Restaurant Group PLC Trading update (8542C)
January 25 2018 - 2:00AM
UK Regulatory
TIDMRTN
RNS Number : 8542C
Restaurant Group PLC
25 January 2018
The Restaurant Group plc
Trading update
The Restaurant Group plc (the "Group") today provides an update
on the results for the 52 weeks ended 31 December 2017.
Like-for-like sales for the 52 weeks ended 31 December 2017 were
down 3.0%, with total sales decreasing by 1.8%*.
We expect to deliver an adjusted PBT outcome for the 2017 full
year in line with current market expectations.
Despite the challenging market in 2017, we continue to make good
progress against the four key elements of our strategy:
- Re-establish competitiveness of our Leisure brands. Our
investments in price, food quality and marketing during 2017 drove
progressively improved volume momentum in our Leisure business
through the year. Our expectations around our 2018 sales trajectory
remain broadly unchanged and reflect both our improving volume
momentum and the significant price investments made in the middle
of last year, albeit set against the backdrop of a market that has
softened.
- Serve our customers better and more efficiently. Our
initiatives to enhance our guest experience, improve effectiveness
of labour scheduling and deployment, and exploit new technologies
are on track.
- Grow our Pubs and Concessions businesses. Both businesses
performed well through the course of the year and the pipeline of
new site opportunities continues to grow.
- Build a leaner, faster and more focused organisation. The
business is fundamentally leaner, operating increasingly faster and
focused on a clear plan, enabled by an enhanced senior leadership
team. Kirk Davis will join the business as Chief Financial Officer
on 5 February.
The Group's balance sheet remains strong and continues to
benefit from good cash generation from our operations.
We will provide a more detailed update on our progress against
our strategy at our preliminary results.
Andy McCue, Chief Executive Officer, commented:
"In 2017 we made solid progress against our strategic
initiatives, resulting in improved volume momentum in our Leisure
business, a lower cost base and a more focused growth plan. While
the market has softened, we continue to benefit from strong cash
generation and a healthy balance sheet."
* On a 52 week vs 52 week basis. On a statutory 52 week vs 53
week basis total turnover decreased by 4.4%.
Enquiries:
The Restaurant Group
plc
Andy McCue, Chief Executive
Officer 020 3117 5001
Instinctif Partners
Matthew Smallwood
Guy Scarborough 020 7457 2020
About The Restaurant Group plc
1. At the year-end The Restaurant Group plc operated 497
restaurants and pub restaurants throughout the UK. Its principal
trading brands are Frankie & Benny's, Chiquito, Coast to Coast
and Brunning & Price. It also operates a multi-brand
Concessions business which trades principally in 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.
4. Adjusted PBT is calculated by taking the statutory PBT of the business pre-exceptional items.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTLLFLTLVISFIT
(END) Dow Jones Newswires
January 25, 2018 02:00 ET (07:00 GMT)
Restaurant (LSE:RTN)
Historical Stock Chart
From Apr 2024 to May 2024
Restaurant (LSE:RTN)
Historical Stock Chart
From May 2023 to May 2024