The Restaurant Group PLC (LSE:RTN) (TRG) served up a much improved performance for 2021 and said its Wagamama restaurants, gastropubs and ‘Leisure’ arms are all continuing to outperform the market in the new year.
Led by 15% growth for Wagamama and with its pubs and Frankie & Benny's and Chiquito chains growing at 9% and 14% respectively, like-for-like (LFL) sales outperformed the market since government rules were relaxed to allow indoor dining in May last year.
TRG, which at the start of the calendar year was operating 400 restaurants and pubs around the country, made a statutory loss before tax of £32.9mln for the 53 weeks ended 2 January, down from £132.9mln in 2020, as total group sales rose to £636.6mln from £459.8mln.
At the underlying (EBITDA) level, profits rose to £81.2mln from £8.7mln.
Net debt was cut to £171.6mln from £340.4mln, helped by a net £166.8mln equity fundraising.
Chief executive Andy Hornby said it was a “year of substantial progress” and said current expectations for 2022 “remain unchanged, although we are mindful about the consequential inflationary impacts arising from the conflict in Ukraine”.
Wagamama has grown LFL sales 21% in the first eight weeks of the new financial year, outperforming the market by 13%, while the pubs and Leisure chains were both growing at 11%.