The Restaurant Group reports ""excellent performance"" in first half 2010
The Restaurant Group (TRG), owners of the Frankie & Benny’s and Chiquito, has this morning unveiled what it described as “excellent performance” as it posted its half-yearly financial results.
For the 27 weeks to 4 July, the 467 - site group, which also runs Garfunkel’s and a chain of pub restaurants, said revenue had increased to £229m, a 9% hike on the £210m it recorded in 2009.
Adjusted profit before tax also improved by 13% to £24.6m, up from £21.7m.
Andrew Page, chief executive, praised the resilience of the group’s brands, and added: ““These are good results, with double digit growth in earnings, dividends and free cash flow.
“They reflect TRG's strong market positions, focusing on our customers and standards, and providing a consistent quality of product and service. They also reflect the outstanding commitment of our people.”
"Double digits"
The company also added that notwithstanding the difficulties of the ash cloud and a strike by BA staff its airports concessions business had delivered, “ double digits in revenues, ebitda and profit”.
The news comes after TRG said earlier in the year that it was 'determined' to make 2010 a success and announced proposals to open 25 new sites by the end of December. TRG has opened 12 sites during the past 12 months, and TRG said almost half the planned openings would be Frankie and Benny's premises.
Martyn Leek is news editor of BigHospitality's sister publication M&C Report
