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Whitbread annual revenues rose 14.2%

RBR Staff Writer Published 01 May 2013

Whitbread, a UK-based global hotel, coffee shop and restaurant firm, has reported an increase in total revenue by 14.2% to £2,03bn for the financial year to 28 February 2013.

Group's like for like sales increased 3.7% and underlying profits before tax was up by 11.4% to £356.5m.

Total system sales for Costa grew worldwide by 22.6% in the year to February 28 to £1bn, as it expanded its global footprint, including in key growth markets such as China.

During the reporting period Whitbread opened 324 new Costa coffee stores.

Like for like sales in the UK grew 6.8% as we benefitted from the innovation in new food and beverage ranges and the growing customer preference for the Costa brand.

Over the next five years, the company plans to create 12,000 jobs.

Whitbread chairman Anthony Habgood said, "Whitbread has grown its total sales in the year by over 14% and continued to produce strong operating cash flows of over £500 million."

Whitbread chief executive Andy Harrison the company has witnessed strong growth in sales and profits last year.

"Over the last five years, throughout the worst of the economic downturn, Whitbread has grown its sales by 11% per annum and profits by 12% per annum, together with 12% per annum growth in dividends," Harrison added.

"Return on capital has also increased from 11.4% to 14.0% over that period."