Update from Monday25 Jan 2008 10:07
Some Big Bucks moving around on this one and they are aware of the Market. I'm waiting for that "Kick up " on the Graph.______
Individual Restaurant Company plc said trading for the six months to Dec 31 was in line with the board's expectations, despite generally more challenging trading conditions in the closing months of the year.
The operator of the Piccolino and Restaurant Bar & Grill restaurants said sales for the period were up 13 pct. Excluding the sold Bank Aldwych and the closed Zinc Birmingham sites, sales were up 26 pct, it said.
Individual Restaurant said the sales growth was driven by six new restaurant openings. It added excellent progress had been made bringing the Bank and Zinc restaurants into line with the group's core Piccolino and Bar & Grill brands, with a marked improvement in trading at converted sites in London's West End, Manchester, Glasgow, Birmingham and Westminster.
The group plans to open seven restaurants in the current year and said its pipeline of sites looks strong.
Individual Restaurant said the current uncertain consumer environment leaves it with a more cautious outlook over the year ahead, in line with other operators, but added it remains confident in the broad appeal of both its concepts to underpin a resilient performance over the longer term.