We've managed to outperform the market throughout the year. And now we are ready for the next stage of the recovery, which is to invest again in order to consolidate our position as the
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