At the AGM of The Restaurant Group plc (the Group), to be held later today, Debbie Hewitt, Chairman, will provide the following trading update:
Current trading is in line with our expectations with Group like-for-like sales for the 19 weeks ended 12 May 2019 up 2.8%. Total sales were up 57% in the period reflecting the benefit from the Wagamama acquisition and the record number of new Pubs and Concessions sites opened during 2018.
In the period we saw strong performances from Wagamama which has continued to significantly outperform in its core UK market, and from our Pubs business, which consistently traded ahead of the pub restaurant sector. Our Concessions business traded well and we remain focused on optimising our Leisure business against the backdrop of a declining market.
We are comfortable with the performance in the first 19 weeks of the current financial year and remain focused on realising the synergies from the Wagamama acquisition, executing on our multi-pronged growth strategy and optimising our Leisure business.
The Restaurant Group plc
Andy McCue, Chief Executive Officer
Kirk Davis, Chief Financial Officer
0203 117 5001
MHP Communications (Financial PR adviser)
Oliver Hughes / Simon Hockridge
0203 128 8742
About The Restaurant Group plc
1. The Restaurant Group plc operates 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.
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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