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Whitbread Interim Results - 20th October

20 october 2015



Whitbread PLC results for the six months to 27 August 2015


Financial Highlights H1 H1    
    2015/16 2014/15 Change
Total revenue (£m) 1,439.8 1,293.2 +11.3%
Underlying profit1 before tax (£m) 291.3 256.0 +13.8%
Underlying basic EPS1 (pence) 127.30 111.69 +14.0%
Interim dividend (pence) 28.50 25.20 +13.1%
Hotels & Restaurants underlying operating profit1 (£m) 249.4 225.0 +10.8%
Costa underlying operating profit1 (£m) 67.3 52.4 +28.4%


  • Group like for like sales2 growth of 3.6%
  • Premier Inn total sales growth of 12.6% and like for like sales2 up 5.0%
  • Costa total sales growth of 16.2% and UK like for like sales2 up 4.4%
  • Group underlying profit1 before tax up 13.8% and underlying earnings per share up 14.0%
  • Group return on capital3 increased to 15.9% (2014/15: 15.8%)
  • EBITDA up 13.6% to £389.8 million, funding capital investment of £293.3 million
  • Net debt of £725.9 million (£583.2 million as at 26 February 2015) with debt leverage ratio maintained
  • Interim dividend increased by 13.1% to 28.50 pence
  • On track for 20184 and 20204 growth milestones
  • The achievement of these growth milestones would create c.15,000 new UK jobs over the next five years

Statutory Highlights

  • Profit before tax up 5.4% to £254.9 million (2014/15: £241.8 million) after exceptional charges of £25.2 million, primarily for onerous leases on historically disposed businesses and accelerated amortisation on IT systems
  • Profit for the period (after tax) up 4.1% to £196.3 million (2014/15: £188.6 million)
  • Total basic EPS 108.99p up 3.4% (2014/15: 105.43p)

Richard Baker, Chairman, said:

"Whitbread has produced another good set of results, demonstrating the strength of the Premier Inn and Costa brands. We are on track to deliver our growth milestones and will continue to invest in our people, our customer propositions and our systems to deliver profitable growth for our shareholders.

I am pleased to confirm that Alison Brittain joined Whitbread as Chief Executive Designate on 28 September 2015 and, as planned, will succeed Andy Harrison as Chief Executive on 7 December 2015.  I would like to take this opportunity to thank Andy on behalf of the Board and our shareholders for his outstanding contribution to Whitbread’s success over the past five years.

Andy has focused the Company on the expansion of the successful Costa and Premier Inn brands, putting team members and customers right at the heart of Whitbread.  Andy joined a good company five years ago and, when he leaves us in a few weeks, he will leave it an even better company, with excellent foundations for future profitable growth.”


Andy Harrison, Chief Executive, said:

"Whitbread has once again delivered double digit revenue and underlying profit growth. Group total sales grew by 11.3% to £1.4 billion with good like for like sales growth of 3.6%. This drove underlying earnings per share up 14.0% and the Board has increased the interim dividend by 13.1%. 

Our two leading brands have delivered strong organic growth and continue to win market share. Premier Inn, the UK’s favourite hotel chain, grew its total sales by 12.6%, combining revpar growth of 4.6% with an 8.0% increase in rooms available and maintaining strong occupancy of 83.7%. Costa, the UK’s favourite coffee shop chain, delivered an excellent performance, with total sales growth of 16.2% and continued strong like for like sales growth of 4.4% in our UK equity stores. Restaurants made progress in a soft market with total sales growth of 1.2% and like for like sales up 0.1%.

Trading momentum in the early weeks of the second half has been consistent with that seen across the first half. We remain on track to deliver full year results in line with expectations.

This year we plan to invest around £700 million in driving our organic growth and further improving the quality and consistency of our customer experience. We expect to open around 5,500 net new UK rooms and around 220 net new Costa stores worldwide. We continue to focus on driving long term organic growth, financed from our own resources and delivering a good return on capital to create substantial value for our shareholders.”


For further information contact:


Nicholas Cadbury, Group Finance Director                 +44 (0) 20 7806 5491
Anna Glover, Director of Communications                  +44 (0) 1582 844 244
Joanne Russell, Director of Investor Relations            +44 (0) 1582 888 633


David Allchurch                                                      + 44 (0) 20 7353 4200


For photographs and videos, please visit the corporate media library:


A presentation for analysts will be held at Nomura, 1 Angel Lane, Upper Thames Street, London, EC4R 3AB. The presentation is at 9.30 am and a live webcast of the presentation will be available on the investors' section of the website at: http://www.whitbread.co.uk/investors



1 Underlying profit and underlying EPS

Underlying profit excluding amortisation of acquired intangibles, exceptional items and the impact of the pension finance cost as accounted for under IAS 19. Underlying EPS represents the earnings per share based on the above underlying profit definition and the tax thereon.

2 Like for like sales and system sales are stated pre-IFRIC 13 adjustment for Premier Inn – UK and Ireland, Costa and Restaurants – UK.

3 Return on capital is the return on invested capital which is calculated by dividing the annual underlying profit before interest and tax for the year by net assets at the balance sheet date adding back debt, taxation liabilities and the pension deficit.     

4 Calendar years.

5 Premier Inn UK includes one hotel in Ireland with 155 rooms.

6 Coffer Peach benchmark pub restaurants outside of the M25.

7 Hotels and Restaurants – international excludes the German start up costs which are included under the UK.


Read the full press release here

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