The Restaurant Group sees full-year profits rise by 17%
The Restaurant Group (TRG) has reported a 17% increase in full-year profits to £56.5m despite tough weather conditions, trading disruption caused by the ash cloud and a continued challenging economic backdrop.
The owner of the Garfunkel's, Chiquito and Frankie & Benny's chains, which operates 389 restaurants and pubs across the UK, said turnover for the 53 weeks to 2 January was 7% ahead of last year at £466m, while like-for-like sales fell just 1%.
TRG said its food outlets performed well, achieving a 6% increase in turnover and profits, with Garfunkel's delivering a "superb" performance. The group added that business at the 24 new restaurants it opened in 2010 was above expectations.
The company's concessions business also performed well despite the ash cloud disruption, with a rise in turnover of 12% and profits up by 29%.
TRG added that 2011 had started well, with like-for-like sales in the first nine weeks of the year up 3% compared with last year and total sales up 8%. The company plans to open up to 27 new restaurants in 2011.
TRG chairman Alan Jackson commented: "The group has consistently demonstrated the resilient nature of its business model and this is another excellent set of results.
"The group has continued to stay disciplined and focused, growing its estate with quality new restaurants, increasing earnings and dividends, generating high levels of cash and significantly reducing net debt."
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By Kerstin Kühn
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