The Restaurant Group delivers solid first half performance
According to the group’s interim results for the 26 weeks ending 29 June 2014, total revenue increased 10 per cent to £308m, while like-for-like sales rose 2.5 per cent.
TRG said it enjoyed growth across its brands, pub restaurants and concessions business.
Frankie & Benny’s delivered a ‘sizeable uplift’ in revenues and profits, with increased breakfast trading and nine new sites helping boost the brand’s performance.
Tex-Mex brand Chiquito and Coast to Coast also enjoyed strong revenues and profits growth on the back of increased demand, TRG said.
Future growth
Alan Jackson, non-executive chairman at TRG, said: “These are strong results and reflect an outperformance against our sector. The Group benefits from operating in market segments with barriers to entry which have proved to be very resilient.
"We have a strong portfolio of complementary brands and have an impressive pipeline of new sites, in terms of both quality and quantity.”
Jackson said the group, which expects to have opened a total of 38-43 new sites by the close of the year, is track to double in size over the next eight to ten years.
“The second half has started well; year to date after 34 weeks total turnover is up 10.4 per cent and like-for-like sales are up 3.5 per cent,” he said.
“With an improving economic outlook, lower inflation and higher levels of employment the prospects for TRG continue to look good. I am confident that the Group is well placed to deliver another year of profitable progress.”
TRG leadership
The results were welcomed by TRG's chief executive Andrew Page, who will retire this month after 12 years at the helm of the business. He is being replaced Danny Breithaupt, formerly managing director of the group’s leisure business.
“The Restaurant Group has delivered another record set of results, with double digit growth in earnings, dividends and cashflow," said Page.
"These results reflect the hard work and efforts of all of the TRG team and I would like to record my thanks to them for delivering another outstanding performance.
"The Restaurant Group is in great shape, I am confident that it will continue to prosper and I wish Danny and the TRG team well as they take the business forwards.”
Breithaupt added: “I am delighted to be taking on the leadership of TRG with the business in such great shape. TRG has a clear strategy, successful brands and a great team of people.
"This is a terrific platform for the further growth of the business, and I am looking forward to building on this and leading the Company through its next phase of development.”
