Strong like-for-like growth at Wagamama as The Restaurant Group reveals FY21 results
The Restaurant Group (TRG) has reported total sales of £636.6 million for its full year 2021, up from £459.9 million in 2020.
For the period covering the 53 weeks ended 2 January 2022, the group reported profit before tax at £16.6 million up from a loss of £47.9 million the year before, while loss before tax was £32.9 million, narrowed from a loss of £132.9 million in 2020.
As of 2 January 2022, TRG operated 400 restaurants and pub restaurants throughout the UK, including its main brands Wagamama, Frankie & Benny's and Brunning & Price.
The trading statement reported strong like-for-like sales since re-opening for dine-in on 17 May 2021. Using 2019 as a benchmark, to compare without Covid-related disruptions, the group stated Wagamama's like-for-like sales for the 33 weeks from 17 May 2021 to 2 January 2022 increased 15%, while its pubs portfolio increased 9% and leisure outlets increased 14%. Concessions – which operates businesses primarily in airports – remained down by 41% on 2019 levels.
In the eight weeks to from 3 January to 27 February 2022, Wagamama sales were up 21% compared to 2019. At the beginning of 2021, Wagamama committed to making 50% of its menu plant-based, and has since seen guests increase their consumption of plant-based meals to 20% since introducing the range. TRG has 7-9 Wagamama restaurants planned for 2022 and 4-5 Wagamama delivery kitchens to support operational efficiency in its takeaway and delivery arm.
"2021 was a year of substantial progress at TRG. The recapitalisation of the balance sheet and strong trading performance have allowed us to deliver a robust set of financial results despite the various restrictions that have impacted the sector," said TRG CEO Andy Hornby.
"I'd like to thank every single one of our teams who have gone the extra mile on so many occasions during 2021 and delivered a market outperformance across all our brands".
