7th May 2008 07:00
Restaurant Group PLC07 May 2008 The Restaurant Group plc AGM Statement At the AGM of The Restaurant Group plc ("TRG" or "the Group"), to be held latertoday, Alan Jackson, Chairman, will make the following statement, whichcomprises the Group's first Interim Management Statement as required by the UKListing Authority's Disclosure and Transparency Rules: Current trading We are very encouraged by the trading performance of the Group so far this yearwith a like-for-like sales increase of 5% for the 18 weeks to 4 May 2008. Atlast year's AGM the Group reported a like-for-like sales increase of 4%. Totalrevenues for the 18 weeks to 4 May 2008 are 21% ahead of the same period lastyear. This compares favourably with a year-to-date revenue increase of 14% atthe time of last year's AGM. Both of our divisions, Leisure and Concessions, have performed well to date,delivering good growth in like-for-like sales, notwithstanding a continuation ofthe more challenging economic backdrop. This performance reflects theresilience of our market positioning and value-for-money offerings. This is a solid start to 2008 and represents very satisfactory progress comparedwith the same period last year. Our view on the outlook for 2008 is as statedin March 2008 at the time of our preliminary results announcement. On-going opening programme Our new openings programme is progressing well, with seven new sites opened inthe year to date including four new sites in Heathrow Terminal 5. Our newrestaurants are trading well. As previously reported, we expect to open 30-35new restaurants during the full year. Balance sheet and financial position The Group's balance sheet remains strong with no significant changes in net debtsince the year-end. Since the year-end, the Employee Benefit Trust has acquired2.125m shares at an average price of 138.5p per share. Subject to approval atthe AGM, the final dividend in respect of the year ended 30 December 2007 of5.99p per share (making the full year dividend 7.25p per share) will be paid on9 July 2008 to shareholders on the Register on 13 June 2008 - this represents a21% increase on the previous year. 7 May 2008 ENQUIRIES: The Restaurant Group plc Tel: 0845 612 5001 Andrew Page, Chief Executive OfficerStephen Critoph, Group Finance Director College Hill Tel: 020 7457 2020Justine Warren Notes for Editors: 1) This statement is based on information sourced from management accounts. 2) Certain statements made in this announcement are forward-lookingstatements. Such statements are based on current expectations, and by theirnature, are subject to a number of risks and uncertainties that could causeactual results and performance to differ materially from any expected futureresults or performance expressed or implied by the forward-looking statement.The information does not assume any responsibility or obligation to updatepublicly or revise any of the forward-looking statements contained herein. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RTN.L