TRG reports £72.7m pre-tax profits and plans up to 43 new restaurants
The Restaurant Group (TRG), which owns the Frankie and Benny's and Chiquito brands, recorded "another strong performance" in 2013 with a 13% rise in pre-tax profits to £72.7m.
The company, which operates more than 440 restaurants across the country, hit sales of £580m for the 12 months to 29 December 2013, up 9% year on year.
Like-for-like sales over the period were up 3.5% and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was up 13% to £107.8m.
"The Restaurant Group delivered another strong performance in 2013, building further on its consistent record of increasing earnings each year," commented TRG chief executive Andrew Page.
"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."
The new openings are expected to include between 18 and 22 new Frankie and Benny's, between five and seven Coast to Coast units, between five and seven Chiquito's sites, four to six new Pub restaurants, and two to four new outlets in TRG's concessions business.
The company, which employs more than 12,000 people across the UK, reported a strong start to 2014, with total sales up 10% and like-for-like sales at 3.5% for the eight weeks to 23 February 2014.
Page went on to say that improvements in the economy, rising employment levels and falling inflation are "good prospects" for improved household finances, which he said bodes well for the eating out sector.
"The Restaurant Group is in great shape and I am confident that it will continue to prosper," he added.
Page is set to retire as chief executive at the end of August following 13 years with TRG, but will remain as an advisor to the chairman of the board, Alan Jackson, on an annually renewable basis for two days a week.
The search for a new chief executive is underway.
TRG sees positive start to 2013 >>
TRG sees double-digit revenue and profit growth in ‘excellent' first half >>
