TRG REPORTS A YEAR OF ‘SOLID PROGRESS’

29th February 2012, 10:25am

The Restaurant Group, the UK’s largest dining operator, running 400 venues including Frankie & Benny’s, Chiquito and Garfunkel’s, as well as 50 mainly airport concession outlets, has opened 25 new sites in the past year and has a further 25-30 planned for 2012.

More than 500 new jobs were created in 2011 with over 600 new jobs to be created this year. Current trading has been described as "solid given the economic climate", with total sales in the first two months of 2012 up 3% and like-for-like sales down just 2%.

Stressing the "strong performance" in 2011, the annual figures show that revenue increased to £487 million – a rise of 7.25% on the previous year - with like-for-like sales up by 3.25% and a £89.7 million rise in Earnings Before Increased Taxation, Depreciation and Amortisation.

Adjusted profit before tax increased to £60.3 million, giving a statutory profit figure before tax of £48.6 million. Operations are "strongly cash generative" and net debt has been reduced by £5.3 million to £41.6 million.

Andrew Page, chief executive, said: "This was another year of good progress for us, with increases in revenues, margins and profits as we continued to strengthen our market position and to grow our business.

"The performance of our recent years' openings has been outstanding and this bodes well for the future. Our team was magnificent, showing great dedication and endeavour, and all of our people are determined to make 2012 another successful year."

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