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Whitbread gets a caffeine kick from Costa Friday, 27th April 2012
Photo credit: Costa
Leisure and hospitality group Whitbread reported an 11 per cent rise in profits, largely attributed to a sharp rise in sales at its Costa coffee chain.
According to City AM, the high street chain saw revenue rise 27.5 per cent to £541.9 million in the year to 1 March, with profits up 38 per cent to £69.7 million.
Whitbread in turn saw net profits increase by a fifth to £266 million with revenues in at £1.78 billion.
Group chief executive Andy Harrison told press Whitbread remained on track to meet its five year growth milestones, which includes doubling the size of the Costa chain. Harrison dismissed claims that the company is looking to sell or float Costa, which will open 350 new cafes next year.