AGM Statement

RNS Number : 1468H

Restaurant Group PLC

15 May 2014

 



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% ahead, reflecting another period of good progress.  

During the first 19 weeks we have opened 15 new restaurants.  These sites are trading well and are set to deliver good returns. 

In total we expect to open between 36 and 43 new restaurants this year, roughly half of which will be Frankie and Benny's. The quality of our new site pipeline over the next three years is the strongest we have seen since before the onset of the financial crisis.  

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 29 December 2013 of 8.75p per share will be paid on 9 July 2014 to shareholders on the Register on 20 June 2014. This will make the full year dividend in respect of 2013 a total of 14.0p per share which represents a 19% increase on the previous full year's dividend.

In addition the special dividend of 3.45p per share announced on 17 April 2014 (being proceeds from the partial disposal of TRG's interest in Living Ventures) will be paid at the same time as the final dividend.

Outlook

The Group is trading in line with expectations, and we are on track to report a very satisfactory first half performance.

15 May 2014

ENQUIRIES:

The Restaurant Group plc	Tel: [phone]
Andrew Page, Chief Executive Officer
Stephen Critoph, Group Finance Director
Instinctif Partners	Tel: [phone]
Matthew Smallwood

Notes for Editors:

1.   The Restaurant Group plc operates over 450 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.

 

END

 

 

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