9 Jan 2013 07:00
The Restaurant Group plc
("the Group" or "TRG")
Post-close update
The Group's full year results will be announced by early March 2013 and profits for the 52 weeks to 30 December 2012 are expected to be just ahead of the consensus of market forecasts.
Turnover for the 52 weeks to 30 December 2012 was 9% ahead of prior year and like-for-like sales were 4.5% ahead. Group operating margins for 2012 are expected to be at a similar level as 2011.
New openings were ahead of the previous year with 28 restaurants opened in 2012. Trading at these sites has been excellent and they are set to deliver strong returns. The Group expects to open between 28-35 new sites in 2013.
Looking forward, whilst we anticipate similar economic conditions to 2012, our efforts will be focused on delivering further profitable progress in 2013.
Board change
The Board announces that Trish Corzine (aged 55), Executive Director of the Concessions business, will retire as a Director of The Restaurant Group plc in May 2013 and consequently will not seek re-election at the AGM to be held in May 2013. The Board wishes to thank Ms Corzine for her significant contribution to the Group over her almost 20 years with TRG, of which nine have been as a Director of the Company. The Board wishes Ms Corzine well in her retirement.
Andrew Page, CEO of The Restaurant Group plc, said:
"The Restaurant Group delivered a strong performance in 2012, notwithstanding some tricky conditions for consumer-facing businesses. Sales increased by 9%, with like-for-like sales 4.5% ahead of the prior year. Profits were well ahead of 2011 and cash generation was strong. During 2012 we opened 28 new restaurants, creating over 700 new jobs and this year we expect to open between 28 and 35 new restaurants. Last year the TRG team worked relentlessly to deliver a great performance and the focus is now directed towards delivering further good progress in 2013."
9 January 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:
1. The Board is aware of a range of forecasts for profit before tax for 2012, the consensus of which is £64.0m. Nothing in this announcement should be construed as a profit forecast.