The Restaurant Group, which operates Frankie and Benny's, Chiquito and Coast to Coast, has reported a 3% drop in like-for-like sales with total revenues down 4.4% to £679m.
The group, which is believed to be looking to sell its flagship Chiquito site, said that adjusted profit before tax was down 26.4% to £57m for the 52 weeks ended 31 December 2017.
Chairman Debbie Hewitt said that it had been a transitional year for the group, which operates 598 sites, in which it "took a low-key approach to marketing our key brands while the changes to the proposition were at an early stage".
During 2017 the Restaurant Group revised prices at its 259 Frankie & Benny's sites with the introduction of a £9.95 fixed-price menu and a more value-driven core menu.
Menus have also changed at Chiquito with main course entry prices reduced by 10% and a reduction in like-for-like dish prices by an average of 6%.
Chief executive Andy McCue said: "As expected, 2017 was a transitional year for the group, with significant investments made in price and proposition within our leisure business, which is driving improving volume momentum.
"We start 2018 with a significantly more competitive offering in our leisure business, a strengthened pipeline of growth opportunities in both our pubs and concessions businesses, and a leaner, faster and more focused organisation. I'd like to thank our colleagues for embracing the change agenda and for their contribution to stabilising the business."
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