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Whitbread Preliminary Results 28th April




Whitbread PLC results for the financial year to 26 February 2015

Financial Highlights

-   2014/15 2013/14 Change
Total Revenue (£m) 2,608.1 2,294.3 +13.7%
Underlying profit1 before tax (£m) 488.1 411.8 +18.5%
Underlying basic EPS1 (pence) 213.67 179.02 +19.4%
Full year dividend (pence) 82.15 68.80 +19.4%
Hotels & Restaurants underlying operating profit (£m) 401.4 348.1 +15.3%
Costa underlying operating proft (£m) 132.5 109.8 +20.7%
  • Group like for like sales2 growth of 6.5%
  • Premier Inn total sales growth of 15.3% and like for like sales up 9.1%
  • Costa total sales growth of 17.9%, system sales up 16.6% and UK like for like sales up 6.0%
  • Group return on capital3 increased to 15.7% (2013/14: 15.3%)
  • Strong cash generated from operations of £714.2 million which funded capital investment4 of £565.3 million
  • Strong balance sheet with year end net debt of £583.2 million (2013/14: £391.6 million) 


Statutory Highlights

  • Profit for the year up 13.2% to £366.1 million (2013/14: £323.4 million)
  • Total basic EPS 204.81p up 11.9% (2013/14: 182.98p)


New 2020 Growth Milestones

-   Actual    Milestones5 Milestones5   Milestones5
- 2014/15 2016 2018 2020
Premier Inn UK rooms6 59,138 c.65,000 c.75,000 c.85,000
Costa system sales £1.4bn c.£1.3bn c.£2.0bn c£2.5bn

The achievement of these milestones would create around 15,000 new UK jobs over the next five years.

Richard Baker, Chairman, said:

“This is another strong set of results, once again demonstrating the strength of the Premier Inn and Costa brands. We have today published 2020 milestones which show our belief in the continuing profitable growth opportunities available to both of those businesses. Along with our focus on the customer and disciplined investment, it will be our people who will enable us to reach those milestones. We are very proud of our programmes to create new jobs, increase our apprenticeship opportunities and attract the best people to work in our Company.

We have today made a separate announcement concerning Andy Harrison’s planned retirement by February 2016.  A process to identify Andy’s successor is underway.”

Andy Harrison, Chief Executive, said:

"Whitbread had an outstanding year, with a 13.7% increase in total sales, underlying earnings per share growth of 19.4% and a proposed full year dividend per share increase of 19.4%.

Premier Inn, the UK’s favourite hotel chain, grew its total sales by 15.3%, combining revpar growth of 8.7% with a 6.1% increase in rooms available. We also finished the year with record occupancy of 81.3%, up 3.2% pts.  Restaurants had a good year with total sales growth of 3.2% and like for like sales up 2.1%. Costa, the UK’s favourite coffee shop chain, extended its outstanding track record, with total sales growth of 17.9%, driven by UK like for like sales growth of 6.0%, 219 net new stores worldwide and 777 net new Costa Express machines.

We are continuing to invest in strengthening our brands and organic network growth, including in selected international markets. Our capital investment will rise to c.£700 million in this financial year, up from £565.3 million in 2014/15. Our investment programme has created around 3,000 new UK jobs and around 1,000 apprenticeships.

We are delivering good returns on our investment, with return on capital rising to 15.7%, up 0.4% pts from the prior year. Our combination of rapid organic growth and good returns is generating a strong operating cash flow of £714.2 million, up 17.8%.

We are on track to deliver our 2016 and 2018 growth milestones. Today we have published new growth milestones for 2020 which highlight the scale of the opportunity ahead.

Trading in the new financial year has begun on plan, with good momentum for Premier Inn and Costa, and our restaurants business is trading slightly ahead of a subdued market7.”


For further information contact:

Whitbread                                                 +44 (0) 20 7806 5491

Nicholas Cadbury, Group Finance Director       +44 (0) 1582 844 244

Anna Glover, Director of Communications       +44 (0) 1582 888 633



David Allchurch                                           +44 (0) 207 353 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


Click here to read the full press release


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 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 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 Including investments in business combinations.

5 Calendar years.

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

7 Coffer Peach benchmark pub restaurants outside of the M25.

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