Restaurant Group PLC
07 May 2008
The Restaurant Group plc
AGM Statement
At the AGM of The Restaurant Group plc ('TRG' or 'the Group'), to be held later
today, Alan Jackson, Chairman, will make the following statement, which
comprises the Group's first Interim Management Statement as required by the UK
Listing Authority's Disclosure and Transparency Rules:
Current trading
We are very encouraged by the trading performance of the Group so far this year
with a like-for-like sales increase of 5% for the 18 weeks to 4 May 2008. At
last year's AGM the Group reported a like-for-like sales increase of 4%. Total
revenues for the 18 weeks to 4 May 2008 are 21% ahead of the same period last
year. This compares favourably with a year-to-date revenue increase of 14% at
the time of last year's AGM.
Both of our divisions, Leisure and Concessions, have performed well to date,
delivering good growth in like-for-like sales, notwithstanding a continuation of
the more challenging economic backdrop. This performance reflects the
resilience of our market positioning and value-for-money offerings.
This is a solid start to 2008 and represents very satisfactory progress compared
with the same period last year. Our view on the outlook for 2008 is as stated
in March 2008 at the time of our preliminary results announcement.
On-going opening programme
Our new openings programme is progressing well, with seven new sites opened in
the year to date including four new sites in Heathrow Terminal 5. Our new
restaurants are trading well. As previously reported, we expect to open 30-35
new restaurants during the full year.
Balance sheet and financial position
The Group's balance sheet remains strong with no significant changes in net debt
since the year-end. Since the year-end, the Employee Benefit Trust has acquired
2.125m shares at an average price of 138.5p per share. Subject to approval at
the AGM, the final dividend in respect of the year ended 30 December 2007 of
5.99p per share (making the full year dividend 7.25p per share) will be paid on
9 July 2008 to shareholders on the Register on 13 June 2008 - this represents a
21% increase on the previous year.
7 May 2008
ENQUIRIES:
The Restaurant Group plc Tel: 0845 612 5001
Andrew Page, Chief Executive Officer
Stephen Critoph, Group Finance Director
College Hill Tel: 020 7457 2020
Justine Warren
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
The company news service from the London Stock Exchange
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