The Restaurant Group plc (the "Group") today provides an update on trading for the 52 weeks ended 30 December 2018 ("the period").
Like-for-like sales for the period were down 2.0%, with total sales increasing by 1.0%*. The Group has delivered like-for-like sales growth since the World Cup, with our Pubs business continuing to consistently trade ahead of the pub restaurant sector and our Concessions business trading strongly. Our Leisure business exhibited improved like-for-like sales momentum through 2018, but was impacted by weaker cinema admissions in December.
We opened a record 21 new pubs (inclusive of acquisitions) and a record 21 new concessions units during the year.
We expect to deliver an adjusted PBT outcome for the 2018 full year in line with current market expectations.
As previously announced, the acquisition of Wagamama formally completed on 24 December 2018. Wagamama has continued to trade well over the festive period and we look forward to delivering the benefits of the acquisition as outlined in the "2018 Prospectus" and creating significant long-term value for our shareholders.
Andy McCue, Chief Executive Officer, commented:
"2018 has been a pivotal year for the Group in which we have opened a record number of new sites in both our Pubs and Concessions businesses as well as acquiring an extremely high quality business in Wagamama.
The enlarged business is now orientated strongly towards growth with a number of exciting opportunities ahead. We are focused on executing on our multi-pronged growth strategy and plans for the site conversions and cost synergies are progressing well."
* The total sales figure includes one week of trade from Wagamama. The like-for-like sales figure does not include Wagamama.
The Restaurant Group plc
Andy McCue, Chief Executive Officer
Kirk Davis, Chief Financial Officer
+44(0) 203 117 5001
MHP Communications (Financial PR adviser)
Oliver Hughes / Andrew Jaques
Simon Hockridge / Alistair de Kare-Silver
+44(0) 203 128 8147
About The Restaurant Group plc
1. At the year-end The Restaurant Group plc operated over 650 restaurants and pub restaurants throughout the UK. Its principal trading brands are Frankie & Benny's, Wagamama, Chiquito and Brunning & Price. It also operates a multi-brand Concessions business which trades principally in UK airports. In addition the Wagamama business has 5 restaurants in the US and over 50 franchise restaurants operating across a number of territories.
2. This statement is based on information sourced from management accounts.
3. Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.
4. Adjusted PBT is calculated by taking the statutory PBT of the business pre-exceptional items.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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