Trading statement

RNS Number : 2833G

Restaurant Group PLC

26 May 2017

 

The Restaurant Group plc

Trading statement

At the AGM of The Restaurant Group plc (the "Group"), to be held later today, Debbie Hewitt, Chairman, will provide the following trading update:

Current trading

Like-for-like sales for the 20 weeks ended 21 May 2017 have declined 1.8%, with total sales decreasing by 1.5%.

In the period we saw strong performances from our Concessions business, benefitting from strong growth in passenger numbers, and from our Pubs business, helped by favourable weather. We continue to be focused on the turnaround of the Leisure businesses which benefited from cinema admissions having a good start to the year. Over the remainder of the year, growth in passenger numbers and cinema admissions is anticipated to moderate.

The implementation of our strategy is progressing well as we make the required investments in price, marketing and our offer.

Outlook

2017 is a transitional year. We continue to address the competitiveness of our Leisure businesses and are focused on achieving a sustainable volume-led turnaround. Where opportunities to accelerate our progress present themselves, we will invest appropriately.

Accordingly, we continue to expect to deliver a PBT outcome for the full year in-line with current market expectations.

Balance sheet and financial position

The Group's balance sheet remains strong and continues to benefit from good cash generation from our operations.

Subject to approval at the AGM, the final dividend in respect of the year ended 1 January 2017 of 10.6p per share will be paid on 7 July 2017 to shareholders on the register on 16 June 2017. This will make the full year dividend in respect of 2016 a total of 17.4p per share.

Enquiries:

The Restaurant Group Andy McCue, Chief Executive Officer	020 3117 5001
Instinctif Partners Matthew Smallwood Guy Scarborough	020 7457 2020

Notes:

1.   The Restaurant Group plc operates 491 restaurants and pub restaurants throughout the UK.  Its principal trading brands are Frankie & Benny's, Chiquito, Coast to Coast and Brunning & Price.  It also operates a multi-brand Concessions business which trades principally in 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.

 

END

 

 

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