Frankie and Benny’s operator The Restaurant Group (TRG) has reported ‘strong results’ for the first half of 2009, with revenue increasing by three per cent to £210m.
TRG, which operates 358 restaurants in the UK including the Chiquito and Garfunkel’s brands, also saw adjusted EBITDA profit increase by three per cent to £36m, pre-tax profit increase by three per cent to £21m and earnings per share rise by four per cent to 7.49p. However, the group saw like-for-like sales for the period drop by 3.5 per cent.
As well as developing eight new sites since January this year, TRG managed to reduce its net debt by £10m to £69m, a feat the group said ‘demonstrates the resilience of TRG’s business and the strength of its brands’.
Andrew Page, chief executive of TRG said in addition to delivering ‘strong results,’ all the group’s sites were performing well.
“These are good results, with sales, profits and earnings per share all increasing,” he said. “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, despite the severe economic downturn. Although conditions remain tough, going forward we will be looking to maintain our profitable progress.”
The group intend to launch 15-20 new sites before the end of 2009, and is confident of another year of progress.