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Preliminary Results 18/03/2021 Preliminary results Preliminary Results Released : 29 April 2010 RNS Number : 0062L Whitbread PLC 29 April 2010 Whitbread PLC 29 April 2010 WHITBREAD OUTPERFORMS ITS MARKETS AND GROWS PROFITS Whitbread PLC results for the financial year to 4 March 2010 Financial Highlights · Total revenue up 7.5% to £1,435.0 million (2008/9: £1,334.6 million) · Group like for like sales improving: up 3.1% in Q4, down 0.5% in the year 1 · Underlying profit before tax of £239.1 million up 6.6% (2008/9: £224.4 million) · Underlying diluted EPS up 6.7% to 96.7p (2008/9: 90.7p) · Year end net debt reduced by £109.7 million to £513.4 million versus £623.1 million last year · Final dividend up 5.4% to 28.35p (2008/9: 26.9p); full year dividend up 4% to 38.0p (2008/9: 36.55p) Statutory · Profit after tax and exceptional items for the year £160.0 million (2008/9: £90.3 million) · Total basic EPS 92.4p (2008/9: 52.8p) Achievements · Group profit growth from continued outperformance · Dynamic pricing implemented throughout Premier Inn · Premier Offers from £29 successfully attracting new leisure customers · Premier Inn opened 2,240 new rooms; secured over 10,000 rooms in pipeline · Restaurants achieved consistent positive like for like sales · Outstanding results at Costa, operating profits up 60% · 312 net new coffee shops increased the Costa network by 24% · Efficiency programme on track, cost inflation well managed · Launched Good Together - our integrated corporate responsibility programme Anthony Habgood, Chairman of Whitbread PLC, said: "Whitbread has come through a difficult economic period very creditably. It is trading well and has opportunities for growth, both in the UK and internationally. I am delighted that Andy Harrison will be joining us to succeed Alan Parker on his retirement in November. Andy's skills and experience are ideally suited to build on Alan's successful management of the Company and to take advantage of our growth opportunities." Alan Parker, Chief Executive of Whitbread PLC, said: "Whitbread has performed strongly in the most challenging hotel and restaurant trading conditions for a generation. Underlying profits have been increased by virtue of outperforming our markets and https://otp.tools.investis.com/clients/uk/whitbread_plc1/rns/regulatory-story.aspx?cid=612&newsid=354567 1/18 18/03/2021 Preliminary results improving operating efficiency. We have achieved a significant reduction in net debt while, at the same time, increasing the number of new sites acquired for our future development." "We are confident we have the right hospitality brands, positioned to offer value for money in attractive, underpenetrated and growing segments of the market. The fundamentals of Whitbread are strong and provide a firm foundation for sustained profitable growth in both the short and medium term. This growth will be delivered by gaining market share through relentlessly focusing on meeting the needs of our customers and by our network expansion plan. While the level of economic recovery remains unclear, the first seven weeks of the financial year have started well, with positive momentum across the business." For further information contact: Whitbread Christopher Rogers, Group Finance Director + 44 (0) 20 7806 5491 Tabitha Aldrich Smith, Director of Communications +44 (0) 1582 844 244 Tulchan Andrew Grant/David Allchurch + 44 (0) 20 7353 4200 ¹ Underlying profit Underlying profit excludes exceptional items and the impact of the volatile pension finance cost/credit as accounted for under IAS 19. For photographs and videos, please visit the corporate media 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 dialing: +44 (0) 20 7162 0125, entering the pass code: 864029 and quoting The Whitbread Preliminary Results Presentation. This will be available as a replay for 28 days and will be available from approximately 12:00 noon on 29 April 2010. Dial: +44 (0) 20 7031 4064 and enter the pass code: 864029. CHIEF EXECUTIVE'S REVIEW Whitbread outperformed its markets and increased profits in 2009/10, despite the challenging economic backdrop. Group underlying profit before tax increased by 6.6% to £239.1 million (2008/9: £224.4 million), with underlying earnings per share (diluted) increasing by 6.7% to 96.7p. We achieved our three stated priorities: to outperform the market, to reduce operating costs and to achieve cash flow neutrality. Group revenue grew year on year by 7.5% to £1,435.0 million, driven by the growth in the number of hotels, restaurants and coffee shops despite a modest decline in like for like sales of 0.5%. At Premier Inn, sales rose 4.7%, with like for like sales declining 4.3%. Sales at our restaurants rose 1.3%, with like for like sales up 1.7%. At