Resilient results for The Restaurant Group

28th August 2009, 4:51pm

Shares in The Restaurant Group (TRG) have soared today off the back of resilient financial results.

The group which owns Garfunkel's, Frankie and Benny's and Chiquito saw shares rise by 13% due to the announcement that underlying profits have risen by 3% to £21.7 million.

Chief executive Andrew Page said the results were strong especially in this economic climate: "These are good results, with sales, profits and earnings per share all increasing. Our strategic market positioning combined with a clear focus on value, margins, service and hospitality has enabled the group to make further profitable progress during 2009, despite the severe economic downturn.

"In addition to delivering these strong results, our team has also successfully opened twelve new restaurants so far this year and they are all performing well. Although conditions remain tough, going forward we will be looking to maintain our profitable progress."

Eight new sites opened during the 26 weeks ending 28th June 2009 and expansion is on the cards with the company planning to add a further 15 to 20 new sites to its portfolio.

Garfunkel's stood out as a particular star performer with results for the restaurant described as "superb" by TRG. The company added that Garfunkel's return on capital has been "outstanding" in the last six months with a view for this to continue going forward.

Related Articles:

• 02 Sep 2010 - The Restaurant Group profits soar as Brits continue to eat out

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