The Restaurant Group (TRG) has reported a “resilient” first six months of trading to June 2009.
TRG reported a 3% increase in adjusted earnings (before interest, taxes, depreciation and amoritization), to £36.3m, a 4% rise in share earnings to 7.49p and, while revenue increased by 3% to £210m, like-for-like sales fell by 3%.
Adjusted profits for the 358-strong restaurant and pub group, including Frankie and Benny’s, Chiquito, Brunning & Price, Blubeckers and Garfunkel’s, also rose by 3% to £21.7m.
“These are good results, with sales, profits and earnings per share all increasing. Our strategic market positioning combined with a clear focus on value, margins, service and hospitality has enabled the group to make further profitable progress during 2009,” said Andrew Page, chief executive of the Restaurant Group.
The company has also cut net debt by £10m since year end to £69m and said it is confident of another year of progress in 2009.
“In addition to delivering these strong results, our team has also successfully opened 12 new restaurants so far this year and they are all performing well. Although conditions remain tough, going forward we will be looking to maintain our profitable progress,” added Page.
Frankie & Benny's owner sees sales slide >>
Midweek dining in decline, but weekend restaurant trade still strong >>
TRG to scale back on new restaurant openings >>
By Emma White
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