Costa, sales increased by 23.4%, with like for like sales up 5.5%. Trading in the first half of the year was impacted by the challenging operational environment, but this improved in the second half. In the last quarter of 2009/10 all our businesses demonstrated positive momentum with Group like for like sales growth of 3.1%. At the year end, net debt was reduced by £109.7 million to £513.4 million compared to £623.1 million last year. The Board recommends a final dividend payment of 28.35p per share, making a total dividend for the year of 38.0p per share. The final dividend will be paid on 14 July 2010 to shareholders on the register at the close of business on 14 May 2010. A scrip dividend alternative will again be offered. Successfully achieving our three key priorities Whitbread is a focused hospitality company with brand leadership in attractive, value for money sectors. In 2009/10 we set out a clear action plan with three priorities to manage through the https://otp.tools.investis.com/clients/uk/whitbread_plc1/rns/regulatory-story.aspx?cid=612&newsid=354567 2/18 18/03/2021 Preliminary results downturn. We have successfully achieved all these priorities and have become a stronger, more competitive and efficient business. 1. Outperforming the market Premier Inn outperformed its competitors during 2009/10. Regional revpar was down 6.4% during the year, compared to a decline of 8.5% in the regional budget hotel sector and a decline of 9.6% across the whole regional hotel market. We set out a commercial action plan to reinforce our status as the preferred hotel brand for corporate travellers and aggressively target leisure customers. We are pleased to report good progress on all fronts. Our restaurants have continued to achieve like for like growth, consistently outperforming the market. Customers have been attracted to the great value for money food and drink we offer in well- maintained environments. Costa has seen 32 consecutive quarters of like for like sales growth. Costa achieved a 59.5% increase in pre exceptional operating profit in 2009/10 and grew like for like sales by 5.5%. The key drivers behind this outstanding performance are Costa's clear position as the coffee lovers' preferred brand and our continued expansion in the UK and overseas. 2. Reducing operating costs We have reduced overheads by streamlining management, improving the efficiency of our back-office processes and delivering a series of procurement initiatives. As we expand our outlet numbers, we have been able to offer over 1,200 new jobs for frontline employees. 3. Achieving cash flow neutrality We have exceeded our cash flow targets by £109.7 million. Tight management of working capital, lower capital spend and rescheduled payments to the pension fund have all contributed to the improved position. Net debt at the year end has therefore reduced to £513.4 million (2008/9: £623.1 million). The Group's total debt facilities currently stand at £1,155 million and provide ample headroom for the future. Looking ahead: Building market share Growth from a relentless focus on our customers · Premier Inn - growing like for like occupancy back to 80% · Restaurants - driving a value strategy to gain volume · Costa - market innovation to strengthen leading position Improving momentum during the year was seen from our engines of growth: Premier Inn, with its restaurant joint site model and Costa, the great food and beverage success story both at home and internationally. There are significant further growth opportunities across all our brands by building brand preference and from outlet expansion. We will leverage these opportunities using a sophisticated approach towards understanding our customers. In 2009/10 we set out a commercial action plan for Hotels and Restaurants, to build on our competitive edge for the business market and aggressively target leisure customers. We put in place four key levers: focused advertising, increased sales activity, Premier Offers and widening reservation distribution. This work will continue during the course of 2010/11 as we make an additional £8 million marketing investment and realise the full benefits of dynamic pricing. Our value for money restaurants have never been more relevant to today's family dining needs. Our well established meal deal offers, such as two meals for £9 at Brewers Fayre, have achieved significant success and now over a quarter of all diners take up these attractively priced menu options. At Costa, our fundamental proposition is the quality of our hand made coffee, served in a welcoming environment. A strong driver of success was our breakthrough marketing campaign derived from independent customer research showing 7 out of 10 coffee lovers preferred Costa's cappuccino.
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