1 Nov 2012 07:00
The Restaurant Group plc
Interim Management Statement for the 43 weeks to 28 October 2012
The Restaurant Group plc ("TRG" or "the Group") provides the following update on trading for the 43 weeks to 28 October 2012 together with a commentary on the outlook for the remainder of the financial year (52 weeks to 30 December 2012).
Current trading
TRG has continued to make good progress and, after 43 weeks trade in 2012, total sales are 8.25% ahead of the comparable period in 2011 and like-for-like sales are 3.5% ahead.
We have opened 16 new sites in 2012 to date. These openings are performing well and are set to deliver strong returns. A second Coast to Coast restaurant at The Gate in Newcastle opened in August and two weeks ago we opened a third Coast to Coast in Stevenage. All three Coast to Coast restaurants are trading strongly and we expect to have five Coast to Coast restaurants in total by the end of this year. Across the Group we expect to open a total of between 26 and 29 new restaurants in 2012 and we have a good pipeline developing for 2013 and beyond.
Balance sheet & financing
The Group's balance sheet position remains very solid with continuing strong cash generation, which allows the Group to continue to invest in our existing portfolio and open new restaurants whilst continuing to reduce its net debt.
Outlook
Since our interim announcement at the end of August, the Group has continued to trade strongly, with consistent like-for-like sales growth in both September and October. We remain on track to meet expectations for the full year.
TRG has a distinct market positioning with strong brands and great value-for-money offerings and a superb pipeline of new sites. We have an experienced and highly motivated team and a clear focus on delivering consistently excellent levels of service and hospitality. Our team is working to ensure that the Group continues its profitable progress.
1 November 2012
ENQUIRIES:
The Restaurant Group plc | Tel: 020 3117 5001 |
Andrew Page, Chief Executive Officer |
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Stephen Critoph, Group Finance Director |
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College Hill | Tel: 020 7457 2020 |
Matthew Smallwood |
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Notes for Editors:
1. The Restaurant Group plc operates over 410 restaurants and pub restaurants predominantly in leisure locations and airports. Its principal trading brands are Frankie and Benny's, Chiquito, Garfunkel's, a Pub restaurants business as well as over 60 sites in its Concessions division 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. For reference, the table below sets out the like-for-like sales by announcement date for 2011 and 2012:
2012 | 2011 | |||
Like-for-like | Like-for-like | |||
Full year results announcement | 8 weeks to 26 February 2012 | -2.0% | 9 weeks to 6 March 2011 | +3.0% |
AGM | 19 weeks to 13 May 2012 | +4.0% | 18 weeks to 8 May 2011 | +0.5% |
Half year | 26 weeks to 1 July 2012 | +3.25% | 26 weeks to 3 July 2011 | +3.0% |
Half year results announcement | 34 weeks to 26 August 2012 | +3.25% | 34 weeks to 28 August 2011 | +2.75% |
Q3 IMS | 43 weeks to 28 October 2012 | +3.5% | 44 weeks to 6 November 2011 | +2.75% |
Full year | 52 weeks to 30 December 2012 | TBA | 52 weeks to 1 January 2012 | +3.25% |