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An explanation of our key terms

Compound Annual Growth Rate (CAGR)

The year-on-year growth rate of an annualised gain over a specified period of time.

Earnings per share (EPS)

The portion of a company's profit allocated to each outstanding share of common stock.

Like-for-like sales

Period over period change in total sales, less sales generated by businesses acquired or disposed of and retail outlets opened or closed during the current year and the previous year.

Operating margin

Operating profit expressed as a percentage of total revenue. Underlying profit excludes exceptional items and the impact of the volatile pension finance cost as accounted for under IAS 19.

Return on invested capital (ROIC)

Underlying profit before interest and tax for the year to the balance sheet date, divided by net assets (excluding debt, taxation liabilities and the pension deficit) at the balance sheet date.

System sales

Retail sales from Costa outlets irrespective of whether it is an equity or a franchise store.

Total shareholder return (TSR)

The total return of a stock to an investor (capital gain plus dividends).



An individual with specific training to expertly prepare and serve hand-made espresso-based coffees.

Equity stores

Costa stores owned by Whitbread, as opposed to those owned by franchise agreements.


Food and beverages.

Profit per outlet

Operating profit (after allocation of overheads but before exceptional items) divided by the average of the opening and closing number of outlets.

Turnover per outlet

Turnover in period divided by the average of opening and closing outlets.


Achieved Room Rate (ARR)

Hotel accommodation income divided by the number of rooms occupied by guests.


The placement of a Premier Inn and a pub restaurant in one location where the pub restaurant is not a Whitbread-owned brand.

Dynamic pricing

A detailed way of understanding different pricing points in a given week. Our prices fluctuate according to demand levels and room availability within certain prescribed limits.

Global Distribution Systems (GDS/Amadeus)

Reservation tool used by travel agents to make air, hotel, car or other travel service bookings. Also provide pricing, availability and reservation functionality to many online travel agencies.

Income before fixed costs (IBFC)

Hotels & Restaurants operating profit before directly attributable fixed costs (such as rent, rates, insurance, etc.), head office and central costs . To obtain the IBFC margin IBFC is divided by sales.

Income after fixed costs (IAFC)

Hotels & Restaurants operating profit after directly attributable fixed costs but before allocating head office and central costs. To obtain the IAFC margin,  IAFC is divided by sales.

Joint site

Placement of a Premier Inn with a Whitbread-owned restaurant in one location. Guests can choose to eat breakfast, lunch and dinner in the restaurant.


Number of hotel bedrooms occupied by guests expressed as a percentage of the number of bedrooms available in the period.

Profit per room

Hotel operating profit (after allocating central costs) divided by the number of rooms available.


A Whitbread hotel that does not have a Whitbread or non-Whitbread owned restaurant near the site. Restaurants are incorporated within the hotel itself.

Yield (RevPar)

Also known as "revenue per available room" this hotel measure is achieved by multiplying the ARR by the occupancy rate.

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