DUNSTABLE (dpa-AFX) - British restaurant company Whitbread plc (WTB.L) reported Tuesday that its fiscal 2019 profit before tax declined 39.1 percent to 260 million pounds from last year's 426 million pounds. The decline was due to 178 million pounds of non-underlying items, mainly related to the disposal costs relating to the sale of Costa.
Profit for the year from continuing operations fell 38.7 percent from last year to 211 million pounds.
The company completed the sale of Costa to Coca-Cola Co. for 3.9 billion pounds in January.
Including the profit on disposal of Costa, total profit for the year surged to 3.73 billion pounds from 436 million pounds last year. Basic earnings per share were 2,040.8 pence, compared to 239.7 pence a year ago.
Underlying profit before tax was 438 million pounds, compared to 432 million pounds last year. Underlying basic earnings per share were 193.2 pence, compared to 190.7 pence a year ago. The results were supported by tight cost control and the benefit of the ongoing efficiency programme.
Revenue for the year increased 2.1 percent to 2.05 billion pounds from prior year's 2.01 billion pounds.
Total UK accommodation sales growth was 3.5 percent, reflecting additional capacity.
Further, the company announced full year dividend of 99.65 pence, down from 101.15 pence last year, reflecting the lower cash earnings position following the sale of Costa.
Looking ahead, for fiscal 2020, Whitbread said it is confident in its plans given the significant structural growth opportunities in the UK and internationally.
Copyright RTT News/dpa-AFX
© 2019 AFX News
