Premier Inn and Costa drive Whitbread profits

19 October 2010 by
Premier Inn and Costa drive Whitbread profits

Premier Inn and Costa Coffee have helped drive up Whitbread's profits for the first half of the year to 2 September 2010.

Underlying pre-tax profits rose 28.4% to £151.8m, up from £118.2m in the same period the year before.

Meanwhile total revenue rose 14.5% to £805.4m, up from £703.3m.

Premier Inn's occupancy grew by 9.2 percentage points to 79.3%, with revpar up 9.4$.

And Costa's operating profits soared again by 55.6% as like-for-like sales increased for the 34th consecutive quarter.

The company's restaurants, under the Beefeater, Brewers Fayre, Table Table and Taybarns brands, saw a 7% increase in customers. Many of the restaurants are sited in the same location as Premier Inn hotels and benefited from an increase in occupancy.

The results are the last for chief executive Alan Parker before Andy Harrison takes over the post in November.

Chairman Anthony Habgood said: "Alan has made an invaluable contribution to the growth and development of Whitbread during his time as chief executive. Under his leadership Whitbread has grown to become the UK's leading hospitality company and is in good health, with strong prospects for the future."

Whitbread eyes expansion as it leaves recession behind >>

Whitbread reports like-for-like sales up 7.9% >>

By Neil Gerrard

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