The Restaurant Group has issued an update on performance across its operations, which include Frankie & Benny’s, Chiquito, Coast to Coast, Garfunkel’s, and Brunning & Price.
The Group’s full year results will be announced by early March 2014, with profits for the 52 weeks to 29 December 2013 expected to be ahead of the consensus of market forecasts.
Turnover for the 52 weeks to 29 December 2013 was 9% ahead of the prior year with like-for-like sales up 3.5%. Group operating margins for 2013 are expected to show progress on 2012.
Up to 43 new openings
New openings were ahead of the previous year with 35 restaurants opened in 2013. Trading at these sites has been excellent and they are set to deliver strong returns. The Group expects to open between 36 and 43 new sites in 2014.
Looking forward, whilst similar economic conditions to 2013 are anticipated, efforts will be focused on delivering further profitable progress in 2014.
Increased sales, margins, record profits
Andrew Page, CEO of The Restaurant Group plc, said:
“In 2013, The Restaurant Group again delivered another excellent performance with increased sales, margins and record profits. Our value for money offerings and brands with wide appeal encouraged more customers to dine in our restaurants and enjoy our hospitality. Sales increased by 9%, with like for like sales 3.5% ahead of the prior year.
“Profits were well ahead of 2012 and cash generation was strong. During 2013 we opened 35 new restaurants, creating over 1000 new jobs and this year we expect to open between 36 and 43 new restaurants. Last year we asked a lot of our people and the TRG team responded magnificently to deliver these excellent results. I am extremely grateful to them and know that their focus is now directed towards delivering another great result in 2014.”