24 Oct 2006
Whitbread reports 20 per cent profit hike
Whitbread has reported a 20.8 per cent increase in pre-tax profit from £91m to £109.8m for the first half of the year.
Total sales for the company, which owns Premier Travel Inn, Costa Coffee and David Lloyd Leisure, were up 8.6 per cent to £696.5m.
Anthony Habgood, chair, said: “Following significant strategic change, Whitbread is entering a new era. We are clearly focused on the four strategic business units of Premier Travel Inn, pub restaurants, David Lloyd Leisure and Costa and the results we have announced today illustrate the good progress we are making in delivering growth and improved performance.”
During the period, Whitbread disposed of its Mitchells & Butlers pub chain and its half stake in Pizza Hut UK for £497m and £112m respectively and will be returning £350m to shareholders and putting £50m in its pension fund.
The company has also announced that it would be expanding its Costa Coffee brand into Eastern Europe. Deals have been agreed with local partners in Poland, Romania and Bulgaria with plans to open 200 stores over the next five years, the first of which will open this December. Details: www.whitbread.co.uk
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