Financial highlights

2008/09 was a year of good progress and, against a backdrop of increasingly difficult economic conditions, we delivered an industry leading performance. Revenues at our Hotels and Restaurants business were up 9.0% and at Costa were up 22.0%. We are focused on managing Whitbread prudently and tightly in the face of the challenges ahead.

Anthony Habgood, Chairman of Whitbread PLC

Financial Highlights

• Total revenue from continuing operations¹ up 9.7% to £1,334.6 million (2007/08: £1,216.7 million)
• Group like for like sales up 4.9%
• Profit before tax and exceptional items up 9.3% to £229.9 million (2007/08: £210.3 million)
• Underlying profit before tax of £228.2 million up 12.0% (2007/08: £203.8 million)
• Pre-exceptional diluted EPS for continuing operations up 18.0% to 93.0p
• Net debt at £623.1 million; current facilities of £1.16 billion in place until December 2010 when it reduces to £930 million until December 2011
• Final dividend of 26.9p (2007/08: 26.9p); full year dividend up 1.5% to 36.55p (2007/08: 36.0p)

Statutory

• Profit after tax and exceptional items for the year £90.3 million (2007/08: £557.1 million which included operating profit and profit on disposal of discontinued businesses of £461.5 million)
• Total basic EPS 52.8p (2007/08: 294.7p which included operating profit and profit on disposal of discontinued businesses of £461.5 million)

Achievements

• Re-branded Premier Inn delivered 6.0% like for like sales growth
• Premier Inn grew like for like revpar at an industry leading 2.8%
• Added 55 new hotels and 4,553 new rooms to the Premier Inn estate
• 8% more restaurant customers - 13 new branded restaurants opened
• Costa delivered continued positive like for like sales growth, including in the second half
• Opened net 296 new Costa stores, of which net 110 were in overseas markets, total sales up 22.0%
• Group operating margins maintained at 19.1%
• £25 million pa cost efficiency programme on track with £7 million delivered in 2008/09

¹ Continuing operations comprises Whitbread hotels and restaurants and Costa plus the supply chain sales to third parties but excludes any discontinued businesses (David Lloyd Leisure disposed of during 2007/08).