Whitbread PLC preliminary results for the financial year to 28 February 2008

Whitbread
Published: April 29th, 2008

Highlights

Financial

• Profit before tax and exceptional items for Continuing operations2 up 26.3% to £210.3m (2006/7: £166.5m)
  
• Total revenue for Continuing Whitbread1 up 11.3% to £1,187.8m (2006/7: £1,067.2m)
  
• Like-for-like sales for Continuing Whitbread up 5.7%
  
• Diluted pre-exceptional EPS up 30.5% to 85.87p
  
• Final dividend up 21.4% to 26.90p; full year dividend up 19.0% to 36.00p (2006/7 30.25p)

Statutory

• Total Group revenue £1,320.1m (2006/7: £1,524.3m)
  
• Total profit for the year £544.8m (2006/7: £281.5m)
  
• Basic pre-exceptional EPS from Continuing operations2 up 56.3% at 76.01p (2006/7: 48.62p)
  
• Year end net debt of £425.8m (2006/7: £898.6m)

Achievements

• Premier Inn had a record year with room growth of 3,400 and sales up 15.1%
  
• Pub Restaurants have delivered significant improvements in profit per pub restaurants, up c.40%
  
• Costa expansion accelerated with 1,000 stores worldwide in March and sales up 23.5%
  
• New £455m facility signed to replace existing £280m facility
  
• Group refocused: sale of David Lloyd Leisure for £925m and TGI Friday's for £70m
  
• £25m pa to be saved through simplified management structure and outsourcing logistics
  
• £338m returned through share buybacks

April 29, 2008 // Franchising.com // Alan Parker, Chief Executive Whitbread PLC, said: "2007/8 was a year of excellent progress with good results across the Company. Whitbread is now a more resilient business with strong growth prospects in the UK and overseas. In anticipation of a more challenging environment, action has been taken to simplify processes and reduce costs."

"Since the start of the new financial year, two months ago, trading has been encouraging. We have researched the opportunities for disciplined growth across the Group and have established two longer-term ambitions - in the next five years to increase the size of Premier Inn by 50% to 55,000 rooms and to double Costa to 2,000 stores. Whitbread is well placed for the future."

For photographs, please visit the new corporate image library: www.whitbreadimages.co.uk

A presentation for analysts will be held at The London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. The presentation is at 9.30am and a live audio webcast of the presentation will be available on the investors' section of the website at: www.whitbread.co.uk.

Alternatively, you can listen to the presentation by dialling: +44 (0)20 7162 0125, enter the passcode: 793474 and quote The Whitbread Results Presentation. This will be available as a replay for 30 days and will be available from approximately 12:00 noon, dial: +44 (0)20 7031 4064 and enter the passcode: 793474.

(1) Continuing Whitbread

Continuing Whitbread comprises Premier Inn, the retained Pub Restaurant Estate and Costa but excludes David Lloyd Leisure, the disposed of pub restaurant sites, the Pizza Hut joint venture, TGI Friday's and any supply chain sales to third parties.

(2) Continuing operations

Continuing operations comprises Continuing Whitbread plus the disposed of pub restaurant sites during the period of Whitbread ownership and supply chain sales to third parties.