The Restaurant Group plc operates over 440 restaurants and pub restaurants. Its principal trading brands are Frankie & Benny's, Chiquito, Coast to Coast and Garfunkel's. The Group also operates Pub restaurants and a Concessions business which trades principally at UK airports.
The Group had another strong performance in 2013 with significant growth in revenues, profits and cash flow:
|
2013 results |
Compared to 2012 |
|
- Revenue increased to £580m (like-for-like sales +3.5%) - Operating margin 12.9% |
+9% +40 bps |
|
- EBITDA increased to £107.8m |
+13% |
|
- Profit before tax increased to £72.7m |
+13% |
|
- EPS increased to 28.0p per share - Proposed full year dividend of 14.0p per share |
+16% +19% |
Operations strongly cash generative. Operating cash flow £116.8m, up 15%
Roll out continues
o 35 new sites opened in the period
o 36-43 new sites targeted for 2014
Over 1,000 new jobs created in 2013
Strong current trading, with total sales up 10% and like-for-like sales at 3.5% for the eight weeks to 23 February 2014.
Andrew Page, Chief Executive, said:
"The Restaurant Group delivered another strong performance in 2013, building further on its consistent record of increasing earnings each year. Our like-for-like sales were 3.5% ahead of the previous year, margins increased and all of our businesses grew sales and profits. Earnings per share were 16% ahead of the prior year. We opened 35 new restaurants - these are trading well and are set to deliver excellent returns. Last year we created over 1,000 new jobs and this year we will create even more as we expect to open a further 36 to 43 new restaurants.
These results are a reflection of the hard work and efforts of the TRG team and I would like to record my thanks to them for producing another outstanding performance. With the UK economy showing improvement, employment levels rising and inflation falling there are good prospects for an improvement in household finances. This bodes well for our sector and all of our team will be working determinedly to deliver another year of profitable progress. The Restaurant Group is in great shape and I am confident that it will continue to prosper."
