Interim Management Statement

RNS Number : 0000X

Restaurant Group PLC

14 November 2014

 



The Restaurant Group plc

Interim Management Statement for the 45 weeks to 9 November 2014

The Restaurant Group plc (the "Group") provides the following trading update for the 45 weeks to 9 November 2014 together with a commentary on the outlook for the remainder of the financial year (52 weeks to 28 December 2014).

Current trading

Since our half-year results announcement at the end of August, the Group has continued to make progress. After 45 weeks trade in 2014, total sales are 10.3% ahead of the comparable period in 2013 and like-for-like sales are 3.0% ahead.

New Openings

We have opened 24 new restaurants in 2014 to date.  These are performing well and are set to deliver strong returns in line with our usual targets. We expect to open a further 16 sites before the end of the year, taking the total to 40 new sites in 2014 (2013: 35). The pre-opening costs for these and a number of new sites that will open in January 2015 will be incurred in the last quarter of the current year as we continue to invest in the Group's future.  Our pipeline of new site openings continues to improve and we expect to further strengthen the rate of new openings in 2015.

Balance sheet and financing

The Group's balance sheet position remains strong and cash continues to be generated at levels which allow the Group to maintain investment in our existing portfolio and open new restaurants.

Outlook

We remain confident that the business will continue to make good progress during the remainder of the year, although sales have shown lower growth since the end of August and we are seeing some cost pressures. Nevertheless, we still expect to report good full year results, showing material progress on the prior year.

                                                                                                   14 November 2014

ENQUIRIES:

The Restaurant Group	Tel: [phone]
Danny Breithaupt, Chief Executive
Stephen Critoph, Chief Financial Officer
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 & Benny's, Chiquito, Coast to Coast, Garfunkel's, a Pub restaurants business and a 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.

 

END

 

 

IMSGGGPUGUPCGMW