Whitbread PLC posts Q1 results
- Read full release with charts and complete financial results.
- Total revenue up 7.5% to £1,435.0 million (2008/9: £1,334.6 million)
- Group like for like sales improving: up 3.1% in Q4, down 0.5% in the year
- Underlying profit1 before tax of £239.1 million up 6.6% (2008/9: £224.4 million)
- Underlying diluted EPS up 6.7% to 96.7p (2008/9: 90.7p)
- Year end net debt reduced by £109.7 million to £513.4 million versus £623.1 million last year
- Final dividend up 5.4% to 28.35p (2008/9: 26.9p); full year dividend up 4% to 38.0p (2008/9: 36.55p)
- Profit after tax and exceptional items for the year £160.0 million (2008/9: £90.3 million)
- Total basic EPS 92.4p (2008/9: 52.8p)
- Group profit growth from continued outperformance
- Dynamic pricing implemented throughout Premier Inn
- Premier Offers from £29 successfully attracting new leisure customers
- Premier Inn opened 2,240 new rooms; secured over 10,000 rooms in pipeline
- Restaurants achieved consistent positive like for like sales
- Outstanding results at Costa, operating profits up 60%
- 312 net new coffee shops increased the Costa network by 24%
- Efficiency programme on track, cost inflation well managed
- Launched Good Together - our integrated corporate responsibility programme
Anthony Habgood, Chairman of Whitbread PLC, said:
"Whitbread has come through a difficult economic period very creditably. It is trading well and has opportunities for growth, both in the UK and internationally. I am delighted that Andy Harrison will be joining us to succeed Alan Parker on his retirement in November. Andy's skills and experience are ideally suited to build on Alan's successful management of the Company and to take advantage of our growth opportunities."
Alan Parker, Chief Executive of Whitbread PLC, said:
"Whitbread has performed strongly in the most challenging hotel and restaurant trading conditions for a generation. Underlying profits have been increased by virtue of outperforming our markets and improving operating efficiency. We have achieved a significant reduction in net debt while, at the same time, increasing the number of new sites acquired for our future development."
"We are confident we have the right hospitality brands, positioned to offer value for money in attractive, underpenetrated and growing segments of the market. The fundamentals of Whitbread are strong and provide a firm foundation for sustained profitable growth in both the short and medium term. This growth will be delivered by gaining market share through relentlessly focusing on meeting the needs of our customers and by our network expansion plan. While the level of economic recovery remains unclear, the first seven weeks of the financial year have started well, with positive momentum across the business."
For further information contact:
Christopher Rogers, Group Finance Director
+ 44 (0) 20 7806 5491
Tabitha Aldrich Smith, Director of Communications
+44 (0) 1582 844 244
Andrew Grant/David Allchurch
+ 44 (0) 20 7353 4200