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Whitbread is on the rise again

Premier Inn owner Whitbread reported a 6.6% increase in pretax profit to £239.1m for the fiscal year to 4 March 2010. Total revenue increased 7.5% to £1.4bn,while net debt was cut by £109.7m to £513.4m.Profit after tax and exceptional items was £160m, versus £90.3m in the previous year. Once again, Premier Innoutperformed the market, with RevPAR down 6.4%, compared with a decline of 8.5% in the budget hotel sector and a decline of 9.6% across the whole hotelmarket. Sales at Premier Inn rose 4.7%, to £629.8m, although on a like-for-like basis they were down.3%. Alan Parker, who will stand down as CEO of Whitbread later this year, said: ‘Whitbread has performed strongly in the most challenging hotel and restaurant trading conditions for a generation.”

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