Whitbread has published quite deceptive H1 16/17 results marked by a good evolution in sales (+8.1% to £5.6bn, of which 1.9% lfl growth) but an operating margin under pressure (20.55% of sales, -40bp from H1 15/16), mainly in the Costa business. Profit before tax increased by 5.4%. Management has reiterated its ambitious 2020 milestones for Premier Inn (85,000 rooms and 11% of the UK market share vs 9% in 2016) and for Costa (sales of £2.5bn from £1.1bn in 2015/16).
