Post-close update
Restaurant Group PLC
09 January 2008
The Restaurant Group plc
('TRG' or 'the Group')
Post-close update
The Restaurant Group reports that it has experienced good trading for the 52
weeks to 30 December 2007, with full year like-for-like sales up 5.5% (2006:
+5%). Following a very strong like-for-like sales performance for the first
three quarters of 2007, like-for-like sales growth in the final quarter of 2007
was more subdued at +1% (2006: +7%). Against a background of more demanding
comparatives for the final quarter and a tighter consumer market, the Group
achieved growth for each month from October to December. Trading during the
Christmas period was solid.
The Group plans to report full year results on 5 March 2008 and these are
expected to be in line with management expectations and in line with the
mid-range of current market forecasts.
TRG opened 36 new restaurants during 2007 of which 34 were Leisure brands and
two were Concessions. Initial trading from the new openings has been very
encouraging. In October we acquired Brunning and Price's pub restaurant business
and have been very pleased with its performance since acquisition.
The Group remains in a sound financial position. We have recently completed a
refinancing exercise as part of our normal financing arrangements and now have
committed banking facilities of £120 million for five years until December 2012,
on improved terms to the previous facility.
Andrew Page, Chief Executive of TRG said:
'The Group has traded well during 2007 with a 5.5% increase in like-for-like
sales and good growth in both of our divisions. Following on from like-for-like
sales growth of 5% in 2006, and against a more subdued economic backdrop, this
is a good performance and a credit to our team. Although we anticipate tighter
consumer conditions during 2008, we believe that the clear focus on our two
distinct market segments, our robust business model and our value proposition
will continue to benefit the Group'.
9 January 2008
There will be an Analyst conference call at 7:10am this morning (9 January
2008). Participants should dial +44 (0)1452 555 566 and quote Conference ID
30313901 to join The Restaurant Group conference call.
ENQUIRIES:
The Restaurant Group plc Tel: 0845 612 5001
Andrew Page, Chief Executive
Stephen Critoph, Group Finance Director
College Hill Tel: 020 7457 2020
Matthew Smallwood
Notes for Editors:
1) This statement is based on information sourced from management accounts.
2) Certain statements made in this announcement are forward-looking
statements. Such statements are based on current expectations, and by their
nature, are subject to a number of risks and uncertainties that could cause
actual results and performance to differ materially from any expected future
results or performance expressed or implied by the forward-looking statement.
The information does not assume any responsibility or obligation to update
publicly or revise any of the forward-looking statements contained herein.
This information is provided by RNS
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