Whitbread said that pre-tax profit hit £307 million in the six months to the end of September, compared to £19.3 million a year before and £220 million before the pandemic.

It marks a turnaround from the incredible lows which hit the hospitality sector during the pandemic, but part of the business still has some way to go.

“The UK value pub restaurant sector remains challenging and F&B (food and beverage) sales continue to lag pre-pandemic levels,” the business said on Tuesday.

“We have launched a series of initiatives to return sales to pre-pandemic levels, although this is unlikely to be achieved in the current financial year.”

Costs are also increasing. Between inflation – especially labour and utilities – and investments in IT and marketing, the business expects costs to rise by £60 million in the current financial year.

In the UK, Premier Inn is faring better than Whitbread’s restaurants. Despite the problems in the economy, demand is “robust,” Whitbread said. The momentum going into the third quarter has held up, it added.

Premier Inn owner swings back to post-pandemic profit, but costs soar