TRG on track to open up to 30 outlets in 2012
The Restaurant Group (TRG) said it was on track to open up to 30 new outlets this year as it posted a 7% rise in profits for the first half of 2012.
The company, which operates the Garfunkel's, Chiquito and Frankie and Benny's chains, as well as pub brand Brunning and Price, reported pre-tax profit of £26.1m in the six months to 1 July, up from £24.4m in the same period last year. Revenue increased by 7.5% from £234m to £252m, while like-for-like sales increased by 3.25%.
TRG said all of its brands had traded well, particularly Frankie & Benny's.
"TRG has delivered a record first-half performance with a 7.5% increase in total sales and a 10.3% increase in earnings per share. Since the beginning of the year we have opened 13 new restaurants and we expect to open a total of 25-30 for the full year," said chief executive Andrew Page.
After launching the Coast to Coast restaurant brand in Brighton last November, TRG has opened a second Coast to Coast in Newcastle and plans to launch a third in Stevenage in October.
"We believe that this brand has good potential, is scaleable and capable of delivering strong returns," the group said.
The Restaurant Group records significant uplift in sales >>
The Restaurant Group targets 25-30 new openings in 2012 >>
By Kerstin Kühn
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