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FTSE 100 flat as Costa owner Whitbread's shares fall | FTSE 100 flat as Costa owner Whitbread's shares fall |
(about 3 hours later) | |
Shares in Whitbread dropped nearly 5% after the company reported slowing sales growth at its Costa coffee chain. | |
Like-for-like sales at Costa rose 0.6% in the six months to 31 August, while pre-tax profits at the chain slid 10%. | |
The news overshadowed Whitbread's near 20% rise in pre-tax profits to £316m, after a good performance from its Premier Inn hotel chain. | The news overshadowed Whitbread's near 20% rise in pre-tax profits to £316m, after a good performance from its Premier Inn hotel chain. |
Whitbread was the biggest faller on the FTSE 100, with the index up just 1.19 points at 7,525.64 by midday. | |
Outside the top 100 companies, shares in Carpetright fell 0.8% after the floor coverings and sofa retailer said first-half profits were set to be lower than last year. However, it expects a "significantly" stronger performance in the second half. | |
Shares in oil services group Hunting jumped 8% after the company said revenues during the past quarter had strengthened, and it now expected full-year revenues to be about $700m (£530m). | |
On the currency markets, the pound slipped 0.1% against the dollar to $1.3181 and fell 0.2% against the euro to €1.1207. |