TRG sees profit and turnover rise
The Restaurant Group (TRG) has reported "excellent results" for the first half of the year, with profit and turnover up despite difficult trading conditions.
The owner of the Garfunkel's, Chiquito and Frankie & Benny's chains saw adjusted pre-tax profits rise 10% to £24.6m in the 27 weeks to 4 July, while turnover rose 9% to £229m.
Garfunkel's, the central-London focused chain with 23 restaurants, "performed superbly", and profits were also up at the 189-strong Frankie & Benny's chain. The group's 42-strong pub-restaurant business also saw profits rise, while profits were slightly down at Chiquito which has 64 outlets.
TRG's concessions business "was severely impacted by the effects on air traffic from the ash cloud" in April resulting in just over £500,000 adverse impact to profits for the first six months.
Alan Jackson, TRG's non-executive chairman, said the results were excellent in the face of tough conditions. "They are a reflection of our resilient business model, unique market positioning, clear focus on our customers, value-for-money offerings and the professionalism, commitment and dedication of our senior management team and staff," he said.
However, he added that the group was cautious about the future: "We anticipate that it is likely that we will face a further continuation of current economic conditions for some time to come."
TRG opened eight new sites in the first six months of the year and has a target of opening between 20 and 25 new outlets in 2010. "The second half of the year has started well with good growth in like-for-like sales and turnover," Jackson said.
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By Kerstin Kühn
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