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Strengths
Clear divisional reviews
Forward-looking information
Weaknesses
KPIs
Marketplace discussion
Whitbread’s narrative content is confined to its annual review, while the report contains the accounts and governance issues.The inside front cover of the review provides a very brief overview of the company’s operations and its brands. This is followed through to the operating review, where the performances of the four parts of the business are described. Sales and profit figures are given for each of the divisions.
A section entitled ‘our strategy’ in the chief executive’s review is brief and its content broad – but there is some further strategic content within text throughout the review. Also, an update on progress is given against three of last year’s objectives, while new targets are provided for the year ahead. Additional forward-looking information is found in each of the divisional reviews. Key risks are highlighted and mitigation activities are explained. However, this would strongly benefit from being in the review, rather than its current location in the more compliance-based report.
Whitbread covers most of the required criteria at a basic level but there remains plenty of room for improvement. KPIs lack graphical representation and comparative figures, for example. The biggest issue, however, is the limited amount of marketplace information.
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