Premier Inn reported results for its fiscal year through February 29, 2024. The hotel group reported a 36% jump in pre-tax profit to about $700 million (£561 million).

Premier Inn, with 84,000 rooms, is the budget hotel leader in the UK. It said in a financial update that Britain’s independent budget hotel sector shrunk 10% between 2019 and 2022.

Premier Inn owner Whitbread Plc reported higher third-quarter sales on Thursday, helped by strong demand for accommodation in the UK and higher room rates as people travelled for the first ...