Pre-Close Update

RNS Number : 2248F

Restaurant Group PLC

08 January 2010

 



The Restaurant Group plc

("the Group")

Pre-Close Update

The Group has enjoyed a further strengthening in trading since the previous update which covered the 46 weeks to 15 November 2009. At that point, the Group's like-for-like sales were running 3% below the same period in 2008.  

Trading for the final six weeks of the year to 27 December 2009 was good with strong like-for-like sales growth. This represents an encouraging improvement on the same period last year, albeit against softer comparatives, resulting in full year like-for-like sales only 2% lower than 2008.

The Group intends to announce its 2009 full year results in early March 2010 and expects to report profits well ahead of the top end of the range of current market forecasts, with net debt significantly lower than at the end of the 2008 financial year. Against a very challenging economic backdrop, with acute pressures on consumer spend, this represents a solid performance. 

Nineteen new restaurants were opened during the year and trading at these sites has been well ahead of expectations. All of our new openings are expected to deliver good returns and the Group is targeting 15 to 20 new openings during 2010. 

Looking forward, we are expecting a continuation of these challenging economic conditions and will be focusing our efforts on delivering further profitable progress in 2010. 

8 January 2010

Enquiries:
The Restaurant Group	020 7939 6500
Andrew Page, Chief Executive
Stephen Critoph, Finance Director
College Hill	020 7457 2020
Matthew Smallwood

Notes: 

1.    The 2010 financial year will cover a 53 week period commencing on 28 December 2009 and ending on 2 January 2011. 

2.    The Restaurant Group plc operates approximately 370 restaurants and pub restaurants. Its principal trading brands are Frankie & Benny's, Chiquito, Garfunkel's, our Pub Restaurant business as well as over 50 sites in the Concessions division which principally trades on major UK airports.

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.

 

END

 

 

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