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12 Nov 2015 07:00
The Restaurant Group plc
Trading update for the 45 weeks to 8 November 2015
The Restaurant Group plc (the "Group") provides the following trading update for the 45 weeks to 8 November 2015 together with a commentary on the outlook for the remainder of the financial year.
Current trading
Since our half-year results announcement at the end of August, the Group has continued to make progress. After 45 weeks trade in 2015, total sales are 8% ahead of the comparable period in 2014 and like-for-like sales are 2% ahead.
New Openings
We have opened 25 new restaurants in 2015 to date. These are performing well and are set to deliver strong returns in line with our usual targets. We expect to open a total of 43 to 45 new sites in 2015 (2014: 40). Our pipeline of new sites is strong and we anticipate opening at least as many sites in 2016.
Balance sheet and financing
The Group's balance sheet position remains strong and cash continues to be generated at levels which allow the Group to maintain investment in our existing portfolio and open new restaurants.
Outlook
We are confident that the business will continue to make good progress during the remainder of the year and expect to report full year results in line with market expectations.
12 November 2015
ENQUIRIES:
The Restaurant Group Danny Breithaupt, Chief Executive Officer | Tel: 020 3117 5001 | |
Stephen Critoph, Chief Financial Officer |
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Instinctif Partners | Tel: 020 7457 2020 | |
Justine Warren |
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Guy Scarborough |
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Notes for Editors:
1. The Restaurant Group plc operates over 480 restaurants and pub restaurants throughout the UK. Its principal trading brands are Frankie & Benny's, Chiquito, Coast to Coast, Brunning & Price and a Concessions division which trades principally in major UK airports.
2. The Group is aware of a range of external forecasts for the current year, showing profit before tax ranging from £85M to £89M.
3. This statement is based on information sourced from management accounts.
4. 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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