Whitbread PLC
01 March 2006
1st March 2006
Whitbread PLC Trading Statement
For the first 50 weeks of its financial year to 16 February 2006 total sales for
continuing Whitbread have grown by 7.4%. Underlying total sales, excluding the
Premier Lodge acquisition have grown by 3.2% and like for like sales are down
0.7%.
Sales for 50 weeks to 16 February 2006
% change vs prior year
Like for like sales Total sales
Premier Travel Inn 6.9 28.1
Pub Restaurants (2.0) 1.2
High Street Restaurants (3.7) 2.7
David Lloyd Leisure (0.6) 2.7
Continuing Whitbread (0.7) 7.4
Alan Parker, Chief Executive, Whitbread PLC, commented:
Since the last trading update the business has performed as expected and
although the trading environment remains competitive we anticipate the outturn
for the year will be in line with our expectations.
Premier Travel Inn continues to trade well and as part of our ongoing expansion
plans I am pleased to announce that this week we have reached the 30,000 room
milestone with the opening of Hammersmith Premier Travel Inn in London.
Previously trading as The Vencourt, a Best Western hotel, Whitbread took over
the lease in October last year. We have subsequently refurbished the property to
bring it up to Premier Travel Inn brand standards. We see significant growth
potential through conversion opportunities such as this, and coupled with an
aggressive organic pipeline we have set ourselves a new goal of 45,000 rooms in
the UK by the end of 2010.
Pub Restaurants performance continues to disappoint although we are encouraged
by consistent year on year covers growth on the back of the new pricing strategy
in Beefeater. A new menu will be rolled out over the next two months across the
Brewers Fayre estate offering better value meal deals.
The new management team at David Lloyd Leisure is making good progress. New
member sales in UK like for like clubs for December and January together were
over 20% higher than the previous year. Total membership is at an all time high
of 364,000 members, retention is also showing improvement year on year and new
clubs continue to do well.
Costa has performed strongly with total sales up by 12.8% year to date and like
for like sales in the fourth quarter up 4.8%. We have opened over 140 new stores
during the year including 50 internationally.
TGI Friday's and Pizza Hut continue to find conditions on the high street
difficult.
In December the sale of our Britvic stake was completed realising £114 million
for the Group which combined with special dividends received earlier in the
year, results in an exceptional profit on disposal of some £140 million. Good
progress continues to be made with the disposal of the Marriott hotel assets.
On 24th February, an EGM of the Whitbread Hotel Company Limited debenture
holders approved the early redemption of the £10m 11.75% 2010 stock, the £25m
9.875% 2015 stock and the £80m 10.75% 2019 stock. This early redemption will
result in a one off exceptional charge of £8 million in this year and in future
will have a small positive impact on interest.
Conference call for analysts and investors
Alan Parker and Christopher Rogers will be available for a conference call at
8.30am today. To participate, dial +44 (0) 20 7138 0816
A recording of the conference call will be available for seven days. To listen,
dial +44 (0) 20 7806 1970 and enter the passcode 8197453#. This service will be
active approximately one hour after the conference call has finished.
For more information please contact:
Investor Relations:
Christopher Rogers, Whitbread PLC +44 (0) 20 7806 5400
Press Contacts:
Anna Glover, Whitbread PLC +44 (0) 1582 844 439
Andrew Grant, Tulchan +44 (0) 20 7353 4200
This information is provided by RNS
The company news service from the London Stock Exchange
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