15 May 2013 07:00
The Restaurant Group plc
AGM Statement
At the AGM of The Restaurant Group plc ("the Group"), to be held later today, Alan Jackson, Chairman, will make the following statement, which comprises the Group's Interim Management Statement as required by the FCA Disclosure and Transparency Rules:
Current trading
Trading for the first 19 weeks has been strong with total sales 11% ahead of the previous year and like-for-like sales 4.5% ahead reflecting another period of outperformance.
During the first 19 weeks we have opened 2 new Frankie & Benny's restaurants and 1 new Pub restaurant. These sites are trading well and are set to deliver good returns.
In total we expect to open between 30 and 35 new restaurants this year, most of which will be in the second half and at least half of these will be Frankie and Benny's. Looking further forward the new site pipeline for 2014 and beyond is better than we have seen for a number of years. The performance of our new Coast to Coast restaurants is particularly pleasing. Coast to Coast is both distinct and scalable and we expect to open a further 4-5 sites in 2013.
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 30 December 2012 of 7.3p per share (making the full year dividend in respect of 2012 a total of 11.8p per share) will be paid on 10 July 2013 to shareholders on the Register on 21 June 2013 - this represents a 12% increase on the previous full year's dividend.
Outlook
The Group is trading in line with expectations, margins have improved and we are on track to report a very satisfactory first half performance.
15 May 2013
ENQUIRIES:
The Restaurant Group plc | Tel: 020 3117 5001 |
Andrew Page, Chief Executive Officer | |
Stephen Critoph, Group Finance Director | |
College Hill | Tel: 020 7457 2020 |
Matthew Smallwood |
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 business 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.
4. Reported like-for-like figures for 2013 are +6.5% for the 8 weeks to 24 February 2013 and +4.5% for the 19 weeks to 12 May 2013. In 2012, like-for-like sales were -2% for the eight weeks to 26 February 2012 and +4% for the 19 weeks to 13 May 2012. Like-for-like sales for the 26 weeks to 1 July 2012 were +3.25% and like-for-like sales for the 52 weeks to 30 December 2012 were +4.5%.