REG.L Regulatory News (REG)

22 Nov 2005 11:15

Regent Inns PLC22 November 2005 22 November 2005 REGENT INNS PLC AGM Statement At the Annual General Meeting held today, all resolutions put to shareholderswere duly passed. At the meeting, Bob Ivell, Executive Chairman, made the following comments:- Trading Performance"I am pleased to deliver a set of results to shareholders which show asignificant improvement in the Company's financial performance and a return tolike-for-like growth in the branded estate. Walkabout performed particularlywell following a review of the business and Jongleurs Comedy Clubs remains asuccessful and unique format which continues to trade well. As we reported at the time of the announcement of our preliminary results, asmall number of the Bar Risa feeder bars have performed less well, but we arewell underway with a review of the Bar Risa business with the aim of deliveringimproved trading. I anticipate providing an update to shareholders in duecourse. Overall, I am pleased to report that sales, profits and cash flow continue toperform in line with our expectations. In the 20 week period to 19 November2005, like-for-like sales were up 1.1% in the branded estate. Christmas bookingsare ahead of last year and the Board is confident of meeting expectations forthe half year. Board ChangesNigel Batchelor, Non-Executive Director and Chairman of the Audit Committee anda member of the Remuneration & Appointments Committee, is stepping down from theBoard. Nigel has been a Non-Executive Director of Regent since January 1999 andis leaving to concentrate on his private company interests. As the Board istoday announcing his replacement, he will not now offer himself for re-electionand will leave the Board after the AGM. I would like to thank him for hiscontribution to the Company. I am pleased to announce the appointment of John Laurie as Non-ExecutiveDirector with effect from 1 December 2005. John Laurie has held senior positionsat Scottish & Newcastle plc during a career of over 30 years with the group.Latterly, as Group Financial Services Director, his principal responsibilitieswere for overall Treasury, Taxation and Risk Management matters across the groupas well as having significant involvement in corporate development and strategy. John Laurie will chair the Audit Committee and sit on the Remuneration &Appointments Committee and Alan Jackson will become the Senior Non-ExecutiveDirector. There are no further details requiring disclosure under Listing Rules9.6.13(R) (1) to (6) in respect of Mr. Laurie. The last financial year was one of significant transition during which theCompany's financial and operating performance was first stabilised and thenimproved considerably. In addition, we announced in our preliminary results that we had substantiallyimproved our longer term banking facilities, providing us with the flexibilityto participate in market consolidation. We continue to review acquisitionopportunities which have the potential to enhance shareholder value." - Ends - For more information: Regent Inns plc Tel. 020 8375 3000Bob Ivell, Executive ChairmanJohn Leslie, Chief Financial Officer Merlin Tel. 020 7653 6620Paul DownesRebecca Penney Mob. 07795 108 178 This information is provided by RNS The company news service from the London Stock Exchange