AGM Trading Update
May 21 2009 - 2:00AM
UK Regulatory
TIDMIRC
RNS Number : 6098S
Individual Restaurant Company PLC
21 May 2009
Individual Restaurant Company plc
AGM Trading Update
Individual Restaurant Company plc ("the Group"), the leading restaurant operator
with 34 premium casual dining restaurants trading under either the Piccolino
brand (23) or the Bar & Grill brand (11), announces an update on trading prior
to its AGM which will be held at 11am today.
The economic backdrop remains difficult for consumer facing businesses. Whilst
interest rates and fuel costs have reduced considerably, consumer confidence
remains weak. The Board considers that trading conditions are likely to continue
to be challenging for the time being.
Recognising 2009 was going to be a more challenging year a number of costs
saving measures were implemented which will generate GBP2.0m of savings in 2009
and this remains an area of considerable focus for the management team.
Against this background the Group's restaurants have performed well for the 17
weeks ended 10 May 2009 and trading overall is in line with expectations.
While the quantum and timing of openings will be determined by trading
performance and the available headroom in our banking facilities, as stated in
our last market update, the Board believes both the Piccolino and Bar & Grill
brands and business models are robust, as demonstrated by their current trading
performance. This underlines their significant roll out potential, putting the
company in a strong position to take advantage of the first signs of returning
consumer confidence.
The Board remains confident of the future prospects for Individual Restaurant
Company.
21 May 2009
Enquiries:
+--------------------------------------+---------------------------------+
| Individual Restaurant Company Plc | Tel: 0161 839 5511 |
+--------------------------------------+---------------------------------+
| Steven Walker, Chief Executive | |
+--------------------------------------+---------------------------------+
| Vernon Lord, Finance Director | |
+--------------------------------------+---------------------------------+
| | |
+--------------------------------------+---------------------------------+
| Altium | Tel: 0161 831 9133 |
+--------------------------------------+---------------------------------+
| Mike Fletcher | |
+--------------------------------------+---------------------------------+
| | |
+--------------------------------------+---------------------------------+
| College Hill | Tel: 020 7457 2020 |
+--------------------------------------+---------------------------------+
| Justine Warren | |
+--------------------------------------+---------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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