The Restaurant Group plc ("the Group")
Post-close update
10 January 2012
The Group's full year results will be announced by early
March 2012 and profits for the 52 weeks to 1 January 2012 are
expected to be in line with the consensus of market
forecasts.
Turnover for the 52 weeks to 1 January 2012 was 7.25% ahead
of the comparable (52 week) period in 2010 and like-for-like
sales were 3.25% ahead. The Group recorded strong levels of
like-for-like sales growth during both November and December
2011.
New openings were ahead of the previous year with 25 new
restaurants opened in 2011. Trading at these sites has been
above our expectations and they are set to deliver strong
returns. The Group is targeting 25-30 new openings in
2012.
The Group continues to be highly cash generative and net debt
at the end of 2011 was well below the level at the end of
2010. During October 2011, the Group concluded a
refinancing exercise and now has in place a five year, £140m
revolving credit facility. This provides the Group with
enhanced flexibility to accelerate the rollout of new
restaurants
once economic conditions improve and new property development
activity restarts, and to
ensure that the capital structure is sensibly and prudently
positioned to enable the Group to continue to grow earnings,
dividends and shareholder value.
Looking forward, whilst we anticipate a continuation of
challenging economic conditions, our efforts will be focused
on delivering further profitable progress in 2012.
Andrew Page, CEO of The Restaurant Group plc, said:
"We faced challenging trading conditions in 2011 but, despite this, revenues were up by
7.25% and like-for-like sales were 3.25% higher. Our profits for 2011 were well ahead of those for the previous year and cash flow was also very strong. Last year we opened 25
new restaurants, creating more than 500 new jobs. These new openings are trading ahead
of our expectations and this year we expect to open 25 to 30 new restaurants throughout the UK which should create around 600 new jobs. Whilst we expect trading conditions to
remain tough in 2012, the TRG team will be working to deliver another year of profitable progress."
ENQUIRIES:
The Restaurant Group plc Tel: 020 3117 5001
Andrew Page, Chief Executive Officer
Stephen Critoph, Group Finance Director
Matthew Smallwood
Notes:
1. 2011 was a 52 week accounting period, ending on 1 January
2012. 2010 was a 53 week accounting period, ending on 2
January 2011. Like-for-like information is provided for a
comparable number of weeks to 1 January 2012.
2. The Board considers market expectations for 2011 are best
defined by taking the range of forecasts of profit before tax
and amortisation for the full year published by analysts who
consistently follow the Group. The current range of forecasts
of which the Board is aware is £59 million to £62 million.
Nothing in this announcement should be construed as a profit
forecast.
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