The Restaurant Group (TRG), owner of Frankie & Benny's and Garfunkel's says it is determined to make 2010 a successful year for the company and will continue with plans to open up to 25 new sites by the end of the year.
Delivering preliminary results for 2009, TRG chief executive Andrew Page said the current year had 'started well' so hoped to open between 15 and 25 sites, almost half of which would be Frankie & Benny's, by the end of December.
The operator also said it was continuing with a programme to convert its 42 pub restaurants to the Brunning & Price style of operation over the next year.
"After nine weeks, revenues are 6 per cent ahead of last year and like-for-like sales are up 1 per cent. Our attention is now firmly focused on the period ahead and the team is determined to ensure that 2010 is another successful year," he said.
Page said TRG’s 'robust business model, distinct market positioning and prudent capital structure' had helped it survive the difficult financial climate of 2009. He said the company's reluctance to offer deep discounting and instead focus on delivering good value had put it in a good position for the coming year.
However, the company's concession division, which operates outlets at airports was affected by a declined in passenger numbers, leading to a 6 per cent decline in revenue.
TRG's leisure division, which incorporates Frankie & Benny’s, Chiquito, Garfunkel’s and pub restaurants, performed 'solidly' delivering a 7.5 per cent growth in revenue during 2009 and 'a modest improvement in profit'.
Including results from its concessions division, the company, which also operates the Brunning & Price and Blubeckers brands, saw profits rise 2 per cent and revenue 5 per cent in the year to 27 December 2009.
Page said: "TRG has demonstrated its resilience, delivering growth in earnings, cashflow and dividends. We have further re-enforced our strong market positions and added 19 new restaurants to our portfolio.