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15 Nov 2013 07:00
The Restaurant Group plc |
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Interim Management Statement for the 45 weeks to 10 November 2013
Continued good trading, in line with expectations
The Restaurant Group plc ("TRG" or "the Group") provides the following update on trading for the 45 weeks to 10 November 2013 together with a commentary on the outlook for the remainder of the financial year (52 weeks to 29 December 2013).
Current trading
TRG has continued to make good progress and, after 45 weeks trade in 2013, total sales are 9.1% ahead of the comparable period in 2012 and like-for-like sales are 3.5% ahead, in line with expectations.
We have opened 21 new sites in 2013 to date. These openings are performing well and are set to deliver strong returns. Across the Group we expect to open a total of between 33 and 35 new restaurants in 2013. We anticipate opening more new restaurants in 2014 than in 2013.
Balance sheet & financing
The Group's balance sheet position remains very solid with continuing strong cash generation, which allows the Group to maintain investment in our existing portfolio and open new restaurants.
Outlook
Since our interim announcement at the end of August, the Group has traded well, with like-for-like sales growth in both September and October. Although the like-for-like comparatives are much tougher during November, we are confident that the business will continue to make good progress during the remainder of the year and we are on track to meet expectations for the full year.
15 November 2013
ENQUIRIES:
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The Restaurant Group plc | Tel: 0203 117 5001 |
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Andrew Page, Chief Executive Officer |
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Stephen Critoph, Group Finance Director |
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College Hill | Tel: 020 7457 2020 |
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Matthew Smallwood |
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Notes for Editors:
1. The Restaurant Group plc operates over 420 restaurants and pub restaurants predominantly in leisure locations and airports. Its principal trading brands are Frankie and Benny's, Chiquito, Coast to Coast, Garfunkel's, a Pub restaurants business and a Concessions division which trades principally on major UK airports.
2. This statement is based on information sourced from management accounts.
3. Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.
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